VeChain

VeChain In-depth Report Generated by AI - For further details, please review:

https://alpha.sosovalue.xyz/trade/VET-USDT-BINANCE

1)What is VET?

VeChain (VET) is an enterprise-focused smart contract blockchain platform designed to enhance supply chain management and business processes. It aims to streamline these processes and data flow for complex supply chains through distributed ledger technology (DLT). The core idea is to use blockchain technology to provide a trustworthy and secure way for various stakeholders in a supply chain to access key information about products in real time. This can include everything from the product's origin and storage conditions to its transit history.

2)Which sector does VET belong to?

VeChain (VET) belongs to the Layer 1 blockchain sector, which is the foundational protocol layer forming the core of blockchain systems. Layer 1 blockchains are critical for the operation of decentralized networks as they provide security, transparency, and decentralization without relying on any other blockchain. The current situation and development prospects of the Layer 1 blockchain sector in 2023 include:

• Growth in Decentralized Finance (DeFi):There's a significant interest and investment in blockchain within the financial sector. Blockchain technology is being used by established financial institutions for transparent asset movements and fractionalization. The market in blockchain banking and financial services has seen growth, indicating a digital future for assets.
• Challenges Due to Fraud and Corruption:The sector faces skepticism due to incidents like the collapse of Terra and FTX, and a significant increase in cryptocurrency investment fraud. These events have impacted the overall industry, stifling adoption and dampening excitement.
• Legal and Regulatory Actions:Regulators and lawmakers are responding to the challenges in the sector with legal actions. This includes charges by the SEC against various entities for unregistered offers and sales of crypto assets and fraudulent activities. Legislation is also being proposed to provide legal clarity for blockchain developers and service providers.
• Enterprise Investment in Blockchain:Despite turmoil in the cryptocurrency space, enterprises are still interested in blockchain technology. They're exploring its use in areas like identity management, supply chain management, and smart contracts. However, widespread adoption in enterprises is still in the nascent stages, expected to accelerate as software vendors develop more effective blockchain-based solutions.
• Rising Interest in NFTs for Business:Non-fungible tokens (NFTs) are gaining traction as a means for businesses to create new revenue streams by selling digital products and assets. The potential market size is significant, with estimates suggesting substantial revenue opportunities in the coming years. NFTs are expected to change how digital rights and obligations are recorded and transferred, potentially redefining modern commerce.

3)What is tokenomics of VET (includes allocation and supply schedule)?

Token VET was launched in Aug 2017. The initial supply is 86.71 billion, the current circulation is 72.71 billion, the circulation accounts for 83.8%, the market value is 1.65 billion US dollars, and the FDV is 1.96 billion US dollars. The token is currently close to its issuance price.

Token Allocation:

VeChain was originally created as VEN tokens on the Ethereum blockchain in 2017, with an initial minting of 1 billion tokens. These were later swapped for VET tokens on the VeChainThor Mainnet at a 1:100 ratio when it launched in June 2018. The initial token distribution of VET was as follows:

• Team: 5%
• Crowdsale: 41%
• Enterprise Investors: 9.72%
• Burned: 13.28%
• Private Investors: 9%
• Operation Development: 22%

Supply Details:

The maximum supply of VET is capped at 86,712,634,466 tokens. As of December 2021, there were 66,760,741,299 VET tokens in circulation. VET operates on an inflationary emission rate.

Dual-Token System:

VeChain uses a dual-token model comprising of VeChain (VET) and VeThor (VTHO). VET is used for transactions and other activities within the network, while VTHO is used for fee payments and functions as a "gas token." VET holders automatically generate VTHO, providing a source of passive income. 70% of the VTHO used in a VET payment is destroyed, which affects the overall supply of VTHO.

Token Generation and Use:

Each VET token generates VTHO at a rate of 0.000432 VTHO per day. VTHO is generated based on VET holdings and is used for transaction fees and data transmission on the VeChain network.

Network Security and Consensus Mechanism:

VeChain (VET) operates on a Proof of Authority (PoA) consensus mechanism. This method requires relatively low computing power and is considered efficient and scalable. Authority masternode operators, selected by an independent Steering Committee, are responsible for running the network.

4)What about the team and the investors of VET?

Team Behind VET

• Founders: VeChain was co-founded by CEO Sunny Lu and Jay Zhang in 2015. Sunny Lu, before joining VeChain, had over 13 years of experience leading IT teams and was the CIO of Louis Vuitton China. Jay Zhang was a senior manager in Deloitte UK and PwC China, bringing over 14 years of experience to VeChain.
• Team Composition: The VeChain team consists of over 100 full-time employees, half of whom are blockchain developers. The company has 8 offices located across Asia, Europe, and the United States.
• Steering and Advisory Boards: The VeChain Foundation, which is responsible for maintaining the VeChainThor Blockchain, is governed by a Steering Committee that includes members from VeChain, DNV, and others. The Steering Committee defines the strategy of the Foundation and selects team leads for various operational teams. There is also an Advisory Board, which includes partners from PwC, Deloitte, Breyer Capital, and Fenbushi Capital, that provides advice on the design, implementation, and vision of VeChain.
• Transparency and Financials: The VeChain Foundation is transparent about its financials and the use of the token supply held by the Foundation. They release a Financial Report every quarter, detailing the use of proceeds, which includes funding daily operations, technological development, research in cooperation with universities, and support for strategic institutional partners.

