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VeChain Price Prediction: Can VET Reach $1 This Year?

High-profile analyst Josh Moden conducts detailed VeChain analysis and examines the latest fundamental news and price action of VeChain (VET) for 2021.

VeChain Overview

VeChain (VET) is a blockchain-powered supply chain platform. VeChain aims to use distributed governance and Internet of Things (IoT) technology to create an ecosystem that solves some of the major problems with supply chain management.

The platform uses two in-house tokens, VET and VTHO, to manage and create value based on its VeChainThor public blockchain.

“The idea is to boost the efficiency, traceability and transparency of supply chains while reducing costs and placing more control in the hands of individual users,”

VET Fundamentals

The crypto KOL cites recent news of VeChain adoption. In particular, ReSea Project, an initiative to clean up the oceans and rivers from plastic pollution, utilizes VeChain’s blockchain technology to collect, record and monitor data. This stored information is then validated independently by DNV as proof of the progress.

“Roughly two months ago, the initiative had cleaned up 305 tonnes of plastic waste, but the number currently stands at 506 tonnes by the end of July.”

With VeChain’s low-cost, reliable and easy-to-use blockchain technology, the data stored is time-stamped and immutable, which will prevent any false claims and help trace and track the initiative’s progress.

Moreover, recently, VeChain announced that it is targeting the multi-billion dollar pet food market in China with new blockchain-based food tracing.

VeChain plans for a blockchain-based traceability protocol. When in place, it will allow pet food manufacturers to efficiently troubleshoot issues of biosecurity and health. The developers plan to execute their vision through three main principles:  “proof of origin”, “proof of ingredients”, and “traceability of entire value chain.” 

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