Vechain is making a big effort in public awareness of the western world by partnering with UFC. According to the official UFC press release Vechain closed a multy-year contract with the ultimate fighting championship granting the world wide visual and social media reach to the Layer 1 block chain protocol.
Layer 1 Giant Vechain
Vechain is enabling several use cases via platform partners such as DNV and PWC that are offering logistics applications with focus on supply chain, carbone emission reduction, story telling and anti counterfeit measures. The protcol offers temper proof data for sensible contents with massiv expansion potential in the future. The only partially decentralazied set up makes it very attractive for corporations to work with Vechain to attack current shortcomings in proof of authenticity, tracking and tracing on the block chain. But there is more to the project than the massive B2B use cases.
Vechain caught in the economic world war – A paradigm shift
In the last two years global development unreaveled differently than expected by Sunny Lu, founder and CEO of Vechain. As the business oriented blockchain application relies heavily on personal relationships of the management of adopting companies and the ability of the consulting houses like PWC to perform in person meetings, the ongoing pandemic reduced the outcomes of such efforts. Additionally the US or better the western world found itself in a trade war with china that still shows consequences. Enforced by the current conflict between Ucrain and Russia, China contributes to world wide shortages by lacks in the export of fertilizers and micro-processors. Vechain, originally heavily focused on chinese adoption had to react to the paradigm shift with a strategy change. By setting up a new head quarter in San Marino and a variety of other head quarters world wide the project seems to seek more western world adoption and to get rid of the image of a chinese dominated blockchain project. Hence, the new partnership between Vechain and UFC fits perfectly in this topic.
Vechains growing Ecosystem
despite the economic turmoil the Vechain team focuses on the expansion of the ecosystem. Unexpected by many users a decentralized exchange (DEX) and an NFT market place have been built on the chain. The chain itself is running smoothly and without a single network outage since 2018 which is impressive given that other projects like Solana have suffered several outages in the past years. This ecosystem expansion happens without letting the most important slide: in the end of 2021 the consensus mechanism has been fortifyed by introducing PoA 2.0 which had no influence on the price whatsoever.
Vechain price development 2022 and beyond
This bears the question when a price movement can be expected out of Vechain. As all Altcoins this young market follows the movements of Bitcoin and will see the next massive gains only once Bitcoins dominance stops rising. Besides that instituational adoption is always ocurring slower than B2C focused projects. It is necessary to keep in mind that these platform solutions do not only need to be invented, built and sold to customers but also become an essential part of the end customers day to day use. In other words. True mass adoption and growth will happen once consumers can scan barcodes on millions of products to verify the story, authenticity and sustainability of millions of products. Only then we will see VTHO burns increase drastically which will result in more economy nodes staking VET to produce VTHO. This might take beyond the next Bitcoin halving to happen.
