Cardano vs. VeChain – What is the difference?
Learning the crucial differences between Cardano (ADA) and VeChain (VET) is one way to improve your understanding of the market. These projects are both popular in the market, although they serve a different clientele. Here is everything you need to know about Cardano Vs. VeChain.
What is Cardan?
The crypto market raised eyebrows when two Ethereum developers left the project to start their blockchain. The pair promised a network that would help alleviate many of the concerns facing Ethereum developers at the time. Jeremy Wood and Charles Hoskinson founded Cardano with the intention of improving mass blockchain adoption.
The network didn’t have to wait to start making headlines, having hosted a record-breaking ICO (Initial Coin Offering) that netted the project $62 million in September 2017. third-generation blockchain.
One of the main unique aspects of Cardano is its academic connections. The protocol wanted to be the first blockchain created using scientific methods. As such, the platform was created in collaboration with leading academics and organizations. The process included multiple peer reviews and academic theory. Today, the network is a popular option for traders.
What is VeChain?
VeChain was an early competitor in the market, having entered in 2015. Structured around the goal of reducing supply chain gaps, VeChain has managed to become a disruptive force.
VeChain pioneered the market as one of the first publicly available enterprise blockchains. The protocol is open to use and incorporates a variety of features that improve lifecycle management while reducing counterfeiting, fraud and overall costs. This is achieved through the integration of advanced technologies such as IoT.
Notably, the project seeks to leverage the best aspects of both centralized and decentralized economies with the goal of creating a more usable platform for everyone. The network has proven to be reliable and highly interoperable with existing systems, allowing companies to improve logistics while reducing costs.
VeChain was founded by Sunny Lu, a former Louis Vuitton China executive. It was there that he learned the critical errors most supply chain systems experience.
What problems was Cardano designed to solve?
There is a long list of problems that Cardano was designed to prevent or reduce. The network developers first had experience with Ethereum in terms of network congestion and gas fees. They focused on improving these aspects and providing greater programmability to the market.
Absence of process and academic standards
Cardano’s approach to the market is coordinated and well thought out. The protocol aims to introduce new standards and business practices to the marketplace – each of the critical steps to drive innovation and technology adoption.
What problems was VeChain designed to mitigate?
One of the main problems that VeChain was designed to eliminate is the lack of transparency. The logistics sector is currently made up of a web of different digital and paper systems. These systems do not harmonize well and each time they interact, there is a risk of serious error.
The thing to remember is that not all shipments can have errors. For example, when shipping luxury clothing, an error can result in counterfeit clothing or fraud. However, when it comes to medical supplies, counterfeit or poor oversight can lead to death. Unfortunately, this is already the case with thousands of people dying each year from counterfeit medicines.
Users want more transparency
VeChain brings more transparency to the market. The protocol leverages the capabilities of blockchain technology and consensus protocols to monitor huge samples of data in real time. This information helps ensure that logistics cycles remain secure and unaltered. It also eliminates problems like delayed data transmission.
VeChain is perfectly suited for today’s logistics environment as it can handle huge amounts of data simultaneously. The protocol allows senders to monitor metrics such as quality, authenticity, temperature, health, and status. As a result, this trustless structure reduces costs and improves business responsiveness.
How does Cardan work?
Cardano relies on a new Proof-of-Stake (PoS) consensus called “Cardano Ouroboros” to provide stability and secure the network. This system allows users to stake their tokens to secure returns and validate the state of the blockchain. Staking is a better option for many users because they don’t need to buy mining rigs to guarantee returns.
The network also introduces randomly selected lenders who approve transactions. The network is unique in that it leverages epochs to reduce the time required for network state conversion. An epoch is a snapshot of the beginning of the blockchain and is an effective way to reduce time. However, to be effective, an epoch must be pulled from deep within the ledger.
Token – ‘ADA’
ADA is the utility token of the network. It is named after the first popular computer programmer and mathematician Ada Lovelace. ADA can be used as a cryptocurrency to send value, in addition to being used to pay rewards. There are 45,000,000,000 ADAs scheduled for release.
How does VeChain work?
VeChain works by combining several technologies to enhance monitoring capabilities. The system incorporates special smart chips or radio frequency identification (RFID) tags that can monitor the status of items. Some sensors are built-in to track vital statistics of products during shipping. This information is sent to network nodes in real time, which is a much better alternative to the status quo.
Businesses have the ability to verify the authenticity and condition of goods in transit. These approaches can help reduce the costs of large operations while reducing the complexity of these massive supply chains. The network also incorporates IoT technology to provide another layer of monitoring capabilities.
IoT is the term used to describe the billions of smart devices currently in use around the world. To be considered a smart device, an item simply needs a sensor and the ability to communicate online. Everything from your phone to your Tesla can be considered an IoT device. This technology is a game-changer as it provides an affordable way to monitor massive amounts of data in near real-time.
Token – ‘VET’
VET is the network’s main utility token and allows users to send value internationally without permission. The protocol also uses a secondary token called VeChainThor Energy (VTHO). This token is used to power smart contracts like Ethereum uses gas.
How to buy Cardano (ADA) and VeChain (VET)
Currently, Cardano (ADA) and VeChain (VET) are each available for purchase on the following exchanges.
Hold – This is one of the best trades for US and UK residents which offers a wide range of cryptocurrencies. Germany and the Netherlands are prohibited.
Respect the disclaimer: Assets available on Uphold are subject to region. All investments and transactions are risky and may result in loss of capital. Crypto-assets are largely unregulated and therefore unprotected.
Binance- Ideal for Australia, Canada, Singapore, UK and most of the world. US residents are prohibited to buy most tokens. Use the discount code: EE59L0QP for 10% discount on all trading fees.
KuCoin – This exchange currently offers cryptocurrency trading of over 300 other popular tokens. He is often the first to offer opportunities to buy new tokens. This exchange currently accepting international and US residents.
Cardano vs. VeChain – Two projects that could work together one day
Given the different goals of each of these networks, it is possible that they could one day work together. Cardano remains the university blockchain with major support from universities, while VeChain pioneers the logistics industry with its unique strategy and cutting-edge technology. Both of these projects have long-term potential for traders.