[Updated on June 14, 2019] Vechain has had a busy few months, following its mainnet launch on the first day of September 2018. Below we’ll detail updates that the enterprise blockchain platform has announced and where its price could be heading before the end of the year. If you want more information on the three partnerships that we think Vechain investors should know about, check that out here.
China, the world’s largest emitter of greenhouse gases, has recently stepped up its efforts to implement and roll out a system to reduce its emission. This is known as their Carbon Bank Project. Its aim is to tackle the issue of Climate change reducing emission and promoting renewable energy.
The scope of China’s Carbon Project runs very deep, it covers aspects such as the Chinese emission trading scheme and implementing this into its Carbon Trading market. This market is very lucrative and twice as big as the European Emissions Trading Scheme.
Think of the emission trading scheme as a marketplace where companies, businesses, or enterprises can buy or sell carbon credits to each other. In 2017, the average price per ton of Carbon in China ranged between $3-10 within the 7 pilot cities comprising of 3000 emitters approximating to $680 million in total transactions.
In the midst of this program, last September Vechain announced its partnership with BYD, China’s largest electric vehicle manufacturers. The partnership is aimed to tackle carbon emission imbalances, for one. This will be the very first enterprise-level application, with data from millions of cars, buses, and trains this information will be put onto VechainThor’s blockchain platform.
Also, China is very bullish on blockchain technology, this is evidenced by them being the number one leader in blockchain patents applications filed in 2017 and it’s not going to stop there.
Experts’ Opinion On Why Vechain Will Rise
You should watch out for what crypto expert says about your favorite coin’s future price. Even though their predictions may not be exact, they certainly impact the market. Let’s take a look at some expert opinions on VeChain’s future price.
According to Roger Ver, also referred to as “Bitcoin Jesus,” and one of the most influential voices in the crypto sector, VeChain has a bright future. He argues that the platform’s primary mission is to solve real-world problems and has applications serving many industries. Ver stated that, as much as he is interested in the blockchain that enables a permissionless peer to peer digital cash system, VeChain has some exciting ways of using them to stop counterfeit goods and make P2P permissionless markets more trustworthy.
Tim Draper, a Silicon Valley legend, a renowned investor in many companies, as well as a big believer in digital currencies, 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 as regards to the future of cryptocurrencies and blockchain solutions.
Vechain Price News
Since Vechain’s mainnet went live on June 30th last year, and with token swaps completed in early September, the price is currently sitting at around $0.007. The price prediction and outlook for the next 3 to 6 months will be based on a conservative approach—but anything can happen with cryptocurrencies and major price movements can happen at any point in time, like how Ripple in late September went from $0.32 USD to $0.69 USD in just a few days.
Based on factors considered, our price prediction for Vechain will be from $0.015 to $0.028.
This is due to the factors explained below, including the price of THOR (VTHO) tokens and its use and Transactions on the VechainThor platform.
The Effect of Vechain THOR on VET Price
Ultimately, many believe that the value of the VET token will come down to the value of THOR it produces. So what is the value of THOR? Well, we know that the minimum production rate is going to be .00042 THOR per VET per day, but how much is 1 THOR worth?
We’re not quite sure yet. There hasn’t been much THOR price action in the first two months because volume has been low. Many seem wanting to hold their THOR until volume appears to increase price.
Also, the only place it’s available to trade is on the LBANK exchange. This will all change in the coming months once OceanEX trading platform comes live at the end of October.
OceanEx will be running of VechainThors blockchain platform and holders will have the ability to convert or reinvest VTHO straight into VET and thus increasing the VET price.
Demand for THOR will also increase once Vechain’s enterprise partners start using the blockchain. Everyone for this moment as the project really “comes to life”.
Most of the enterprises are currently on test net running testing transactions, but this will soon change. We are expecting a migration over to main net soon where we will see an increasing number of transaction and smart contracts to occur before the year ends. Transactions can be monitored on Veforge.
More Transactions Coming Means More VET Price Pressure
The more transactions and smart contracts on the chain mean more VTHO will be burned. These transactions require VTHO to be used and burned.
As more VTHO is burned, enterprises will need to go on the market to buy more VTHO in order to execute blockchain writing. This would thus increase the value of VTHO. If an enterprise doesn’t want to go this route, it could buy VET and produce its own THOR; a move which should see a price increase in the native coin (VET), still boosting the value of holders.
While all of this happens, Vechain is currently in talks with the Chinese government to create a new carbon ecosystem—this time with multiple participants (large enterprises) that could. take part. This would be even bigger than BYD’s Carbon Credit application for electric vehicles. Vechain could find itself as the primary blockchain for an entire ecosystem of the “tracked” economy within Chinese initiatives.
Vechain Collaboration With Amazon Web Services
On February 18 VeChain announced that it had partnered with Amazon in a move that will see the network of the cryptocurrency grow and also boost its price in the next few months. The blockchain has launched an integrated one-click solution into the Amazon Web Services cloud that will allow many enterprises to deploy quick, compliant and secure blockchain applications.
The integration will be through VeChain’s Blockchain as a Service (BaaS) which was launched in 2016. The platform combines many different solutions including identify verification, NFC+RFID chips, enterprise IT services, and blockchain encryption all of which are used to offer a complete IT solution.
The BaaS platform will now allow different businesses to build up and use their own blockchain applications even if they don’t have any technicality. It will be easier for companies to run their smart contracts on the cloud.
With the one-click solution, VeChain’s BaaS solution will utilize the AWS CloudFormation and enable customers to deploy just one click. This will help eliminate the cumbersome manual deployment that is associated with the emerging industry.
The new collaboration was met with excitement among the VeChain community and as of the time of writing VeChain has gained 16% over the past 24 hours. This positive momentum is expected to continue over the next few months as VeChain establishes itself as the number one blockchain platform.
TogetherWeAccumulate believes Vechain looks very bullish once again after the last call around 90 sats on May 27. VET is currently showing good progress after breaking out of the formed downward channel trend on the daily time frame.
However, for now, the analyst thinks we might see some downward push which might further go down to the area between 98 sats to 100 sats for testing of the line that was the resistance before the breakout and which will become the support for the trend for now. By this, we are expecting a massive formation of an extended 3rd impulsive wave in the mid-term.
Alanmasters believes (VETBTC) is currently trading within a falling wedge, which is a bullish pattern and has the potential to produce a strong breakout. We are witnessing an increase in volume and an attempt to break above the EMA10, all signs of an upcoming move to the upside.
The analyst recommends:
BUY: 84 – 92
NEXT SUPPORT: 80
STOP: Close weekly below 72.
Splendidmite sees a nice breakout of Vechain. The MACD looks good, and it’s testing 50EMA resistance. If we break through, then the next resistance is expected at 200EMA with Target at 130 sats.
Want to trade for Vechain’s VET token? You can do so with ETH, BTC, or BNB on the Binance exchange.