Vechain did not end the year how they would have liked after experiencing an attack in the last month of 2019. The breach saw the Vechain Foundation lose around $6 million worth of vet, it was concluded to be a human error. The Foundation did issue an announcement that the istake was corrected and left the community behind the decision of burning the tokens or not.
The price of Vechain alone could benefit from the Chinese government embracing the blockchain technology. Late last year President Xi Jinping said that the application of the blockchain tech was going to play a crucial role in the new technological innovation.
Experts opinion on why Vechain will rise
Even though predictions will never be right it is always good to hear people talk about your favorite coin.
According to Roger Fer Vechain will have a very bright future. He argues that the first thing Vechain is focusing on is solving real world problems and that their technology and applications can play a big role in that. Fer stated that as much as he is interested in the block chain that enables a permission less peer to peer digital cash system, VeChain has some exciting ways of using them to stop counterfeit goods and make P2P permission less markets more trustworthy.
Tim Draper is a Silicon Valley legend and is a big investor in many companies, he recently joined the Vechain team. The move was glorified by the Vechain team. They said that Draper and the platform had a similar vision looking at the future of blockchain solutions and cryptocurrencies.
VeChain Thor and the Vet price
At the end of the day many people believe the value of VET will come down to how valuable THOR will be. But what is the value of THOR, we know that the minimum production rate is going to be 0.00042 THOR per VET per day but how much is 1 THOR worth?
We are not sure yet. There has not been a lot of THOR price action. Many people seem to be waiting for the action or selling it for VET itself.
Demand for THOR will also increase once Vechain’s enterprise partners start using the blockchain. Everyone is waiting for this moment as the project really starts to shine.
Most of the enterprises are currently on test net running testing transactions, but this will soon change. We are expecting a migration over to main net soon where we will see an increasing number of transaction and smart contracts to occur beginning of the year. Transactions can be monitored on Veforge.
More transactions means more price pressure
More transactions and more smart contracts which means more VTHO will be burned. Every transaction cost a certain amount of VTHO. The more VThO is being burned the more companies will need to buy on the market. This could result in a price increase. If a company does not want to buy VTHO it can buy VET and generate VTHO for themselves.