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When Cryptoverse Meets Metaverse

The term 'metaverse' has been creating a buzz in the world in the last few months, Google search analysis shows that the term 'Metaverse' had a search score of less than 1 in 2020 which grew to 99 in 2022.  At the end of 2021 we also witnessed Facebook change its name to Meta , but its not only Facebook that is focused on the metaverse and its infrastructure, a bunch of tech companies are in the race for the metaverse (Nvidia, Unity, Roblox, Snap etc.) A recent report published by Technavio called, 'Metaverse Market in Finance by Component & Geography Forecast and Analysis 2022-2026' stated that the metaverse market will increase by $50.37bn during 2022-2026.  Another research company, Grand View Research , headquartered in San Francisco expects the global metaverse market size to grow by a compound annual growth rate (CAGR) of 39.4 from 2022 to 2030 But what exactly is the metaverse? Wikipedia describes metaverse as follows: 'Metaverse is a hypothetica

What Is VeChain & The Future Price Prediction of The VET Token





 MARKET HIGHLIGHTS

Currency in circulation: 64.3 Billion
Market Capitalization: $12.8 Billion 
Price per USD: $0.20 (22nd April 2021)


OVERVIEW


The emergence of big data and data analytics has exploded exponentially in recent years. It is said that in todays market data is more valuable than oil. Which is technically true because data drives the world today. 

Organizations pay millions of dollars to get their hand on data so they can analyze it to drive better decision making and generate profits. For example some retail companies have started tracking the movements of their consumers in the stores so they can make better choices when it comes to shelfing of the isles. Isle's that are frequented the most will tend to have products that generate higher profits for the retailers.

Tesla's self driving cars are based on data and algorithms allowing the autopilot system to learn from the data and adapt to it. Data was, will and always remain the KING.

Now that I have glorified how awesome data and data analytics is, but some would say that the data is only useful if its not manipulated and can be accessed easily, otherwise there's no use of the data stored in the database. I agree 100% agree with the statement.

For individuals to rely on data, the data has to be far from manipulation and easily accessible. This is what VeChain is working on resolving. VeChain is working solving real world economic problems through the activities created by its members.

What do I mean by that? Let's look at a few use cases provided by VeChain's and how it is helping solve real world problems.

 Example 1: Digital Vehicle Passport

How many of you reading this article have in recent times bought a used car from a dealer? Many of us would have right? When buying a used car one of that factors that influences our buying decision is the kilometers or miles recorded on the car. The more the kilometers or miles the less the value of the car.

However there have been many instances where the odometer (the display panel on the car showing the recorded kilometers or miles on the car) has been manipulated to lower the number of kilometers or miles recorded on the car, resulting in the car selling for a higher price than it is supposed to. This is outright fraud and illegal, none of us would like to be caught in that situation.

Unfortunately this is a very wide spread practice, according to the European Parliament tampering has seen mileage rolled back on up to 50% of second hand cars traded in the EU, which results in an average fraudulent price increase of EUR 20,000 to $5,000 per car. 

How can we tackle this problem? What if we could access the actual kilometers or miles data recorded by the car? 

VeChain came up with a solution called 'Digital Vehicle Passport (DVP)'. The DVP solution not only stores the car's critical data on its VeChainThor blockchain but also secures it so it cannot be manipulated by whosoever. The DVP records the data across the entire lifecycle of the automobile. This way car manufacturers, repair shops, car dealers and insurance providers can all access and exchange the actual data with one another with authorized access. Neat eh?

Lets look at one more example

Example 2: Origin of the food & beverage that we consume

The food sector is crippled with supply chain inefficiencies, frauds and scandal. The lack of transparency in the supply chain network is an issue affecting the food industry. Consumers have no way of knowing how the food that they are consuming was handled from its origin to the retail shelves or whether if it was stored in a control recommended temperature.

The World Health Organization (WHO) reports that almost one in ten people in the world fall ill after earing contaminated food. This specially affects the health  of infants, young children and elderly.

VeChain's provenance solution to his issue allows participants on the supply chain to collaborate on a transparent and trusted data platform. Which means that by scanning a QR code on the product that you are purchasing, you will be able to see all the important and detailed information on how the product was sourced, its ingredients, geographic location, logistics information and even inspection reports containing temperature data. Doesn't that sound like a scene from a futuristic movie? It maybe but the future is here.


FUTURE OF VECHAIN & THE VET TOKEN

The examples that I mentioned above are just two examples out of the many that VeChain is currently working on. VeChain is positioning itself as an enterprise solution company. 

The recent partnerships of VeChain with well known companies like PwC, Walmart China, Grant Thornton, BYD & BMW has led to an increase of its popularity. 

Given the partnerships with these big name companies among others and the solutions to the real world problems that VeChain's blockchain is able to resolve, VeChain seems like on of the top cryptocurrency companies to invest or keep an eye on. It could surely be one of the top five performing cryptocurrency on the exchange in 2021.

Rise in VeChain's popularity would undoubtedly result in the value of the VET token to increase.

The VET token is currently trading at $0.20 to a dollar


Wallet Investor predicts the price of the VET token to increase to $0.37 in a year and the five year price prediction being at $0.86

Where the price of the VET Token will land in a few years would solely be based on the performance of the VeChain's blockchain, but give the current achievements of the blockchain, it could surely be one of the best cryptocurrency investments to look at.

Note: Price forecast are predicted using mathematical models and shouldn't be used for investment decisions. Trading decisions should not be based on the opinion in the article, investors should conduct their own due diligence before buying the cryptocurrency. This article is purely based on my own research and understanding of the cryptocurrency in the article.

If you liked my explanation of VeChain & the VET Token, let me know in the comment which currency would you like to know about next.

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Binance is a the world's largest cryptocurrency trading application with a wide variety of cryptocurrencies to choose from. 

It is compatible with multiple devices and safe and convenient to trade using Binance.

Start your journey of being a cryptocurrency investor by registering with Binance today using the link below

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Happy Investing

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