VeChain Takes A Giant Leap Forward: New Patent And Launch Signal Major Growth!

VeChain (VET), the blockchain platform focused on supply chain solutions, has injected a dose of excitement into its ecosystem with the recent acquisition of a new US patent. This development, coupled with the launch of VePassport, a decentralized identity solution, paints a promising picture for VeChain’s future.

Patent Power: Securing Temperature Data Innovation

The latest patent, approved on October 15th, 2024, marks VeChain’s third US patent in just three months. Secured through NanoJClean Technology, the network’s offshore subsidiary specializing in food traceability, this patent (number US 12,118,129 B2) grants VeChain exclusive rights to its latest innovation in temperature data recording.

This innovation revolves around improving cold chain transportation by introducing a method for acquiring, storing, and compressing temperature data efficiently. The compressed data takes up minimal storage space while ensuring the security and authenticity of the collected information within the blockchain, effectively preventing data tampering. This patent builds upon VeChain’s previous US patent on data security, also acquired through NanoJClean, which focused on user identity authentication within blockchain technology.

VePassport: Strengthening User Identity and Reward Distribution

Following the data security patent, VeChain announced the launch of VePassport on October 22nd, 2024. Developed on the VeBetterDAO platform, VePassport functions as a decentralized identity solution. Its primary purpose is to verify user authenticity and ensure fair reward distribution within the VeChain ecosystem. This development signifies VeChain’s commitment to building a secure and trustworthy environment for its users.

Price Potential: Holding Steady Amidst Market Dip

While the broader cryptocurrency market experiences a downturn, VeChain has shown relative resilience. Despite a 3% correction over the past 24 hours, the coin continues to trade above its 50-day EMA trendline, indicating potential for a breakout according to an analysis by The Crypto Basic.

Furthermore, analyst Egrag has made a bold prediction, suggesting a potential 4,324% upsurge in VeChain’s price, targeting a staggering $1 mark. Egrag bases this prediction on historical bull run performances and VeChain’s proximity to the “Turbo Trigger” zone, a technical indicator suggesting a potential price surge. This sentiment aligns with Egrag’s earlier prediction of a substantial rise to $1 or $2 for VeChain, based on the Elliot Wave Theory pattern identified in the coin’s 1-week timeframe.

A Promising Future for VeChain

VeChain’s recent developments showcase its commitment to innovation and ecosystem growth. The acquisition of a new US patent on temperature data recording, coupled with the launch of VePassport, reinforces VeChain’s position as a leader in secure and reliable supply chain solutions. While the market awaits the realization of Egrag’s ambitious price prediction, VeChain’s steady performance and strategic advancements suggest a bright future for the platform and its associated token, VET.