Does VeChain have potential?
Yes, VeChain has immense potential in the future to solve real-world business problems that are currently found within supply chains.
While the majority of the cryptocurrency space is focused on shiny new consumer-focused things like DeFi and NFTs, VeChain’s potential lies in solving real-world business problems.
As a blockchain built to increase efficiency across the entire supply chain management process at the enterprise level, VeChain and the VET token has a very specific niche.
By using a combination of immutable blockchain records and physical IoT devices to track goods as they move through supply chains, VeChain has the potential to not only succeed as a business-specific blockchain, but also to improve lives.
This section of our VeChain (VET) guide goes over the potential of VeChain, discussing the blockchain's future.
Does VeChain have a future?
Yes, the project’s potential to solve business supply chain problems will ultimately ensure that VeChain has a future.
You see, VeChain isn’t aimed at your average consumer who’s looking to buy products at retail prices, but instead their target market is major enterprises.
For this reason, the future of VeChain and the VET price relies much more heavily on the partnerships that they can form in these initial phases.
VeChain’s future potential will be determined by a completely different set of metrics to that of say Bitcoin or Ethereum.
Future potential lies with VeChain 2.0
Ultimately, the project’s future potential lies within a major consensus upgrade that has been slated VeChain 2.0.
According to the VeChain team, this upgrade will see the implementation of major infrastructural updates such as: Proof of Authority 2.0 Partnerships Use-cases Community dApps
You see, VeChain uses a consensus mechanism called Proof of Authority (PoA).
This enables the VeChain network to efficiently process high-speed transactions based on identity and reputation as a stake.
The network uses 101 authority nodes and while centralisation is an issue, there’s an argument to be made that for business-focused supply chain management, this isn’t an issue.
VeChain’s planned upgrade will see the implementation of a next-generation consensus mechanism that they’re calling PoA 2.0-SURFACE.
PoA 2.0-SURFACE can be viewed as a secure, use-case adaptive and relatively fork-free approach to chain extension.
If you trust the validators, and as we mentioned above, this may not be an issue for businesses, then on-chain security will be increased tenfold.
VeChain could be on the cusp
Ultimately, VeChain has a long way to go before we can say if the blockchain and VET token will be a success.
But there’s no denying that our guide to VeChain (VET) is starting to show the project’s potential heading into the future.
While VeChain will always be a business-focused blockchain, they have recently indicated that the time is now right for the network to host DeFi applications.
While this will no doubt be exciting for retail investors, moving into the DeFi space certainly doesn’t help VeChain solve supply chain efficiency problems in the business world.
Yes, VeChainhas potential, but they need to ensure their focus remains on solving problems faced by their specific niche.
Not by chasing the latest buzzword that excites retail investors and mainstream media outlets.
Best of probabilities to you.
Direct from the desk of Dane Williams.
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