HBAR vs VET: Are They worth Investing Money In?
The cryptocurrency market is an eclectic ecosystem with thousands of different projects aiming to solve a wide range of problems. Each has a different approach to blockchain technology and specializes to provide unique use cases.
Hedera and VeChain are two decentralized solutions. They provide the industry with advanced smart contracts for creating decentralized applications. Consequently, they present a great opportunity for investors that wish to diversify their portfolios. These projects provide different use cases, which we explore in this article by outlining their fundamentals and providing an HBAR vs VET comparison.
Moreover, we take a look at some price predictions from reputable sources to give you an edge if you decide to invest in either of them.
What Is HBAR?
Hedera is an open-source, smart contract platform. It aims to provide high stability and decentralization to its users. Unlike most platforms in the industry, Hedera doesn’t rely on a typical blockchain technology.
Instead, it uses a proprietary technology called a Hashgraph, which uses a Directed Acyclic Graph. To achieve this, it uses a novel proof of stake model, where the HBAR tokens are locked in the network. Moreover, Hedera’s nodes are mostly controlled by the foundation and governing council members, with plans to move to an entirely decentralized solution in the future.
The HBAR tokens are used for gas on the network, and allow users to run smart contracts. In addition, the token is used for staking and incentivizing node runners. Crypto enthusiasts often choose cold storage for this token, so if you’re interested, make sure you learn what is a cold wallet and choose a reliable one for your coins.
Finally, it’s worth noting that Hedera smart contracts are written in Solidity, which allows Ethereum developers to easily migrate to the network.
HBAR Price Forecast
Hedera came out in the markets in late 2019 and struggled at first during the first year until the bull rally of 2020 began. In 2021, the HBAR token reached an all-time high of $0.57 but has since dropped to the current price of $0.05.
Priceprediction.net analysts believe this is a great entry for aspiring HBAR investors, as they provide a price prediction of $0.17 for 2025.
Digitalcoinprice.com has a similar, bullish forecast for the Hedera project. They provide a price target of $0.19 for 2025 and as high as $0.54 for 2030.
What Is VET?
VeChain is an open-source smart contract platform that aims to solve real-world industry issues through its blockchain technology. Focused on the supply chain industry, VeChain’s goal is to create a distributed ecosystem using the Internet of Things (IoT). It wishes to alleviate the issues encountered in global industries such as healthcare, food and beverage, textile, etc., by providing transparency.
By offering data that is both automatized and verifiable, VeChain boosts these industries’ efficiencies and hopes to be a frontrunner in the new industrial revolution.
The blockchain uses a double token mechanism with VET being the store of value asset and VTHO serving for gas payments.
VET Price Prediction
VeChain is a veteran in the crypto space and has been around since 2018. As such, it managed to gain traction over the years and experienced a great run in the 2021 market, reaching $0.25. Currently, the price has fallen to $0.019, providing a good upside opportunity for investors.
Priceprediction.net hopes to see the VET token reach $0.062 in 2025 and go as high as $0.42 in 2030. Digitalcoinprice.com, on the other hand, predicts a target of $0.0699 for 2025 and $0.20 for 2030.
Start Trading HBAR or VET Now
Hedera and VeChain have yet to reach their full potential. Developers have been building genuine and useful ecosystems on both platforms, albeit with very different use cases. Where HBAR caters to DeFi, VET is the blockchain of choice for the supply chain industry.
Consequently, both of these tokens should find a spot in your portfolio, as their prices depend on different market dynamics. This should allow you to benefit from market movements in development from different narratives.