Vechain or vet is a supply chain that is powered by blockchain. Its origin belongs to China and was launched in the year 2016. The supply chain is empowered to enable distributed governance and use the internet to manage the supply chain and problems arising in the supply chain or end those problems.
Vechain is one of the rising cryptocurrencies. If we talk about price performance as per recent trends it is one of the best in the crypto market. Like many other cryptocurrencies, Vechain strives to remove all the central control and make a system based upon blockchain. All information will be provided on the blockchain. It is further aspiring to form governance that will be distributed which means community governance.
It has dual token:
- VET
- VTHO
Reason for such a massive growth
The reason for the growth of Vechain is its partnership with many renowned companies. The five such companies are:
- DNV
Many projects that are being handled by the DNV, utilized the Vechains technology. Data management is being carried out by its blockchain solution for several projects through collaboration with other companies. Its recent collaboration with the VM world and Salesforce has provided fruitful results.
- PRICEWATERHOUSECOOPERS (PWC)
PWC is a company providing services to their consumers in tax, consulting, auditing etc. Their collaboration is helping to assist their clients in the distributed network system.
- NATIONAL RESEARCH CONSULTING CENTRE
- BITOCEAN, A CRYPTO EXCHANGE
Other major companies looking into using it include:
- BMW
- LVMH
- BYD
It is also working with big companies such as:
- Spotify
- Toyota
- S. Bank
- Aldo
- American Express
- Canon
- The American red cross etc.
This was possible because these companies also believe in Salesforce software. Vechain has been able to solve a lot of problems in the supply-chain industry, but the point of focus was data sharing between the stakeholders. If you want to invest in bitcoin, then you can visit the official website and get more information.
RIPPLE
Ripple is just not a crypto asset but has become a blockchain technology whose users are increasing day by day. It is mainly used as a currency because of its technology, this is so because crypto is much more than just a currency. Its slogan itself calls it a global payments network. It came into being in 2012. Its explosion in 2018 has made people rely on it. It is also called a cross border payment system. Its two most important features:
- It is capable of allowing around 1500 transactions per second.
- Very low fees
Its collaboration –
- American Express
- Bank of America
- Standard chartered bank
- Money gram
- SBI holdings
By partnering with these banks, it enables its services across all countries for money transfer in less time with much lesser cost. Its services are used as a platform by these banks. Ripple although surrounded by controversy is still in people’s minds when we talk about legit transfer mechanisms. It has crossed a mark of more than 300 partnerships with various financial institutions across different countries. Its latest collaboration includes:
- BankDhofar, Oman’s second-largest bank
- National bank of Egypt
- UAE’s LuLu International Exchange
- Novatti group etc.
CONCLUSION
Although there are many similarities in terms of the growth of these two digital currencies, there is only one disparity that lies is that Ripple is not a distributed ledger system of payment whereas, Vechain is a kind of supply chain that is working in an enterprise form with no mediator. These two at present are the fastest-growing virtual currencies. Keeping in mind the above-provided information, use your brains to invest and fetch other services and benefits.