An overnight boom in price of VeChain and how it got listed among Top 10 Firms in Blockchain Technology

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Anushree Goswami
Anushree Goswami is a Content Writer and has interest in Blockchain Technology. She has been working in the field of content writing for more than 2 years and is passionate to know and learn about new technologies.

VeChain VET which has been obstructing since the beginning of this year has seen a surge increase in altcoin season and is among the Top 10 firms with the most Blockchain Patents. With VeChain, many other altcoins have also seen upheaval in the market during the altcoin season. In the era when Bitcoin has been the most prominent Cryptocurrency, VeChain has outgrown Bitcoin. According to the tweet on 21st May 2019, with such an upsurge, VeChain VET firm in Singapore, a leading distributed ledger technology (DLT) project that is looking forward to providing its traders with the safe and secured chain supply, has come under the Top 10 firms with the other Blockchain patents globally.

Being a digital investor, one must be prepared for the gush in the price of VeChain in order to be profited by it. VeChain Thor Price Prediction will lead to gush in the price of VET token as seen in the current situation of VeChain. It is difficult to be in the competition and take a lead when the race is among the top numbers and also a large number of masses are at the behind. With the existing 2500 Blockchain projects, of which many are just proof of concept, very few are there which stands out of the crowd and make their own reality and value in the market. Such projects are able to build niche themselves with unique use cases of their own. VeChain VET, DLT project is one of them, which is looking forward to building a transparent supply chain and solve other economic real-world issues.

It comes to be the breaking Blockchain news, as in late 2018, VeChain VET has occupied the 10th position in the Global Blockchain Enterprise Patent Rankings, among the 38 Blockchain patents, leading by e-commerce, payments and giants like Alibaba, IBM, MasterCard, etc.

As we move forward, many questions must be occurring in your mind as, what’s so special about VeChain VET? What has happened to VeChain? How it is better than other Cryptocurrency? Let us discuss all this further in our article.

VeChain Blockchain uses the Proof-of-authority consensus mechanism and not Proof-of-work that is used by Bitcoin and VeChain is also the first Blockchain Cryptocurrency technology that was built mainly for the supply chain management sector. The speciality of VeChain is that it has all the features of decentralized Blockchain and can easily manage the centralized one too. It creates all the difference. And so VeChain Blockchain is well-suited for business and has been nicknamed as Ethereum for business. It is said that VeChain Blockchain will take the lead among the industrial Cryptocurrencies in future. This is because as  Bitcoin (BTC) has increased by 2.70% with a price of $8.730.00, VeChain VET has decreased by 3.84% with the price of 0.007877.

What’s so special about the patents of VeChain Blockchain Technology? Well, it is difficult to go through all the 38 patents, so may look towards the few ones.

1.       VeChain deals for the invention of the technology that deals with the vehicle information that is used for sharing and tracing system with the use of Blockchain technology to take information about the vehicles.

2.       VeChain deals with the invention to prevent product counterfeiting with Blockchain technology.

VeChain, with such patents, also joined with different partnerships deals with many highly reputed firms. China’s largest insurance corporation, the People’s Insurance Company of China (PICC) linked forces with VeChain to upsurge their technology in the insurance world, as said in the reports of Blockchain Reporter in September 2019. Also, in recent time, in April 2019, VeChain started a partnership with three Norwegian leading firms to make them ensure the newness and traceability of fresh foods exported to China with the Blockchain technology. Since the VeChain mainnet Launch and the VeChain token swapped, VeChain Blockchain technology has been attracting various partners. Such partnerships are meant to promote the VeChain Thor Blockchain and support VeChain VET token price.

The CEO of VeChain, Sunny Lu, was in a discussion with the Italian Prime Minister during the VeChain summit. VeChain had already been in the Italian markets since very short time through the wine industry and only after talking to the government would it speed up the adoption of VeChain in Italy. Also, VeChain development team has recently launched VeChain Thor V1.1.0 on the testnet, which has made an increase in the price of VeChain.

As it is given, the price of VeChain was $0.007883, it is up by 3.70% against the USD and up by 1.73% against the BTC. The trading volume over a 4 hour period is $20,428,367 and the market capitalization is $437,159,547. In one month, VeChain has increased by 14%. The price of VeChain was $0.003958 in the month of January. From the above details, we can conclude that the price of VeChain has been risen up to 100% in only 4 months. And also as its current growth rate states, it won’t take time for VeChain VET to hit the predicted $0.50 level.  Since the VeChain Thor price prediction 2020 places the price of VET at $1 by the end of this year thus it is trustworthy and gives the traders the choice to invest and wait for the upsurge to took place. Whatsoever is the fact; VeChain leads to a large digital economy and is the new upsurge in Blockchain Technology.

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