This DD was done 29 days ago when the price of VEChain was around 0.03 cents. I attempted to post to pennystocks at the time as I was unaware of this sub. Changed have been made to reflect the new pricing and will be reflected by text having a strikethrough where old information is no longer relevant and new information will be in italics to show new information. I advise that you still read the bits that are crossed out as it exemplifies how much VET has improved in such a short time. To see the original DD, please check my page and posts on this sub.
What this DD Will Contain:
- What VEChain is
- Appliances
- Price Prediction
- Competitors (idk why none the DD I see EVER discusses competitors as its so important to look at)
- What makes VET different from competitors (and many other crypto currencies)
Disclaimer
At the time of writing this, I own approximately 15000 VET which I bought at 0.027 cents each. My purchase was on the 29th of January - I bought at this time as I, as will be explained in this DD, expected a price rise in February to 0.045 which has been exceeded - the price in January was around 0.03 cents so this dip was more than enough of an incentive to buy for me. This is not financial advice, but my personal method for purchasing crypto/stocks discussed on reddit is to always wait for a dip rather than just buying the second after reading - I'm sure this is the case for nearly everyone, but I don't want people to blidnly jump into VET without understanding.
What is VET?
VEChain is a cryptocurrency that is built upon the VEChainThor blockchain - it currently sits at $0.029 $0.056 and has a market cap of over $3.5bn ranking it at 24 in terms of market cap. Of the 86.7bn VET that is available, 74% or 64.3bn is currently in circulation supply. The currency functions as a supply chain verifier which logs the events of a product through its stages of production. This potentially provides market changing technology to several industries that struggle against fraud. The counterfeit market is worth over 1 trillion USD worldwide with household name brands such as Nike and Adidas fighting fraudulent goods each year. By verifying what has happened at each stage of production, VEChain’s technology can probe whether a good is legitimate or not. Not only is this useful for verifying clothing (a massive market obviously) but more importantly, this can verify goods which, if counterfeit, could be dangerous to consumers - a contemporary example of this is how VET is used in Cyprus to log people who can be verified as having had a COVID vaccine.
Appliances - Why is VET useful?
To elaborate on the examples provided above (which are by no means exhaustive) lets have a look at Nike. Nike faces massice counterfeit market problems, particularly in the sneaker industry. This is likely a result of the resell value of many shoes which can be upwards of 10x market price. There is a clear motive for people to create fake shoes and pass them off as real here to scam unknowing buyers into paying for a shoe that, when they receive it, turns out to be branded "Neki" instead of "Nike" and when they go to return to the seller, they cant find the page. Some are much more lucrative of course and will copy designs with great detail. Whilst some consumers may not even care about the authenticity of the product, Nike does - it cuts into their revenue massively. Nike may choose to implement VEChain technology into their shoes (on the box) to verify them as can be seen here with this bottle of wine. Buyers then have access to the steps that were involved in the creation of the shoes and can trace the authenticity as the app provides details such as Place of Production which I also think has a bit of novelty value too.
Tragedy stories are, as we all know, horrific for business and we see companies coming out time and time again warning against fake products. Love them or hate them, vape pens are becoming more popular as people look for alternatives to smoking, but their costly price tag can often deter people from purchasing. That's where, you guessed it, counterfeit minimal safety vape pens come to the rescue! In all seriousness, I think the concept of creating a low safety vape pen to sell (or any other good wiht low safety measures) for some profit is disgusting, the reason I bring it up and use vape pens as an example is because I actually saw this post about Puff Bar partnering with VET to authenticate their vapes. There has since been a screenshot of someone who managed to verify a Puffbar vape using Vechain's technology, this could be the start of the vaping industry mass adopting product verification technology.
As mentioned earlier Vechain has been used by some smaller countries such as Cyprus to log information about which people have received the COVID vaccination. As countries progress through the battle with COVID it's possible that other small countries particularly in Europe may adopt the same approach to logging vaccine information - it's actually a pretty interesting approach and definitely worth the read.
In addition to all this, Vechain also manufactures hardware for clients that are specific to clients requests. I'll elaborate more on why this is important in the competition section but this obviously provides benefits to suppliers who are looking to integrate blockchain technology.
