- VeChain price correlation with Bitcoin is 78% but could decouple once industry applications strengthen.
- NFT gaming projects have arrived on the VeChain ecosystem; Mad Viking Games is the latest addition to the list.
- PwC China's low-code digital service platform "Air Trace" is powered by VeChain.
Proponents consider VeChain undervalued given the recent developments and new partnerships of the smart contract platform.
VeChain Thor mainnet hits a new milestone, processes 10 million blocks without downtime
VeChain Thor powers decentralized applications on its independent blockchain network. In 2018, VeChain was rebranded as VeChain Thor, and the platform developed beyond supply chain management to power smart contracts like Ethereum.
The company behind the development of VeChain's smart contract platform has announced partnerships with BMW, PwC Asia and Chinese consulting firm NRCC.
Recently, VeChain Foundation announced that PwC Mainland China and Hong Kong's blockchain traceability solution "Air Trace" is powered by the smart contract platform.
#PwC’s ‘Air Trace’, a blockchain-based digital service platform, was recently covered by Chinese state-owned media.
— VeChain Foundation (@vechainofficial) September 6, 2021
Built on smart contract platform #VeChainThor, #VeChain continues to lead the commercial adoption of public blockchain technologies. $VEThttps://t.co/xwxSbFPDsW pic.twitter.com/KXpf2oHRkK
The fully programmable Layer-1 smart contract platform is famous for tackling real-world business problems at firms like Walmart and Haier.
Over the years, VeChain has produced blockchain solutions for businesses working on sustainability and climate change. These include the "ReSea Project" that is working on putting an end to the Ocean Planet Crisis, the "carbon banking solution" for BYD and real estate sustainability through blockchain for Jones Lang LaSalle.
The move to reduce the impact on climate change caused by mining top cryptocurrencies like Bitcoin and Ethereum has garnered mainstream media attention, but VeChain's contribution to sustainability remains largely unrecognized.
VeChain Thor's token VET has a 78% correlation with Bitcoin at the time of writing. Analysts have noted that it is likely to decouple from the top crypto with the launch of a strong industry use-case.
#VeChain is a very interesting project, especially as you don't hear as much about it as you should. Both the number and quality of its partners should have this at a higher valuation.
— Decentrader (@decentrader) September 11, 2021
Use case is clear and one of the strongest for blockchain technology.
Extremely undervalued.
The token has jumped in on the NFT gaming trend in the recent past. Vulcan Verse, an open-world multiplayer role-playing game, was built on the VeChain Thor network before migrating to Ethereum layer-2 scaling solution Polygon.
Mad Viking Games is the latest addition to the list of NFT games on VeChain Thor.
Welcome to the #VeChain Ecosystem! https://t.co/ACUcpyjQYk
— VeChain Foundation (@vechainofficial) September 11, 2021
A pseudonymous Redditor u/defactow shared their thoughts on why VeChain is undervalued. From tracking products in real-time to tackling complex business problems through smart contract applications, VeChain offers competitive solutions to companies.
Since the platform has two tokens, VET and VTHO – used as smart money and energy for executing transactions, respectively, – there is a reduced likelihood of speculation.
The platform celebrated a key milestone in its progress: VeChain Thor mainnet processed 10 million blocks without downtime. The BTC network has recorded 99.98% uptime since its launch based on Bitcoin uptime tracker data.
With 100% uptime, VeChain Thor has proved its scalability and stability as a smart contract platform.
Since the token is currently considered undervalued by cryptocurrency analysts, there is anticipation of a rally in VET following a short-term pullback.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Polkadot Price Forecast: DOT confirms trend reversal, eyes retest of $5 after reclaiming key hurdle
Polkadot seems to be ending its downtrend after shedding 92.91% in the last two years from its all-time high of $55.09. In the last three days, DOT has inflated by 3.3%, breaching a declining trendline and confirming the potential start of an uptrend.
Floki Inu Price Forecast: FLOKI sets stage for 30% rally
Floki Inu price rallied nearly 20% on September 30 but closed the candlestick with a 12% gain. The recent uptick opens the possibility of a 30% rally for FLOKI holders. A daily candlestick close below the $0.0000160 level would invalidate the bullish thesis.
Binance Coin Price Prediction: BNB struggles will end after reclaiming $228
Binance Coin (BNB) price has been in a tight consolidation for nearly six weeks. But the range tightening could end soon, potentially allowing bulls to take over and attempt to flip multiple hurdles standing in their way.
Solana Price Forecast: SOL big picture to flip bullish soon, all eyes on $26
Solana (SOL) price seems to be undoing the bearish pressure that has kept it subdued all this time. The recent spike in buying pressure has pushed SOL to produce a higher high on the three-day chart, signaling a shift in momentum favoring bulls.
Bitcoin: BTC recovery rally could be bull trap in disguise, here’s why
Bitcoin (BTC) price remains unfazed even after the multiple spot BTC ETF delays from the US Securities & Exchange Commission (SEC). But investors need to be careful with the ongoing BTC rally as it could be a trap for early bulls.