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VeChain (VET): VeChain is Going Up
VeChain is spinning around 5$ for some time now, continually dropping then rising back again. During the last month, VET has had some falls, but it somehow always managed to get back into the game just like it is the case at the current moment. During the last 24 hours, VeChain had made an extraordinary move, trading in green and experiencing a benevolent change in price. Although the most recent case of a massive fall in price across the crypto market did catch VEN as well, this currency managed to bounce back up pretty quickly.
A Little Reminder about VeChain
The most recent rise in the price has made us test our knowledge in VeChain so let’s remind ourselves of what VET represents and what the main idea behind this project is.
VET or VeChain is a blockchain based currency that operates within a BaaS system, shortened from Blockchain-as-a-Service. The main idea behind this currency is to make all transactions faster and more transparent while also affecting the way business supplies are being managed and monitored. By transforming the business market, VEN is aiming at creating blockchain based business and management operations with fast transactions within a decentralized and transparent platform. To make sure the business supply is genuine and the market is fully transparent, VeChain is using distributed ledger technology so that it can be sure that the consumer would get exactly as ordered and paid for. Thanks to the DLT, VeChain can monitor business chain supplies without the presence of any third parties, so the network remains decentralized while also being safe.
The Future of VeChain: VeChain THOR
To back up its idea, VET is going to have a rebrand of their project. The rebrand of this currency is set for February 26th which is only a couple of days away at the time of this writing. As of that day, VeChain will be called VeChain THOR. This is how the main idea behind VeChain will also change consequently to the rebranding of this currency.
So instead of focusing on supply chains, VeChain THOR will be focused on promoting and providing Dapps as a form of solutions for different enterprises, so their primary idea would still be revolving around business.
VeChain should then become a fully operational decentralized platform that should host two different currencies: VeChain Tokens (VET) and Thor Power (THOR).
On this platform, VET tokens will serve the purpose of making payments with different payment options that would come as particularly handy to companies while THOR will act more like fuel for Dapps and smart contracts within the future VeChain THOR platform. The smart contracts on VET platform should work like the ones hosted on Ethereum.
VeChain’s Price
At the current moment after a rough couple of days, VeChain is slowly rising back from the red, trading at a new price after the initial rise. In the last 24 hours, VEN had experienced a rise of 9.36% against the dollar, which led to the current price of 5.99$ per one coin, which is just 0.01$ away from a nice round value of 6$ per one unit.
The reason for this benevolent change might be the fact that VEN will be going through an interesting transformation within only a couple of days, so people are expecting to get a nice slice of what VeChain THOR will have to offer with the implementation of smart contracts and a new set of tokens.
Whatever it is the case for the initial rise in VEN’s price, VeChain is going towards embracing an important transformation while experiencing the increased demand on the crypto market.
VeChain in 2018
For now, VeChain is ranked as 15th currency on the global coin ranking list, dealing at 5.99$ per one unit thanks to the latest case of a rise in its price. As the date of rebranding is getting closer, it can be expected that the price jumps up again. But yet again, always keep in mind that a massive selloff can always take place when massive changes are being implemented. Regardless the case, if you want to invest in VET, the right moment for that could easily be now as this currency is still trading below its peak price even after the latest rise.
With new crucial changes being implemented and with VeChain turning into VeChain THOR decentralized platform, even though the market can be unpredictable sometimes, we are looking forward to seeing how this currency is taking over another round of rises.
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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.
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