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So guys, I've got a story for you. It was Valentine's Day yesterday and, for a treat, I decided to dine out. So I went to this restaurant- my favorite- enjoyed my favorite meal, and asked for the tab. The waitress was very polite, brought the bill and some sweets and left. It was perfect. Everything was as usual, just as I like it... until I saw the bill.
Guys, I swear, the restaurant industry has been hit by supply chain woes.
As the Forbes article, "How Supply Chain Issues Continue To Impact The Restaurant Industry" states: "For the restaurant industry, supply chain issues and challenges have increased food costs and shortages of main ingredients, such as chicken and corn. Supply lines are jammed, which has created pockets of scarcity and added costs that are eventually passed on to consumers."
Image courtesy Mika Baumeister on Unsplash
Anyways guys, so leaving the restaurant last evening, I got to thinking... maybe it's time to look at the VeChain project again. I mean there is no denying the need for a project like this now, right? After all, the supply chain issues that the world has faced in recent years have been huge. There's a great indepth article by CEPro that I'll link that really looks into the factors contributing to and impacted by global supply chain issues, and VeChain, of course, is one of the key cryptocurrency projects that's been around for a while that proposes to tackle at least some of the challenges that the world has seen in this area.
Last year, in September, I wrote a review of the VeChain project which I was and still am very bullish on. Here's a link to that article here: What's Next For VeChain.
To recap the points I made in that article:
- VeChain has an excellent value proposition: proposing to helps companies assure quality and consistency by tracking products along the supply chain from the manufacturer to the consumer and ensuring that the data is stored and communicated in an optimal manner.
- The VeChain project is carbon conscious and it uses a Proof of Authority consensus system.
- Its blockchain is powered by a two token system, VET and VTHO, with VET used to trigger smart contracts and to store and transfer value on the blockchain and VTHO is used for executing transactions, powering smart contracts transactions on the blockchain.
- VET holders can stake their VET to earn VTHO tokens.
- It has strong institutional partnerships: PriceWaterhouse Coopers (PwC), Walmart (China), Bayer (China), BMW, and LVMH among others.
- There is mainstream competition from big players such as Microsoft, IBM and SAP
- Neither VET nor VTHO has been listed on COINBASE to date.
- It has not had the parabolic run many anticipated in 2021.
So that's where we were last year. For an update in price, VET has still not pumped. And while it did post some gains in November, rising to a high of $0.15 per token, it did not surpass its all time high of $0.28 posted during the bull run in April, unlike many metaverse and gaming coins which set fresh records near the end of the year last year.
Where are we in 2022?
Well, there's a been some developments which I think hint at a brighter future for VeChain diamond hands. These are:
Grayscale has VET in its radar
Of course, you might have heard of crypto asset manager Grayscale's announcement in late January that it was considering adding VET among a number of other tokens to its portfolio.
If you weren't brought up to speed on that announcement, I'll link you to their tweet right here:
This is major because Grayscale is the world's largest crypto asset manager, so one would expect that they have a team on hand that's doing some pretty detailed reviews of the projects they would support and even bring visibility to. And so, while VET is still just under consideration as no definite announcements have been made, I still think this is a pretty huge deal- for me.
The VeChain Foundation moves to San Marino
Earlier today, the VeChain Foundation released an update published by PR Newswire, which stated that the Foundation is establishing its headquarters in the Republic of San Marino in accordance with its agreement with the country's government to support its goal to become the world's first carbon-neutral country.
"With its pioneering state of regulatory readiness, San Marino is poised to be a leader within the field of blockchain and crypto," the release states. "Moving to San Marino will help deliver advancements in regulation, innovation and adoption for the VeChain Foundation."
VeChain also intends to expand operations across Europe
The team is also making it clear that it intends to spread its wings beyond San Marino, expressing its intent to expand its technology presence to support the growing demand from businesses in Europe, and scaling across multiple locations including Ireland and Italy among other countries.
The team believes the benefits to be derived from this move include:
- Greater transparency that accommodates anti-money laundering safeguards and a solid legal framework
- Regulatory certainty
- A taxation regime which encourages the industry's growth, and
- A favorable regulatory framework
Canadian Company Partners with VeChain to Tackle Supply Chain Issues
VeChain is also making inroads in the Americas, with the latest announcement coming from Canadian IT consulting firm, Micromation as it unveils a partnership to build a standardized traceability tool called True Storyteller to "harness blockchain’s capability to unlock data transparency and help companies improve their supply chain management capabilities, strengthen brand trust and tell the stories of their products".
According to the Micromation team, True Storyteller leverages VeChain’s blockchain architecture and a standardized SaaS model to offer rapidly deployable digital services for businesses and clients of all sizes.
Well guys, those were my updates, and I'll tell you this, but before I do- please remember that I am in no position to give investment advice of any sort. Okay, now that we've got that out of the way, I've been thinking that in the cryptoverse, you never know when a project is going to pump. So this post may or may not age well, who knows, but I think that VeChain is a good, solid project to support- as solid as almost any altcoin project can get, really, in cryptocurrency trading and investing. Of course, those are just views. I'm hoping that 2022 is VeChain's year.
But I'd like to know your thoughts, guys. Have you invested in VeChain? Do you think that the fundamentals of this project are good? Do you think VeChain can hold its own against mainstream players like Microsoft and IBM? Or are you also looking at other crypto projects that seek to address supply chain issues? Let me know guys, I’d love to hear your views.
Well, guys, that's it for today. I'm off to smash piggy banks- my own, of course. But as I always close, because I appreciate each and every one of you, remember, until we chat again, be safe! Arrivederci!
