The cryptocurrency industry witnessed the rebranding of VeChain from VeChain (Ven) to VeChain (VET). The launch was expected to mark the beginning of a new era for the cryptocurrency in the industry. VeChainThor was also brought into existence followed by an airdrop that was scheduled for August 1st. On the day it migrated to VeChain (VET), the network recorded a market capitalization of more than seven million. The network has also made a lot of updates since then with the community fully backing the development team.
How Has VeChain Fared Since The Mainnet Launch?
VeChain has done well for a third generation blockchain. Last month, it announced a mutually beneficial partnership with BYD as reported by smartereum.com. The partnership was impressive because it came about one month after the airdrop. BYD is the biggest electric car manufacturer in China and one of the best manufacturers of electric car plug-ins in the world.
VeChain also entered into partnership with People’s Insurance Company Of China aka PICC. The network seems to be the favorite for Chinese companies. The goal of this partnership is to digitize the insurance industry by making data management more efficient through blockchain technology.
VeChain (VET) got listed on HitBTC two days ago and it partnered with RFID Chips and NFC for easy traceability and management. This is far more than many other cryptocurrencies can boast of just a few months post the mainnet launch. It means the future of VeChain is bright.
VeChain Price Prediction 2019
Driven by the frequent negative trends that took over November, VET is seen losing over -35% against the fiat in the course of the week.
Additionally, on November 23rd, the cryptocurrency is seen by over -10% down against the fiat, which indicates that the dip is far from over.
VeChain isn’t the only crypto dropping today as the market is once recording negative momentum for the cryptos, so almost the entire market is driven by the latest negative trend, dipping against the dollar.
It seems that there are no signs of recovery, at least not in the long-run since the only visible gains for VET by far are reflected in a lonesome set of 1% of rises in the last hour, while VET is dipping by over -10% in the last 24 hours.
Many are expecting to see VET rebounding with all major currencies at the first quarter of 2019.
However, even if the cryptos take a rebound by the end of 2018 and the beginning of 2019, VET probably won’t be able to get further from the value of 0.011$ from its current value of 0.0051$.
At the same time, the current price of VET represents an all-time low for 2018.
VeChain THOR (VET) Rebrands & Partners with BMW
It’s official, VeChain (VEN) has officially re-branded to VeChain THOR (VET). As of right now, the coin has yet to be updated on coinmarketcap or major cryptocurrency exchanges like Binance. At press time, VET is currently the only cryptocurrency that is down within the top 20 digital coins.
The coin launched on November 26th of last year and has since grown astronomically. To date, the coin has grown over 2200%. VeChain Thor is already an out and working product that allows businesses to track their products throughout its entire supply chain cycle via the blockchain. This aids in the assurance of quality and authenticity of the products. There are already many luxury goods stores, food/drug companies and logistics companies that are using this ecosystem. News broke this morning that the VeChain THOR team just sealed their biggest partnership to-date.
This morning, when VeChain THOR officially launched, its team announced that it would be teaming up with the global car company BMW. This new collaboration could potentially catapult the coin to brand new highs. The project’s CEO, Sunny Lu, announced the partnership in the video below.
In addition to the BMW partnership, VeChain THOR announced a collaboration with Oxford University. The world-renowned university will aid in the technical development of the VeChain THOR platform. This isn’t the first time a University has linked up with a blockchain project. Just last month, Arizona State University announced its partnership with DASH. Using bright young minds to collaborate on the project’s trajectory is a good move for the project – it has the potential to bring fresh new ideas to the table.
In addition to the partnership, the South Korean cryptocurrency exchange, Coinnest, added VeChain THOR to its trading platform and is offering direct fiat to VET pairing. You can check how the coin is pairing on the platform here: https://www.coinnest.co.kr/market-vet . I expect the VEN to VET transition on the major exchanges and indexes to take a few days. Stay tuned as we continue to update on the latest VeChain THOR developments.
Will the newly branded coin bring the thunder and reach all-time highs in the near future? We shall see. What are your thoughts? Comment below. source cryptocurrencynews
VeChain price predictions 2020:
Within a five-year timeframe, VeChain can reach as high as $ 75. Thus, when you look at the kind of return which it can provide, it is enormous. This is the reason why many of the cryptocurrency investors are looking to invest in this token.
With the versatile blockchain which is provided by this cryptocurrency, it will be easier for the investors to make a good amount of return by investing in this cryptocurrency. This is one of the main reasons why this cryptocurrency can increase significantly in the future.
You need to, however, keep in mind that it is a lesser-known cryptocurrency. Owing to this very reason, the volatility in the cryptocurrency is on the higher side. If you’re brave enough to handle that volatility, it is one of the best cryptocurrency options which you can handle currently. This is the reason why you should look into this cryptocurrency if you’re not only looking to diversify but also if you’re looking to make a good amount of return on the cryptocurrency space. This will automatically provide you with diversification as well.
The presentation was made to a select audience but streamed live on YouTube. Starting off with imagery that looked like a melding of The Lord of the Rings and Blade Runner the video, which runs for about 38 minutes, outlines the re-branding of Vechain as well unveiling its new partnerships.
VeChain’s cryptocurrency, VET, had a strong showing in early 2018 making an increase of 500 percent in value. This alone puts VeChain in the top 5% of cryptocurrency performers so far for the year.
VeChain owes its success in part to offering a use case that differs from most cryptocurrency. Instead of being a dark coin designed to hide transactions VeChain is known as a white coin. A white coin is meant to increase the transparency of transactions thus creating “a trust-free and distributed business ecosystem to enable transparent information flow, efficient collaboration, and high-speed value transferring.”
This use case which may appeal especially to producers and consumers of luxury goods could be what put VeChain together with BMW officially just hours before the announcement of their re-branding.
Thus, if you’re looking for cryptocurrency which can provide you with multi-bagger returns, you should definitely look at this one. The underlying application of this particular cryptocurrency is also pretty strong. Owing to this very reason, many of the investors believe that in the future, it can rise astronomically as well. This will benefit both, the platform users as well as the cryptocurrency investors. This is the reason why this cryptocurrency should not be missed at the present levels as it has fallen significantly from the peak. (We have listed this comment before the announcement. )
New Partnerships Show Strong Support
In addition to the BMW partnership, VeChain has also announced a collaboration with the University of Oxford aimed at assisting the development of the VeChain THOR platform. South Korean Exchange Coinnest also added VeChain to its trading platform in a direct fiat to VET exchange adding an extra bit of stature to the re-branding of its token.
VET, in theory, could be used to track the authenticity of goods through the marketplace to the purchaser. This is a great reassurance in a world full of fakes, and something impossible to do with traditional currency.
The same tracking technology can be used in the seafood industry to ensure fish are being sourced in legal locations and using humane practices. In order to make this end-to-end transparency happen a microchip has to be installed in each product to be logged in the distributed ledger.
As VeChain becomes VeChain THOR and VEN is listed as VET their blockchain will run on a two-coin system. THOR will be a separate product from VET which can be acquired through the staking of VET in a wallet. Full instructions and usage is available at the THOR calculator website: https://thorcalculator.com/.
By adding the prestige of BMW and the accolades of Oxford University there is little doubt that as VeChain takes up the hammer of the gods as VeChain THOR, it will continue to grow as resiliently as it started.