VeChain is the topic of the day and it’s a project that wants to integrate blockchain into global supply chains. But that’s not the only thing VeChain is good for – It also has a smart contract platform, similar to ethereum, and a unique token model that distinguishes it from the rest.
Our analysts have recently studied VeChain, so let’s dive in deep to see what they liked, and what could be improved.
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The VeChain blockchain is based on what’s called Proof Of Authority. There are 101 validators that are elected by the Vechain foundation and the community. These validators give their computing power to support the blockchain, and they are required to give their full identity. If anyone runs foul, the community will know where to look.
Vechain actually has two tokens. VeChain Tokens, or VET, represent the total value of the network. The second token is VeThor, which is used to pay for transactions. VeThor is generated by holding VET. It’s a more flexible and predictable system than that used by Ethereum.
The biggest thing about Vechain is its supply chain business, which uses blockchain and specially made chips to track products. The VeChain foundation has pilots with many important companies in China and around the world, and it has strong backing from the PwC incubator.
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The biggest threat for VeChain is its competitors, like IBM and R3, because of their existing networks of clients. For these reasons, our analysts have graded VeChain with a solid B-. You can read the full details of the report for free on Crypto Briefing.com.
VeChain Price Action Analysis
VeChain’s token price hasn’t seen much volatility recently and has been consolidating since December when it reached the lows of back in August 2018. Ichimoku cloud is dead-flat. For short-term traders who can take higher risk, can consider range trading VET/BTC between the support and pivot levels shown in purple and orange respectively.
With that, now I’d like to hear from you. Do you think IBM is good enough to take over VeChain? I personally know so many people who hat IBM with a passion! After you subscribed, head over to the comment section, give me a shoutout and let me know what you think.
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