Blockfyre Simon Dedic states
that the next bull run will send Bitcoin to an all-time high of $150K,
but the biggest pick from Dedic is VeChain.
He believes they will be the biggest gainer in the bull run and will have a massive rise
from 0.07¢ to $1.
That would be astounding at a 14,100% increase.
Are you ready for those type of gains? I know I am.
Let's get it.
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In 2017 to 2018,
Chainlink was on the move as it inched up the charts
to a high of No. 14 on CoinMarketCap
before a significant fall.
VeChain holders didn't see the price rise they hoped they would see.
Then to make matters worse,
they suffered an attack in the last month of 2019.
The breach saw the VeChain Foundation lose VET tokens worth over $6 million.
With a slew of partnerships under its belt, is it poised for a full recovery?
And more importantly, can VeChain make you rich in the future?
To understand this, we must first look at exactly what VeChain is and what's ahead for it.
Then, at the end, I'm going to give you my personal price prediction.
VeChain is a blockchain platform designed to enhance supply chain management and business processes.
Its goal is to streamline these processes and to make the flow of information more efficient.
It aims to simplify these procedures for complex supply chains
through the use of distributed ledger technology or DLT.
The VeChain platform has two tokens---
VeChain token (VET) and VeChainThor Energy (VTHO).
The main token (VET) is used to transfer value across the VeChain network,
and the latter (VTHO) is used as energy or gas to power transactions.
VeChain's white paper states
that its goal is to build a trustless and distributed business ecosystem platform
to enable transparent information flow,
efficient collaboration,
and high-speed value transfers.
In business processes,
according to VeChain's white paper,
blockchain technology can break the asymmetric information problem
and allow ownership of data to return to and empower its owner.
The VeChain platform claims to provide
a 360-degree view of necessary information linked to a product and its business processes,
including storage, transportation and supply
to authorize stakeholders and create greater market transparency.
The VeChain platform can be used to track quality, authenticity, storage temperature,
transportation medium,
and last-mile delivery
of a medicine pack or an alcohol bottle right from the manufacturing facility
through to the final delivery to the end customer.
To accomplish this goal, VeChain uses smart chips or radio frequency identification, known as RFID tags, and sensors,
which broadcast key information onto the blockchain network
that can be accessed in real time by authorized stakeholders.
The application of sensors means that all parameters related to the product
can be constantly monitored,
and problems, if any, can be communicated back to the relevant stakeholders.
Manufacturers and customers are informed
if a drug packet is stored outside a prescribed temperature range,
allowing for service improvements and better quality control.
This is huge for businesses!
And they are recognizing the potential of VeChain's use case.
Already, VeChain has acquired over 30 promising partnerships over the years.
Some of these partnerships include DNV GL,
PricewaterhouseCoopers,
Walmart China, BitOcean and BMW.
One of the biggest partnerships VeChain has been able to seal in order to achieve its goals
is with accounting firm PricewaterhouseCoopers or PwC,
which is also an incubator of VeChain.
Another partnership to highlight, which is massive, is Walmart China,
which announced a VeChain-powered food traceability platform.
The goal is to provide consumers with the possibility to have more information
about the quality of the food they are buying.
Users will be able to scan the QR code
from different products sold in China and understand how they had been produced.
VeChainThor blockchain platform is a public blockchain
intended for mass business adoption.
It has the two tokens (VET and VTHO), as mentioned above.
VET is the VeChain token that's used to carry value or smart money from smart contracts.
In other words, transactions on decentralized applications occurring on VeChain's blockchain will use VET.
It is available for investing by the general public.
The VTHO token stands for VeChainThor Energy
and is also known as VThor Energy.
It is used to power transactions on VeChain
and is equal to the cost of conducting transactions on its blockchain.
VTHO can be viewed as gas for the network.
The concept is similar to that of Ethereum's Ether and NEO's GAS,
which requires developers to allocate a bit of VTHO in order to conduct transactions
for their decentralized applications.
From VeChain's white paper,
the two-token system was devised for effective governance
and to have a predictable economic model
for decentralized application developers.
The VET blockchain allows proof-of-work to be conducted for every transaction.
This means that the people conducting a transaction can mine more VTHO
if their initial estimate was wrong.
While the VET blockchain allows for proof-of-work,
the VeChainThor blockchain itself uses proof-of-authority as a consensus protocol.
Per this protocol, votes are dispersed based on VET holdings and disclosure.
VET holders without KYC and with 1 million tokens in their account are assigned 20% of all votes,
while VET holders with KYC and the same amount in their accounts are responsible for 30%.
This is to enable further decentralization and limit bad actors on the network.
