Is It Time to Buy VeChain (VET)? – Three Reasons Why We Think So
- VeChain is one of the more advanced crypto projects, solving problems in supply chain and product lifecycle management.
- VeChain is preparing for a network upgrade in November, which could lead to a rally for VET.
- Capitalizing on its successful technology, VeChain is building towards attaining sustainability.
- VET is currently undervalued, trading at almost half of its all-time high.
Today, blockchain has evolved into more than just cryptocurrencies. VeChain is one of the few cryptocurrencies that transcends being a cryptocurrency, to cater to the needs of enterprise-level clientele.
VeChain employs distributed ledger technology (DLT) to improve businesses’ supply chain and product lifecycle management. Technology-wise, VeChain has a lot going for it, but is this the best time to buy its VET tokens?
VeChain Is Preparing a Revolutionary Network Upgrade
Since its launch in 2015, VeChain has been hailed for its unique use of blockchain technology. VeChain tackles supply chain issues by creating a public record of Radio Frequency Identification (RFID) tags.
VeChain’s blockchain has earned it a certificate from China Association for Standardization. It is also the first public blockchain to answer the call of international organizations to offer a blockchain toolkit for real-world demands.
While significant upgrades have been made since its launch, VeChain is looking to improve its network with the VeChainThor v1.6.0 network upgrade. The launch of the VeChainThor v1.6.0 will prepare the VeChain blockchain for the POA2.0 Phase 1 activation upgrade.
The VeChain network still has plenty of room to grow, especially if its supply chain, blockchain software gains popularity and is further utilized by corporations. By increasing its security and performance via the POA2.0 upgrade, VeChain could gain more adoption.
The POA2.0 network upgrade is being described as the first protocol of its kind in the world. POA2.0 combines Byzantine fault tolerance, and Nakamoto consensus mechanisms to eliminate their weaknesses, but benefit from their strengths.
POA2.0 will guarantee that data is ‘finalized’ immediately, and ensures that no accidental forks of the network can occur. In addition, POA2.0 will prevent ‘branching,’ which can temporarily disrupt a blockchain, leading to data loss.
The Testnet of POA2.0 will launch on November 5th, while the mainnet is scheduled to go live on November 16th on block #10653500. The successful launch of POA2.0 on the network could lead to more gains for VeChain (VET).
Most network upgrades have resulted in significant price rallies for their native tokens. Buying VeChain (VET) before the POA2.0 upgrade goes live could therefore be a good short-term investment.
The Best Price You Can Buy VeChain (VET) at
Unlike most leading cryptocurrencies, which are currently at their all-time highs, VeChain’s (VET) price is sitting at roughly half of its ATH. In April, VET hit its highest ever value of $0.2782.
VET is currently priced at $0.1369, at the time of writing, gaining 3.88% over the last 24 hours. This means that VET is presently undervalued. If VeChain were to rally to its all-time high, investors who purchased at this price would receive a return on investment of at least 100%.
The year-to-date price chart for VeChain (VET). Source: Tradingview
The performance of the project, more than anything, sets up a bright future for VET. Buying VET at half its ATH is about the best price you could buy VeChain for.
On The Flipside
- Given the current price and momentum of VET, analysts have predicted that VET’s price might reach $0.25 to $0.30 by the end of 2021
- The current price of VET puts its at a wide margin from its end-of-the-year prediction
VeChain Is Building Towards Attaining Sustainability
While cryptocurrencies have been criticized for using too much electricity and not being good for the environment, VeChain emphasizes Sustainable Development Goals. More than simply its current developments, the VeChain Foundation is working towards achieving carbon-neutrality.
The VeChain Foundation recently announced that it had joined San Marino’s National 2030 Agenda For SDGs. VeChain and DNV GL worked together to develop the Low Carbon Ecosystem strategic tool to help the Republic of San Marino become the first carbon-neutral state.
Being a pioneer in the integration of IoT and DLT technologies also strategically positions VeChain (VET) for success when these technologies receive mainstream adoption.
Between these significant recent developments, and its future plans of attaining carbon-neutrality, VeChain currently sits in the early stages of its development. Purchasing VET in 2021 could be seen as buying the crypto before it blossoms.
Why You Should Care?
More than most projects, VeChain demonstrates the growing maturity of the blockchain sector. The project exemplifies the statement that “blockchain is more than cryptocurrencies.” The value of VET is predicted to increase as more people become aware of, and leverage the potential of, the VeChain blockchain.
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Altcoin News, Blockchain, Cryptocurrency, VeChain (VET)Read More
OhNoCrypto
via https://www.ohnocrypto.com
, Khareem Sudlow