One supply chain has been on the start of what looks like a massive run-up to come.
Of course, I'm talking about VeChain,
who's been making some eye-widening collaboration with enterprise.
Today, let's find out what old VeChain has been up to.
There's a reason it's one of the top coins in my portfolio.
The only question is whether or not it should be in yours.
Let's get it!
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My name is Ben.
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Today, we'll be looking at VeChain's recent partnerships
and answering that question on your mind about where things are going from here.
Is VeChain going to reach $1? Or maybe even $2?
As Simon Dedic predicted last year.
Or are we heading down from here?
VeChain has been one of the best performers in the crypto market, period.
And it's weird. I told you that over the summer.
Having surged to as high as above 20¢ just last week,
but, in fact, according to a data from Cointelegraph Markets and TradingView,
the price of VET has increased by more than 400% over the past two months alone,
inching its way up from a low of just over 2.5¢ on February 8
to a new record high of 26¢ on April 20.
VeChain's all-time high in 2020 got to as high as almost 2¢,
but those days are well over and will go down as a missed opportunity to accumulate for many.
VeChain is starting to face enterprise level adoption,
and people are finally starting to open their eyes to what is being built,
a blockchain-powered supply chain platform with distributed governance
which will optimize and revolutionize existing supply chain management systems.
Now, I'm going to let you in on a secret.
The same way the institutional investors are driving the Bitcoin price up,
enterprises are driving the VET token.
So, let's take a little more in-depth look into the partnerships driving VET's recent rise.
There are five companies that have strategic key partnerships with VeChain---
DNV,
PriceWaterhouseCoopers,
National Research Consulting Center,
Yida China Holdings and BitOcean, a crypto exchange.
According to the Nasdaq,
other major companies looking into using VeChain include BMW, LVMH and BYD.
VeChain's technology is being utilized on several projects that are managed by VET's partner, DNV.
DNV utilizes VeChain's blockchain solution to manage data from projects
with the Danish company, ReSea,
and the Norwegian industrial company, Hydro.
In March, VET announced an NFT-related collaboration with VMworld,
which steadily increased the price.
But what has driven the current explosion is an announcement with software company Salesforce
announced on April 8.
Salesforce sells the No. 1 CRM software, or customer relationship management software,
and works with top companies such as Spotify,
Amazon Web Services,
US Bank,
Toyota,
Macy's,
T-Mobile,
Aldo,
the New York Post,
American Express,
Canon,
the American Red Cross,
L'Oreal Americas,
NBCUniversal,
and The Hershey Company.
They all rely on Salesforce software.
Following the Salesforce announcement less than a week later,
VeChain revealed that it's partnered with PriceWaterhouseCoopers
also known as PWC
and is assisting their clients in integrating distributed ledger technology.
Now, if you're unfamiliar with this company,
PriceWaterhouseCoopers is a services company that provides its clients with numerous services
including auditing, tax and consulting, forensics and much more.
In December,
VeChain partnered with the Royal Melbourne Institute of Technology (RMIT) Blockchain Innovation Hub
pledging to research and come up with innovative ways of furthering the growth of the entire blockchain industry.
Here's a pie chart from Reddit to showcase VeChain's connections and partnerships.
Just make sure that you are not going to bet against VET
because it is killing the game right now.
VeChain's strategic advisor of VeChain, Jackson Fu,
recently highlighted several of the partnerships to encourage other billion dollar companies
to join the platform.
VeChain has managed to deliver strategies and solutions that, according to FU,
allow its partners to run business at scale.
Fu said the following,
VeChainThor public blockchain is already looking like the No. 1 choice
for businesses building real world products.
VeChain has consistently managed to solve mass adoption hurdles
such as preventing unstable transaction fees with its VET-VTHO two-token model
and eliminating the threat of congestion with its scalable network
that proactively adjusts itself in response to network usage.
Although it may be a bit biased,
it's warranted.
Fu believes that the Blockchain-as-a-Service platform offered by VeChain to its customers, ToolChain,
allowing them to build and deploy highly customizable solutions.
VeChain is solving a number of problems in the supply chain industry,
but one main focus is data sharing between stakeholders.
Trust remains a massive issue for multi-stakeholder collaboration within businesses.
Currently, it's almost impossible for businesses to verify data they received from a third party
without extensive time, resources and cost.
Now, this is according to the project's Medium.
Daniel Nortje, Director of Strategy and Architecture at Salesforce,
built an open source Salesforce ToolChain Adapter
to enable open seamless data sharing across multiple parties,
using data hashed on the VeChainThor public blockchain.
Large SaaS platforms and business service providers,
such as Salesforce and DNV,
can use VeChain's toolkit to add blockchain solutions
as potential offerings for all their hundreds of thousands of clients.
But it's not all seriousness for VET, or is it?
VeChain recently announced that it will be working with enterprises
to develop an enterprise NFT ecosystem.
The eNFT system will be rolled out slowly in phases according to the VET Foundation.
VET works on a proof-of-authority system using VeThor as a governance token
as compared to Ethereum's proof-of-work blockchain.
When VTHO is used,
70% of it is destroyed or burned and the other 30% is retained by Authority Masternodes.
Authority Nodes are the only nodes on the VeChainThor blockchain
that are authorized to validate and produce blocks.
VeChain uses a dual token system with inflationary and deflationary mechanics.
Now, VET also has a fixed supply, which is a good thing.
Holding VET generates the secondary token called VTHO.
VTHO has a controlled inflation rate as well as a deflation rate burning with each transaction.
The increase in VeChain's price and its adoption
has also led to a 1000% increase in the price of VeThor token or VTHO
over the past few months,
which is used as gas to pay for transactions and smart contract interactions on the blockchain.
VeChain's vision is to deliver the mass adoption of public blockchain and solve key business challenges
that are otherwise unworkable without this emerging critical technology.
Now, each day, they inch closer and closer to that goal,
and this bull run is just getting started.
You've seen my portfolio holding of VET and you know my thoughts.
Now, it's your turn to do your own research.
Let me know what you think about VeChain. Is it still on the way up?
Or has it peaked?
Drop your comments down below.
I think I know what most of you are going to say.
But that's all I got.
Be blessed.
BitBoy out.