When you are a cryptocurrency investor, it’s normal to ask questions like, “What will be the next great coin?” Or “Will my crypto investments lose value?” And despite the cryptocurrency industry growing in general, every investor wants to invest in the next bitcoin.
Vechain, a cryptocurrency network launched in 2015, only became popular in 2017 but already ranks among the top 30 biggest cryptocurrencies. Founded in Singapore as a private blockchain that helped businesses efficiently manage logistics, Vechain has undergone several changes.
In mid-2017, the network held an ICO and announced a move to rebrand itself. By March 2018, Vechain was known as Vechain Thor. These changes and the fact that the company plans to launch a mainnet has made crypto investors ask a fairly common question,
Is This The Cryptocurrency To Overtake Bitcoin?
It may be too early to blow horns on Vechain. The company is yet to launch their mainnet anyway, but Vechain has a platform that could fulfill a lot of businesses’ dreams. From its programmable blockchain to smart chips that can help businesses eliminate fake products, there are many reasons why Vechain has high prospects.
What Is Vechain?
Vechain is an open source decentralized blockchain network that offers logistics management and quality control services to businesses all around the world. With the impending launch of its mainnet, Vechain also aims to become a smart contracts deployment platform for businesses.
By leveraging the blockchain technology, AI, and machine learning, the Vechain network hopes to be a one-stop marketplace for businesses with the goal to expand through efficient management.
Real Business Problems Vechain Addresses
Bitcoin’s biggest critics claim it lacks proper use cases. And true, depending on how much you understand bitcoin, you can’t call it the best network out there. By contrast, Vechain solves real problems that cost businesses around the world billions of dollars.
Eliminating Replica And Sub-Standard Products
Helping companies with quality control was one of Vechain’s founding goals. By use of smart chips that can be integrated with a business’ products, QR codes, tags and mobile applications, businesses can ask their customers to help them identify replica products as they shop in exchange for rewards.
If a customer identifies a fake luxury watch, for example, they notify the retailer or the brand’s designer for further action. The concerned company can, in turn, use Vechain tokens to reward their customers. The tokens hold monetary value which is why customers would be motivated to engage with brands.
The quality control service offered by Vechain can be applied in a wide range of sectors, including:
- The pharmaceutical industry
- Luxury jewels brands
- Consumable good industries
- Clothing industry
More than $1 billion is lost annually in wasted logistics in the pharmaceutical industry alone. Around the world, more than $100 billion is lost as a result of poor logistics. Vechain has a plan to help businesses track goods as they move from manufacturing to retailers in the most cost-efficient and safe manner.
By using the blockchain as a digital ledger of records and smart chips to integrate businesses’ products and information, managing logistics could be revolutionized. Companies can access every detail about products including their specific location at any time during the transportation phase.
This way, businesses simplify the often complex job of managing logistics, save costs since the process can be accessed at a single portal and ensure their products are shipped safely.
Vechain Decentralized Platform
For a long time, Vechain was just a blockchain that offered businesses portals to track goods and information. The network now has a new nickname—“the ethereum for business enterprises.”
Like Ethereum, Vechain aims to be a decentralized platform for deployment of smart contracts and decentralized applications. However, Vechain targets a specific niche—businesses. From retailers to suppliers, small manufacturers to luxury brands, Vechain aims to be the platform where businesses want to deploy applications.
Vechain already works with big brands like BMW, has a partnership with Oxford University and is working to attract luxury jewel brands to its platform. Luxury brands will especially find the Vechain platform useful due to the huge menace they face with replica products.
Vechain’s Two Tokens
With so many changes going around the network, you would think its cryptocurrency would suffer in the process. Yet, Vechain already rebranded its tokens from VEN to VET and promised to introduce additional tokens (VeThor) after the launch of its mainnet.
VET will simply be VEN named differently. There will be a total of 1 billion VET tokens and new users will have their VEN replaced with VET on a ratio of 1 VEN for 100 VET tokens. VeThor tokens, on the other hand, will be useful to everyone with plans to buy services on the blockchain’s decentralized applications. Learn more at https://www.abitgreedy.com/vechain/.
Although there are a lot of cryptocurrencies with overblown prices, Vechain is one of the few cryptos that deserve their high market caps. It has real-world use cases, a qualified team that works hard to grow their platform and a growing community that believes in the project.
After the network held and ICO in August 2017, the Vechain coin grew by more than 2000% in the following six months. In 2018 when many cryptocurrencies lost value, Vechain continued to rise in value. The coin has defied many critics’ expectations to maintain steady growth.
Vechain Price Predictions
As the launch of its public blockchain nears, Vechain is trending on many cryptocurrency forums. Investors are eager to embrace the mainnet, which if successful, will help VET tokens gain value.
Since a lot of companies are expected to try out Vechain’s services, they will start buying lots of VET tokens, driving their prices higher. In two years’ time, Vechain will not be valued at $2.6 as it is at press time. It will hold a much higher value.
Vechain is a cryptocurrency network with solutions that target businesses. It utilizes a range of technology products to help businesses manage logistics, get rid of fake replica products and manage their companies more efficiently.
For investors, the Vechain token has high growth prospects. After growing by more than 2000% within one year, Vechain coin proves there is more to be expected.