There are also two different types of masternodes available on the VET network.
Although the masternode spots are gone by now.
101 masternodes are responsible for reaching consensus on transactions in VeChain's blockchain.
This system is different from Bitcoin,
which requires all nodes to vote on a transaction before reaching consensus.
Anonymous nodes are not allowed.
And disclosure of identity is an essential prerequisite to becoming an authority masternode.
The other types of masternodes in VeChain are economic masternodes.
They do not produce blocks or ledger records.
The white paper states that they're used as a check on power.
This is done by allocating a certain number of votes to each economic masternode
based on their VET holdings.
Each 10,000 VET held by an economic masternode gets it a single vote.
It's also worth noting the Chinese government is embracing blockchain technology,
which could be huge for the VET token as it will benefit greatly
since VeChain is a Chinese project.
With all the fundamentals out of the way,
let's jump onto the price prediction bandwagon
and look at the technical analysis of the project.
WalletInvestor, a popular website that does technical analysis-based price predictions
of various cryptos,
is very bearish on VET.
They disagree strongly with Dedic's super bullish prediction.
According to them, VeChain is expected to go down to point 0.046¢ in one year.
TradingBeasts.com also gave a slightly more bullish--
but I would still say bearish prediction,
saying that, by the end of 2020, VeChain might be between 1¢ and 2¢,
not nearly the gains people are looking for.
Crypto Rating states that the analysis of the cryptocurrency market shows that VeChain price
could reach 3.5¢ or close to it by the first of January 2021.
This would be driven by the potential interest from large institutional investors
and more regulation expected in the field of digital currencies.
Others are much more bullish,
even more bullish than Dedic,
who predicts a $1 VeChain.
Smartereum, a site that regularly publishes cryptocurrency predictions,
states that they believe the price of VeChain could go up to as high as $75 by the end of 2023.
CryptoGround predicts that VeChain might reach $4 by sometime in 2020.
Tim Draper, a Silicon Valley legend and a renowned investor in many companies,
is a big believer in digital currencies,
and he actually joined the VeChain team early last year.
This move was lauded by the VeChain Foundation,
who stated that Draper and the platform has a similar vision
in regards to the future of cryptocurrencies and blockchain solutions.
In my opinion, this is huge.
Tim Draper is a mover and a shaker in the crypto industry
and would not join up with a team he didn't see huge prospects in.
All of these predictions, of course, are way off the current price of VET.
However, VeChain has successfully maintained an ascending trajectory
despite the ongoing crypto bear market and, in my opinion, it can surge to new highs easily,
especially if the team keeps partnering with big name brands.
So what do I personally believe is going to happen to VeChain over the next year or so?
In my opinion,
I'm very bullish on VeChain.
And I've been for a while.
The reason for this is because supply chain is one of the biggest pillars in all of blockchain.
When I think of the use case scenario in blockchain,
a few different things come to my mind immediately.
Obviously, DeFi,
as we're seeing it flourish from the top to the bottom.
Gaming is another huge use case of blockchain
that's going to grow exponentially over the coming years.
Right after those two niches, supply chain tracking is the next biggest use case for blockchain in my opinion.
And no one is doing a better job in this area, in my opinion, than VeChain.
The big partnerships prove that significant companies are taking an interest
in the enterprise supply chain solutions VeChain is creating,
from their wine traceability tags to their RFID technology
to their most recent ventures.
This includes creating a sustainable marine shipping system on the blockchain
and even working on a drug traceability program with pharma giant Bayer.
One thing I said two years ago many times on this channel is turning out to be true.
I echoed this sentiment a lot of times
when looking at supply chain tracking cryptocurrency projects.
There were basically two kinds of programs these projects were using.
Either they were hyper focused on one thing like produce tracking,
or they were trying to be an end-all be-all for supply chain management.
I predicted that the projects that would do the best in the future will be platforms
that are the end-all be-all type of solution.
Instead of just trying to figure out how to track one thing,
these projects created systems that can track anything.
And I believe those would benefit much more because of their greater flexibility.
VeChain fits this description.
If you're a company that needs management and tracking,
just let VeChain know and they will figure out a way to make it work.
In my opinion, VeChain is going to be the king of the supply chain industry.
And that's why I've been so bullish on it for years now.
That's why I do believe VeChain will be, in the next bull run, peaking out over $1.
It's a bull prediction with over a 100X,
but I align with Simon Dedic's prediction here.
This is a project you're not gonna want to miss out on.
But now is your turn.
What do you believe is going to happen with VeChain?
Drop your thoughts and price predictions below.
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Thank you so much for watching.
Have a blessed day.
BitBoy out.