VeChain (VET) Gets A Close Look

Just when you think you got them all wrapped up and figured out, another rising star appears. That is probably when you first hear of such coin – when they hit their all-time high. The similar thing happened to VeChain when this digital currency experienced a sudden increase that doubled its price per unit, at the same time making the price VeChain’s top price by far. That probably means that there are a lot of people out there who are wondering what exactly VeChain is and why they never heard of this digital currency. Here is why you should follow up with VeChain.

What is VeChain?

The idea behind VeChain is a bit obscure as its developers don’t state anywhere that VeChain is focused on any particular subject or have interest in promoting any cause or business opportunity, unlike many other coins. So, while other currencies are narrowly connected to the gambling industry, artificial intelligence, cloud storage, the entertainment industry, art or science, VeChain states to be involved with data and products. This is a pretty broad term as there are numerous things that can be categorized as related to data or products – this, of course, is not a bad thing.

This way, by not strictly defining the idea behind their site, they are actually and potentially widening the circle of their targeted audiences. That means that anyone with some product or service can offer, or anyone in search of different products and services can feel invited to use the VeChain platform. That applies as well to anyone operating with various types of data – this is pretty much everyone, right?

So, they are somewhat improving their chances of getting more investors and holders this way, inviting users from different circles and with varying fields of interest. This occasion can potentially create a ready and fruitful decentralized market where you can easily find, buy or sell various services and products while using supported values, in this case, VeChain tokens.

VeChain tokens are, like any other digital coin, based on blockchain technology, operating within nodes hosted on those chains and operating in the form of a decentralized ecosystem that enables fast transactions with maximal security.

As VeChain is working on scalable solutions with no clear goal at this point, without announcing that this status could change in the future, there are already companies starting to use this crypto ecosystem for launching, promoting, creating and selling their products.

At the very beginning of VeChain’s launching, VeChain already got three products created within its ecosystem and made for the users of the platform. Seeing how some companies are already testing the “limits” (are there limits with these new developing technologies such as crypto values?), really gives a hope that even more corporations will get involved in trading their products and services via VeChain and similar ecosystems.

What is interesting with those three products that were first launched within this platform is that none of the products were similar or even close to being similar, which tells a lot about the diversity VeChain market is encouraging. In case VeChain would get even more popular, that would probably mean that the number of categories under which the products are listed and distributed across the ecosystem would also simultaneously grow.

So, we could easily conclude that the main idea behind VeChain is not undefined, it is rather focused on bringing blockchain technology to the masses and making blockchain technology and crypto coins even more available, more tempting to use and closer to the mainstream culture. Making cryptocurrencies mainstream would, of course, make the blockchain technology more accepted and even more recognized as the main transaction tool of the future – and beyond that; blockchain could also support different market types of global proportions where digital coins would be used for transactions, exchanges, and purchases.

It seems that after its recent increase at the beginning of 2018, VeChain started to gain more on popularity gaining the general interest that began to increase in accordance with the newest price. VeChain managed to hit its all-time high, growing from 4$ to 8.5$ per one unit, at the same time reaching its record in only a matter of a couple of days. This increase brought in more investors and more partnerships, which will probably lead to announcing novelties that are to be implemented into the system of VeChain.

Some of the announcements for what is installed for VeChain included this token switching to VeChain Thor, which would change this currency from VEN to VET, along with the announced change of the current system to the proof-of-authority. It was also announced that in the VeChain might soon be operating on nodes and master nodes. How these changes will affect VeChain is yet to be seen, but for now, VeChain is doing well, although its price dropped for -10% in the last 24 hours, making the price go from 8.5$ to 7$ per one coin. Since VeChain is doing pretty well, either way, being on the 20^th spot on the global coin ranking list, it is predicted that the coin would bounce off, returning to its all-time high and probably going forth for new increases, potentially leading to 10$ per one unit by the end of February 2018.

But, as you know, nothing is ever sure when it comes to the changing daily market of crypto coins, so anything can happen to VeChain after the planned and announced changes are applied.

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

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.

Image courtesy of coinmarketcap.com