Funding History

• Series B Funding Round: VeChain raised one funding round, identified as a Series B round, on April 3, 2021. The specific amount raised in this round was not specified, and the sole investor listed was Kosmos Ventures.
• Multiple Funding Rounds: Another source mentions that VeChain has had a total of 7 fundings, with the latest being an Incubator/Accelerator - II round on March 19, 2019.
• Corporate Round Funding: Additionally, another report indicates that VeChain has raised 3 rounds in total, with the latest funding raised on May 5, 2018, from a Corporate Round. VeChain was funded by 5 investors in total.

5)What is the development history of VET? List all important events and milestones in the development process of VET

Significant Milestones in VET's Development（updated to 2022）

• Blockchain Development: VeChain's development began in 2015 as a modified fork of Ethereum, focusing on Internet of Things (IoT) and supply chain management.
• Consensus Mechanism: VeChain utilizes the Proof of Authority (PoA) consensus mechanism, which is energy-efficient and addresses concerns of inefficient upgrades.
• Core Protocol Features: VeChain's core protocol includes features like Controllable Transaction Lifecycle, Multi-Party Payment, Multi-Task Transaction, and Transaction Dependency.
• Co-Founders and Investors: VeChain was co-founded by Jay Zhang and Sunny Lu, with significant investment from various capital groups and venture firms.
• Mainnet Launch: The VeChainThor mainnet was launched in June 2018.
• Governance Charter (2019): In November 2019, VeChain introduced the VeChain Governance Charter, which redefined stakeholder categories and voting procedures.
• Development Milestones (2021-2022): In 2021, VeChain announced VeChain Sync 2 for browser compatibility and a $1 million USD grant program for the eNFT ecosystem. In 2022, it introduced VeUSD, VeChain's first stablecoin, formed a marketing partnership with UFC, and upgraded to PoA 2.0, enhancing security and scalability.

6)What is the progress and future roadmap of it?

Future Roadmap and Developments

1. First Half of 2023: Development focuses on a carbon footprint explorer, a wallet browser extension, an Ethereum token bridge, the launch of a wallet for the ecosystem, and an NFT marketplace.

2. Second Half of 2023: Implementation of a VeChain naming system, an asset lending platform, a multichain generic data bridge, and initiatives for oracles and smart city ecosystems.

3. First Quarter of 2024: Projects include decentralized file storage, layer-2 rollups, smart contract security analysis tools, algorithmic token-backed stablecoins, and a DAO operating system and ecosystem smart contract library.

7)List all important links related to VET

VeChain Official Website:

https://www.vechain.org/

VeChain Foundation Twitter:

https://twitter.com/vechainofficial

VeChain Documentation:

https://docs.vechain.org/

VeChain GitHub Repository:

https://github.com/vechain

VeChain Explorer:

https://explore.vechain.org/

VeChainThor Blockchain Upgrade (PoA 2.0):

https://www.vechain.org/poa2.0

VeChain Sync 2:

https://sync.vecha.in/

VeChain Community Forum:

https://forum.vechain.org/

VeChainThor Wallet:https://wallet.vechain.org/

8)Bullishness index for this token from the perspective of token valuation and future potential from Chatgpt 4

The current valuation and future prospects of VeChain (VET) as of now and based on expert analyses for the coming years are as follows:

1. Current Valuation: As of the latest data, VeChain's price is around $0.02, ranking it at No. 40 in the crypto ecosystem. The circulating supply is approximately 1.56 billion VET, with a market cap of 72.71 billion VET. VeChain has exhibited a good upward trend recently, suggesting strong potential.

2. Price Predictions (2023-2032):

• 2023: Minimum price is around $0.0225 and maximum around $0.0244, with an average trading price expected around $0.0233.
• 2024: Estimated minimum price of $0.0323 and maximum of $0.0396.
• 2025: Predicted minimum and maximum prices are about $0.0461 and $0.0569, respectively.
• 2026: Anticipated minimum price might drop to $0.0663, while its maximum can reach $0.0796.
• 2027: Expected maximum and minimum VET prices are $0.1147 and $0.0944, respectively.
• 2028: Estimated average VET price will be around $0.1385, with a possible maximum of $0.1667.
• 2029: VET is estimated to be traded between $0.1996 and $0.2330.
• 2030: Maximum VET price of $0.3394 and a minimum of around $0.2908, with an expected average trading price of $0.3010.
• 2031: VET price estimation is at least $0.4470, with possible peaks at $0.5080.
• 2032: Maximum VET price of $0.7708, with a potential drop to around $0.6485.