It’s most definitely upgrade season across the sea of blockchain networks. Ethereum (CCC:ETH-USD) is beginning to make serious headway on its coming shift to proof-of-stake. Polkadot (CCC:DOT-USD) is getting ready to launch parachain auctions for its main network. Now VeChain (CCC:VET-USD) is joining the pack as it begins to move toward a large network overhaul. The incoming upgrade is increasing bullishness around VeChain and leading to gains this morning; investors are now seeking VeChain price predictions to learn where the network might go from here.
VeChain is a Singapore-based network, focused on bridging the current state of the connected world and the new frontier of blockchain. The company primarily fuels a decentralized ecosystem of supply tracking for businesses. Through VeChain, businesses can keep a closer eye on a more transparent supply chain, tagging physical assets for data related to shipping, but also things like temperature and humidity. The possibilities stretch much more broadly as well with other tools offered by VeChain. For example, it takes advantage of emerging technologies like artificial intelligence (AI) to help executives make informed decisions relating to product.
This week, investors are seeing VeChain announce its intent to bring swooping change to the network. An upgrade called Surface will see the network build up security measures and adaptive tools. It will do this with the implementation of a consensus called PoA2.0.
An alternative to algorithms like proof-of-work or proof-of-stake, PoA2.0 will finalize transactions securely, thanks to a three-pronged validation approach combining computer-generated randomness, committee-based blockchain production, and a passive block confirmation process. These seemingly complicated components simply allow for a more secure and final blockchain, where data cannot be manipulated.
VeChain Price Predictions Increase on News of Coming Surface Upgrade
Voting is currently open for the Surface upgrade, and investors are likely to support it. Upon approval, the network can quickly move to bring the upgrade to the main network; hopefully for investors and users, the upgrade will prove as revolutionary as it sounds.
VET, the native coin of VeChain, is up 10% today as investors become bullish on the prospects of the upgrade; the coin now rests at a value of over 12 cents. But where might the crypto be heading in the future, given the upgrade passes and sees implementation? Let’s take a look at some VeChain price predictions and see what analysts are thinking:
- WalletInvestor predicts that in 12 months, VET will be worth 22 cents per coin.
- Gov Capital believes similarly, forecasting a price of 21 cents for VET by October of 2022.
- The Economy Forecast Agency thinks VET will largely stall out by the end of the year, gaining to just 13 cents. By October of next year, the site targets a price of 29 cents for the coin.
- DigitalCoin is targeting an 18-cent price for VET by the end of 2021.
- CoinPriceForecast says the coin is good for another four-cent gain before the year is up. By December, it forecasts a value of 16 cents for VeChain.
On the date of publication, Brenden Rearick did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.