The VeThor token was created following the rebrand of the VeChain Thor blockchain project in 2018. This rebrand presented a dual token system in which VTHO and VET were introduced as the two tokens of this network. The VeThor token is the currency of the VeChain Thor network and is used as the means of payment of transaction costs and other fees associated with network usage.
The VeChain Thor network is an enterprise-level service provider, offering a blockchain-as-a-service platform for the implementation of the smart solutions to business processes such as supply chain management. It also enabled the deployment of the Internet of Things (IoT) concept on the blockchain.
As the payment module on the network, VeThor is the currency used to pay transaction fees on the network and indeed, powers every transaction on the network. It is also used as the data sending engine for smart contracts.
It was initially created as a VIP-180 token that uses the Proof-of-Authority consensus mechanism to validate transactions on the network.
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VeThor Coin Founders
Sunny Lu founded the VeChain Thor network from which the VeThor token emanated in 2015. A previous employee of Louis Vuitton China, Lu was able to identify use cases for VeChain Thor concerning supply chain dynamics in corporate institutions. Louis Vuitton eventually became one of the first clients of the new blockchain company.
VeThor Road Map
In July 2021, VeChain Foundation published its roadmap towards fully deploying the next level of its Proof-of-Authority consensus mechanism, tagged PoA 2.0. The company dubbed this a Secure, Use-case-adaptive, Relatively Fork-free Approach of Chain Extension (SURFACE), the new consensus mechanism developed to handle some of the challenges of the Nakamoto consensus type and the Byzantine Fault Tolerance. These two mechanisms were the previous mechanisms by which consensus on the network is achieved. VIP-193 has been implemented and the public testnet deployed. Full deployment of the PoA 2.0 with VIP-200 being made public is expected in 2022.
The VeChain Foundation has also recorded another milestone as it has unveiled its new Headquarters in San Marino, Europe. This was achieved as the San Marino government has created a bespoke crypto regulatory zone which is expected to enable blockchain projects to thrive in Europe under a proper government-approved regulatory structure.
VeThor’s Adoption Statistics
The adoption of VeThor is growing. The list of institutional partnerships continue to increase year on year. In 2018, PriceWaterHouseCoopers, DNV GL and National Research Consulting Centre were among several partners on the platform.
In 2020, Shanghai Gas, PlatformXChina, and Sarah Regensburger came on board. There are several new entrants for 2021, and more will come in 2022.
VeThor’s adoption statistics is trending in the right direction.
VeThor Price Prediction 2022
The VeThor price prediction 2022 outlook seems to favour a bearish year. The weekly chart shows that the price action is in a descending triangle pattern. The lower border
has been violated but this does not seem to be a convincing breakdown yet. The price action is now attempting a pullback towards the broken lower border of the triangle. If this return move is rejected, a move towards 0.000481 will be on the cards, testing the all-time low of the token.
A bullish VeThor price prediction 2022 has to follow a break of the 0.007814 resistance. This move will negate the attern and open the door for a potential attempt at 0.013022. Presently, the situation on the chart does not favour this move and only time will tell if this is accomplished in 2022 or later on.
VeThor Price Prediction 2025
There is a better potential for a VeThor price prediction 2025 bullish outlook than there is in the 2022 outlook. Potential targets for a VeThor price prediction 2025 outlook include the 0.017273 and 0.02500 (19 April 2021 high). The resistance barrier to beat for a change in sentiment to occur would be the 0.007184 mark.
VeThor had risen to as high as 0.02850 in its recent price history. Nothing is holding back the VTHO/USDT pair from attaining similar heights if the bulls can stage a comeback beyond the 0.025000 resistance barrier. This bullish VeThor price prediction outlook is only negated if the bulls cannot force prices above the 0.07814 resistance, in which case they could remain trapped in the range found between 0.007814 and 0.004095 below.
Is VeThor a Good Investment?
I do not consider VeThor to be a good investment for the short term. However, there is some serious potential for the medium and long term. COVID’19’s disruption of the global supply chain is the opportunity that the VeChain Foundation has to prove its blockchain’s efficacy in handling these challenges.
If VeChain Price Prediction can effectively position itself to take away the complexities that have overburdened today’s supply chain systems, then there is a potential for VeThor to be a good investment. A 3-5 year investment focus could make VeThor an attractive investment. This would require the investor to take advantage of the current price, which looks attractive for such long-term plays.
How to Buy VeThor?
VeThor can be purchased on several platforms. Every VET token held generates 0.0043 VeThor tokens, no matter the exchange where it is held. So when buying VTHO tokens or VET tokens, ensure you are getting the full complement of what you are paying for.
VTHO/USDT: Weekly Chart
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