VeChain (VET) Climbing Back Up The Charts
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VeChain (VET) Climbing Back Up The Charts

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VeChain
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The Cryptocurrency market, on the whole, is still recovering from the after-effects of the slump experienced at the beginning of the year, and most cryptocurrencies have taken quite a beating. Bitcoin, Ethereum, and Ripple have experienced declines of 44%, 40%, and 74% percent respectively this year as compared to their position last year. Market sentiment was mostly negative earlier this year, with the news of regulatory crackdown and data breaches, fuelling negative investor sentiment. However, very few cryptocurrencies have withstood these turbulent market conditions, with one of them being VeChain (VET).

 VeChain’s Current Market Position:

VeChain (VET) is a part of the larger VeChain blockchain project, having been introduced in early 2007 as a Facebook App. The currency soon grew exponentially, with VeChain tokens becoming the first digital currency to trade in regulated forex markets, namely the LMAX Exchange. At the time of writing, VeChain is ranked 16th according to coinmarketcap, with a market cap of $1,876,848,230 USD and is presently valued at $3.57 USD. Analysts are certain that VEChain avoided a massive slump because of its unique but effective price structure, where holders are entitled to voting rights and are rewarded for holding coins for a longer time.  As a result, it has attracted investments from industry big names, such as Jim Breyer and Tim Draper along the way.

Reasons behind VeChain’s Upsurge:

In a period where the Cryptocurrency heavyweights were all facing losses, with Bitcoin and Ethereum dropping considerably, VEChain has in fact increased in value, by almost 25% (approx.) since the beginning of the year. Much of VeChain’s success can be attributed to the solid development team it possesses, the generally respectable reputation it enjoys within the industry as well as regular tie-ups with big industry names. Since it’s launch, VeChain has made many in rows into corporate partnerships, with BMW, Michigan State University, Oxford University Math, PwC Asia, and Chinese consulting firm NRCC to name a few.

Below are a few factors explained in brief, which are directly behind VeChain’s success!

  1. VeChain’s Tie-Ups: As mentioned before, VeChain has completed many successful partnerships with big names in the past, and 2018 isn’t any different.  The recent developments include the integration with AssetLink to create a decentralized application called AssetLink manager. The AssetLink manager platform employs a mix of IOT technology and sophisticated AI and cloud computing.  Besides this, VeChain also announced a partnership with cloud computing and chain supply company Smart Corelink. The fruition of these partnerships can only bring good news to VeChain, who are hoping to extend their reach and encourage mass adoption of its technology.
  2. Authority Masternodes: The VeChain Dev team announced their intentions to make some crucial improvements to the VeChain system. In particular, the VeChain team is looking to select users for awarding rights to the usage of Authority.  The full node in question is called “VeChain Thor” which is backed by Authority Masternodes. Its sole purpose is to produce blocks as well as performing a superior authentication process for the aforementioned blocks. Users just require their own server and 250,000 of VET (VeChain Thor Tokens) to be eligible for this program.
  3. Future Plans: The VeChain team has more projects lined up for the second quarter of 2018, including the possibility of a full-steam node. This can be evidenced by VeChain’s recent project with Content platform iTaotaoke which aims to use blockchain technology to develop a proper of authenticating content.

Final Thoughts:

VeChain’s value has been increasing slowly and steadily, jumping from $2.56 on April 10th to $3.31 on April 18th. In spite of this, VeChain’s price continues to struggle to match up to its all-time high of $9.43. That being said, VeChain is certainly in a favorable position than the likes of Bitcoin, Ethereum, and other highly ranked crypto-projects. With investor sentiment mostly positive, the future prospects of VeChain look indeed bright with a strong community and strategic partnerships being the key.

We will be updating our subscribers as soon as we know more. For the latest on VEN, sign up for our Telegram!

Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.

Image courtesy of Boss Tweed via Flickr

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