There are hundreds of promising low market cap cryptocurrencies that you can get your hands on, but not all of them can be classified as so-called ” undervalued gems “. One of these gems is VeChain, a still relatively undervalued digital currency that currently ranked in the top 18 at the time of writing ( despite already having a billion dollar market cap). In this article, we discuss why we believe that Vechain still has a tremendous upside potential and is poised to become one of the most successful cryptocurrencies.
What is VeChain?
VeChain (VET / VEN) is a three-year-old blockchain-enabled platform which is designed to facilitate the supply chain management processes. Unlike majority of the cryptocurrencies, the company already has a working product, dozens of large partners, various deals as well as an experienced and extensive team.
VeChain offers blockchain solutions for various industries, such as cars, luxury goods, retail, food, etc. The company's goal is to guarantee end-to-end product control. Thanks to VeChain, companies (and even consumers) can verify products using the Blockchain technology.
These products are for example equipped with smart chips that virtually monitor the entire life cycle of the product. Think of validity, authenticity, environmental changes that may affect the product in question and tracking of the routes to be traveled. Companies, products, certificates, persons, and contracts can all be monitored and verified in this fashion. Is this Gucci bag really from Gucci? Is the ID of this Audi correct? Where does this vegetable come from? These are all scenarios that VeChain has the solution for. Especially in China, where the authenticity of products is often the question, this might be just the perfect solution.
Why would Vechain become one of the largest cryptocurrencies?
Firstly because the company already has a working product and that differentiate it from other competitors. It is not about hot air or just a good idea, as is the case with 90 percent of cryptocurrencies. It is a real and big company that already has dozens of partners, almost closes new deals on a weekly basis, has a large team of experts and even collaborates with the Chinese government.
VeChain already has partnerships with, among others, PricewaterhouseCoopers, DNV GL, Renault Group, KUEHNE + NAGEL, D.I.G, China UnicomC and the State Tobacco Monopoly Administration of China. Most of these parties also have hundreds of companies with which they cooperate and where VeChain could also be playing a significant role in. We therefore expect various announcements in the area of partners in the coming months. In particular, the strategic cooperation with DNV GL should open the door for VeChain for a huge amount of potential clients, including Coca-Cola.
VeChain THOR and nodes
VeChain is going to change its name to Vechain Thor in February (2018). This is because the company will transform itself into Enterprise DApp solutions, similar to Ethereum. This allows other parties to build their own solutions, with the support of the blockchain and integrations of VeChain.
The new platform uses two different tokens / coins: VeChain Tokens (VET) and Thor Power (THOR). After the start of the new Vechain, the token VET is used by companies as a payment currency to carry out activities on the blockchain of VeChain. If you have more VET tokens then you get a higher priority and more rights to the blockchain. Parties that have VET in their wallet automatically receive the token THOR, which they can use to execute smart contracts and execute applications on the blockchain. For example, if you have 1000 VET, you will receive over 150 THOR on an annual basis.
Like VET, THOR is also traded separately on exchanges and will therefore receive its own value, based on supply and demand. You as a VET holder can also earn THOR as soon as the official wallet is launched, which must be done in the second quarter of 2018. On this website you can calculate how much THOR you can earn. It may be that this principle sounds familiar to you. After all, Neo does the same thing. This Chinese currency, also comparable to Ethereum, offers GAS if you keep the coin in a wallet. GAS can again be used for executing smart contracts. In some ways, VeChain is competing with Neo with this step, also because companies can now build their own solutions on the VeChain blockchain. VeChain thus becomes an even more complete and advanced platform, offering not only the solution in the form of end-to-end product control but also a complete platform on which companies can publish their own applications. This is interesting not only for companies but also for you as an investor, because you can earn THOR. And that the future looks rosy, we see the ever-growing number of (large) partners and deals.
VeChain Safe Storage
At this moment, VEN is an ERC20 token. This means that you can save VEN to an Ethereum address. For the best safety I always recommend a Ledger Nano S. In Q2 2018, as mentioned, the VEN will be converted into VET. At the time of writing, the team has not released anything about this conversion except that it will be done on a 1: 1 ratio. Many people expect you to do nothing for this. However, it is possible that you will have to exchange your VEN yourself or that an exchange such as Binance does this for you, for example. Always keep an eye on theVeChain news when you want to purchase VEN.
I think VeChain has the potential to become a top 10 cryptocurrency in terms of market capitalization in 2018. I realize that this is a big statement and this is of course my personal opinion. Obviously buying VeChain (as always) is entirely at your own risk. So never risk more than you can lose. Which price VeChain can achieve depends very much on the rest of the market. The crypto market is also so volatile that I consider it impossible to make a prediction. Terms like "moon" you will not hear from me on this website unless it is a joke. Given that I am generally bullish about the good projects for 2018, I think that VeChain is a good choice if you want toinvest in cryptocurrencies
Buy VeChain easily in 3 steps
You can easily buy VeChain (VEN) in a few simple steps:
- Create an account with Binance via this link.
- Deposit BTC or Ethereum to your Binance account
- Buy your Vechain (VEN) at Binance with your Bitcoin or Ethereum.