While considering different crypto investments, you’ve probably encountered Hedera and VeChain platforms. These projects have potential, so choosing HBAR or VET isn’t an easy task. It’s where our guide comes into play, as it will help you learn more about these two platforms.
Hedera Overview
Hedera has a different structure than Ethereum or other blockchains, but it executes the same functions. The network’s primary features include decentralization and security, but with the help of hashgraph technology to make everything work.
Hashgraph eliminates mining, making Hedera an eco-friendly network. The platform uses the Solidity code for smart contracts. You can take advantage of the Ethereum Virtual Machine (EVM) compatibility, and smart contracts come with lower gas fees compared to Ethereum.
Developers will find building dApps easy on this network, and smart contracts can serve for decentralized finance, bridges, auctions, and much more. Hedera also allows the creation of permissioned blockchains. These are suitable for some industries aiming for transaction privacy, as they combine public ledger trust with a private blockchain.
The maximum supply is 50 billion HBAR tokens, but the current circulating supply is around 32.24 billion.
Hedera Market Performance
Finding a reliable exchange like Godex is imperative if you want to trade HBAR or other cryptocurrencies. Before you do that, let’s get to know the Hedera token’s market performance in the last few years.
Hedera’s now worth $0.049, while its market cap is over $1.59 billion, which puts it in the top 40 crypto tokens in the market. HBAR reached an all-time low in 2020 when it was worth $0.01. However, it skyrocketed in 2021 and reached $0.570. After the crypto crisis, it lost most of its value and reached its current worth.
HBAR Price Prediction
HBAR price predictions vary significantly, with some even expressing caution the token’s value will change before the year ends. Some believe that it could go as high as $0.088 by 2023 and then exceed $0.13 in 2024. Those forecasts put HBAR at around $0.22 in 2026 and at $0.50 by 2030.
More cautious experts believe the value will grow much slower. They agree HBAR will exceed $0.10 in 2024 and reach $0.20 in 2026. However, their estimation for 2030 is rather around $0.45.
VeChain Overview
The history of the currency goes back to 2015 when Sunny Lu and Jay Zhang created this blockchain protocol. After migrating from Ethereum in 2018, it’s the VeChainThor blockchain that’s behind this project. VeChain’s initial idea was to provide a solution for supply chain management, but it expanded to offering different industries options to track various products and processes.
ToolChain plays an integral part in the entire project, as this blockchain application platform offers SaaS, PaaS, and BaaS characteristics. The unique toolkit is how the blockchain can receive information from different IoT devices. That integration with the Internet of Things is already an important feature, and it could only become more vital in the future.
VeChain uses a Proof of Authority consensus mechanism, which allows certain validators to create a new block after they pass the specified verification process. In this case, that’s staking at least 25,000,000 VET coins and sending ID info to the VeChain foundation.
VeChain uses a two-coin system. VET serves to transfer and store value, while VTHO is there for blockchain transactions.
VeChain Market Position
VET is currently worth around $0.020, which puts it among the top 40 crypto tokens. The market cap is around $1.46 billion, while around 84% of VET tokens are currently in circulation. That means 72 billion VET tokens are circulating, compared to the maximum supply of 86,712,634,466 VET.
The token’s all-time low occurred in 2020 when it was worth only $0.00167. It reached $0.27 with the crypto market boom in 2021 but then returned to around its current value, and it’s been like that for months.
VET Price Forecast
After comparing different sources, it’s safe to say VET isn’t likely to make big progress in 2023. Most experts put it around the same value, while some believe it could reach $0.0256, and the most optimistic forecasts even go to $0.051.
Before 2024 ends, VET could reach $0.04, while more cautious forecasts only put it at around $0.029. By 2028, the token could exceed $0.10, while some even put it at $0.71 by 2030. However, some warn that the value might not go over $0.11 by that time.
Hedera vs VeChain: Best Investment Potential
Hedera and VeChain attract investor attention for a reason. They both come with significant potential and some ideas we can’t see in many other projects. Hedera uses hashgraph technology, and VeChain seems like a powerful asset for many businesses, and its IoT integration is promising. The best advice we can give is to check any relevant factors for comparison, and trust your gut regarding the final investment decision. Always consult a qualified financial professional before making investment decisions.
