The VeChain blockchain is just like Ethereum. It has even been nicknamed the ‘Ethereum for business’. While it is a decentralized system, it is easy to manage like a centralized one. The VeChain nodes are about 101 and they are the core of transaction validation. Unlike Bitcoin, VeChain isn’t based on the proof-of-work consensus mechanism but is based on proof-of-authority. This consensus mechanism has a few delegation features that ensures that only those who benefit from the network pay the cost of using it. This allows customers to interact with decentralized apps on the VeChain platform without paying for network usage. It is one of the most attractive features of VeChain.
With VeChain partnerships sealed with so many big names, the future of the blockchain project is guaranteed. However, whether or not this future will be profitable for the VeChain. VET token holders are unclear. There is a high chance that the VeChain VET token price isn’t going to explode anytime soon. A VeChain price analysis on Micky suggests that the primary reason why the price of the VET token isn’t rising significantly as more VeChain partnerships are made is that most of these partnerships do not require the use of the VET coin. Sure, they will use the VeChain blockchain. However, if the token isn’t relevant to the partnerships, there is no increase in the demand and there is no rise in price.
Another example is XRP. Ripple has been able to win the heart of many companies. There are more than 200 financial institutions under RippleNet. However, most of these institutions are using the xCurrent protocol which doesn’t necessarily need a significant amount of the XRP token. The same thing is happening with VeChain. Institutions are using the VeChain blockchain in ways that do not increase the demand for the VET token.
VeChain Thor Price Prediction
VeChain (VET) Price Today – VET / USD
At the time of writing, the price of VeChain VET was $0.007269. This means that it is down by 1.62% against the USD. In our previous VeChain Thor price prediction, we noted that the price of VeChain VET may hit $1 before the end of the year. While the chances are slim, it is important to note that the cryptocurrency space is unpredictable. Also, it’s going to take some time for the VeChain partnerships and use cases to reflect on the price.
VeChain News Today – Vechain Among Top 10 Global Companies
The potential of the VeChain blockchain cannot be overemphasized. It is the first blockchain that was created specifically to solve the challenges that plague the $50 trillion supply chain management sector. Apart from its application in the supply chain, VeChain also increases trust in other industries as well. The VeChain Foundation is also working hard when it comes to sealing strategic partnerships that would boost the adoption of the VeChain blockchain and the VET token. It is one of the blockchains with the highest number of partnerships in the space.
The VeChain (VET) project, which has secured several partnerships since the start of 2019, is reportedly is one of the Top 10 companies globally that have the most blockchain patents.
— [𝐍𝐨𝐭-𝐬𝐨-𝐚𝐯𝐞𝐫𝐚𝐠𝐞] 𝐉𝐨𝐞 (@MoonShotCaller) May 21, 2019
Chinese news outlet Security Daily News reported the story a list of companies that have applied for blockchain patents, and it includes e-commerce giant JD.com, fellow e-commerce entity Alibaba, internet companies Tencent and Baidu, IBM, Mastercard, Bank of America and VeChain, which is reportedly 10th with 38 blockchain patents.