Price Predictions
Okay I know this is why everyone's here, I'm usually not a fan of the rocket emoji but it will be making an appearance otherwise whats the point in posting? As stated, VET currently sits at $0.029 $0.056, it has very recently broke it has nearly doubled its previous ATH of around $0.032 from back in 2017, after which it had a temporary blip as did every coin a couple of days ago but it has recovered amazingly (dropped to $0.019 dropped to $0.042 and damn I wish I bought some). Anyway, the coin seems to be stabilising between the $0.025 and $0.03 $0.050 and $0.055 mark and as I write this I've just checked and it's really flirting with $0.03 and it's actually a little above that range at $0.056. My guess, with altseason coming up, is that VEChain could achieve the following - altseason is seen as a period in which non mainstream crypto currencies have a season of booming, usually noted as happening after ethereum explodes which, as seen in 2017, tends to happen after a bitcoin explosion as people look for the next big thing:
Short term (within the next 3 months) - $0.045🚀 $0.065
Medium term (within the next 3-12 months) - $0.30🚀🚀 $0.15
Long term (12 months and onwards) - $1.00🚀🚀🚀
And here's why:
Short term - Alt season is approaching as we are currently in an Ethereum explosion which followed the Bitcoin explosion of the last month or so, "alt" coins should follow with alt season and, if not, can be influenced by the rising of BTC and ETH. The currency is also stabilising at near an ATH (daily wise it is stabilising at its ATH - this does not mean it is currently at its very highest value but it is sitting close to it) which with the influx of new people to stocks and crypto can attract large numbers of investors. As you can see, my prediction was shattered, I'm raising my prediciton now to $0.065 as the currency seems to hit a resistance at $0.06 but its only a matter of time before it breaks through.🚀
Medium term - After altseason, there does tend to be a down period, but this is no different from anything seen with penny stocks where one day they're up 40% then down 20% the next. After this settles, I suspect a gradual rise as more collaborations and the breakthrough to Western countries edges closer. I have lowered the prediction for medium term as I don't see VET doing a 10x rise this year as it did last year, after all, most coins grew so rapidly solely due to COVID crushing them. I see a 3x rise being possible with anything above $0.10 being incredible.🚀🚀
Long term - By the end of the year I expect Vechain to be well on its way creeping closer to $1, albeit slowly The way it has capitalised on opportunities presented by Covid is what any company should strive to do and I'm sure it'll reflect in its price. It's hard to find institutions like JPMorgan that cover VET, but I did find this article from Wallet Investor - they predicted VET to hit $0.025 sometime in 2021, and it did so after about 1 week... I'm very bullish given this prediction being obliterated and more reasoning will be provided in my competitor discussion of "Chainlink". 🚀🚀🚀
Competitors and why VET is Different
As mentioned in the disclaimer, its crazy how many DD I see doesn't include competitors as a section of discussion. Anyway, the main competitors to Vechain are:
- Chainlink
- The Open Application Network
- Provenance
- Food Logiq
I'll start by discussing Chainlink and The Open Application Network as the latter is actually a stock. Chainlink, like VET, has recently hit an ATH. This is not bad for VET by any means which is making gains of its own. Chainlink shares the property of supply chain tracing with VET, but aside from that the two are much more different. VETs applicability to healthcare, hardware engineering and finance distance it from LINK. Similarly, whilst OAN does offer some great use as a blockchain platform designed to be developed on to shape how future platforms operate, it is in a much different lane from VET in regard to finance and healthcare - VETs variety sets it apart.
Provenance gets its own section because as far as im aware, its just Chainlink but worse as its limited to food and drink products. Maybe if this was VET 3 years ago this would be competition, but this shows the progress VET has made in that time.
FoodLogiq, like Provenance, offers traceability functionalities on, you guessed it, food. Again, it's in a similar boat to provenance being a distant, underdeveloped relative of sorts.
Conclusion
I hope after you've read this you go out and do some research on VET as, I believe, its potential is massively underrealised. The way in which are goods are verified will no doubt change in the near future, and if VET isnt responsible for this, itll be busy revolutionising the healthcare industry instead.
TL;DR
VEChain is a cryptocurrency that verifies product authenticity. It has applications in business supply chains, finance, healthcare and would be useful in the development of smart cities. Through partnerships with brands and companies, the currency has a lot of room to grow. There are some competitors but due to how VEChain has adapted its operations overtime, it is useful in tackling many issues that its competitors aren't developed enough into.
No comments:
Post a Comment