In 2021, WaltonChain and VeChain will be competing for the title of “Most Valuable Blockchain Company” in the world. This is a comparison guide of VET & WTC to help you decide which company will come out on top.
The waltonchain is a cryptocurrency that is currently being developed by the VeChain Foundation. This guide will help you understand how VET & WTC compare, and what they are trying to achieve in the future.
Blockchain is a distributed software network that serves as a digital record as well as a method for transferring assets securely without the need of a third party. On a blockchain network, anything from money to property titles to votes may be tokenized, stored, and traded.
Blockchains such as VeChain and Walton exist. VeChain is a distributed ledger technology platform that aims to improve supply chain management and business operations. Its aim is to use distributed ledger technology to simplify these procedures and information flow for complicated supply chains (DLT).
Waltonchain, on the other hand, is a blockchain that records radio-frequency identification (RFID) data throughout the supply chain. Waltoncoin (WTC) is the mainchain’s native cryptocurrency token, and users may build their own subchain tokens.
In this VeChain vs Walton comparison, we’ll look at the differences between the two blockchains, including what they are, how they work, and their benefits and drawbacks.
Comparison between VeChain and Walton
What exactly is VeChain?
VeChain is a blockchain designed to make supply chain management more efficient. It was created with the intention of determining if a real-life product is phony or not, thereby reducing fraud and knock-offs. Since then, big companies have used it to monitor everything from wine production to automobile manufacture.
It does this in a straightforward manner: each product is assigned a unique identification, and sensors are used to monitor what occurs at each step of the supply chain. Companies will be able to ensure that goods are handled properly, and customers will be able to verify that their purchases are genuine.
Vechain’s Key Features
The VeChainThor blockchain is a public blockchain where anybody may read, create, and install decentralized apps and smart contracts.
It has its own IoT and supply chain management technologies, as well as a tried-and-true blockchain application in sectors including luxury goods, liquor, and agriculture.
Vechain also enables the deployment of native fee delegation, which implies that dApp users do not need to hold VET or VTHO to submit transactions if the developers have specified that related gas charges be sponsored.
How can I purchase VeChain (VET)?
VeChain is traded on a number of cryptocurrency exchanges. Vechain may be bought and sold via broker services in addition to exchanges, with the goal of making the purchasing process easier for non-experts. These brokers provide fixed-price VeChain purchases, sometimes with additional payment options, and are simpler to use for novices.
Before you choose a marketplace to purchase VeChain, consider the following factors:
Fees: Exchanges typically charge a modest trading cost of 0.1 to 0.3 percent each transaction, while broker services often charge larger purchasing fees of up to 10%. Costs for deposits and withdrawals are often charged in addition to trading fees.
Verification: Before you can start depositing fiat currency like dollars or euros, most exchanges and broker services need you to verify your identity. Verification procedures vary per provider, but you’ll almost always be asked to submit a copy of your passport (or another form of identification) as well as a legitimate proof of residency (e.g. a utility bill).
The verification procedure may take anything from 10 minutes to many weeks (if utilizing video conferencing technologies).
Payment Methods: You must deposit money on a marketplace to purchase Bitcoin, Ethereum, or other currencies. The majority of exchanges only allow you to deposit money through wire transfer, which may take up to 5 days.
Broker services, on the other hand, often provide extra payment options, such as VISA or MasterCard, for a charge.
Security: When trading cryptocurrencies, security is also important. There have already been numerous breaches of cryptocurrency exchanges.
Cryptoradar assists in the filtering of providers by providing security features like as two-factor authentication, cold storage, and multi-sig wallets. We also recommend that you should not store large sums of fiat or digital currency on exchanges, since they may be hacked.
VeChain Collaborations
DNV GL
DNV GL was established in 1864 and now has 300 offices throughout the globe. They work with businesses in the marine, oil and gas, power, and renewable energy sectors to offer quality assurance services.
At the conclusion of their inspection and certification procedure, DNV GL provides Management System Certificates. This demonstrates that the company’s procedures and goods are up to par with international standards.
VeChain has DNV GL as a partner and stakeholder. Both businesses believe that blockchain technology holds the key to the future of assurance. DNVGL stated at the VeChain Summit 2019 that their private blockchain has been fully transferred to the VechainThor.
DNV GL has collaborated on many products since the collaboration was announced, including the Low Carbon Ecosystem and MyStory, a traceability and marketing solution. DNV GL has also reiterated its commitment to the VeChain ecosystem by moving its private blockchain’s customers to the VeChainThor public blockchain.
DNV GL also provided each customer with a digital Non-Fungible Token (NFT) wallet, allowing them to access and engage with the DNV GL ecosystem. DNV GL has issued almost 900,000 wallets as a result of this, compared to Ethereum’s 400,000 wallets.
BMW
BMW announced VeChain’s involvement in the BMW Startup Garage Programme in March 2018, a cooperation program in which BMW works with participants to develop and acquire their technology for BMW’s usage.
It was announced at the 2019 VeChain Summit that VeChain and BMW will collaborate on a DApp called VerifyCar for BMW vehicles.
The VeChainThor blockchain will be used by VerifyCar to store car data. Mileage, insurance, and servicing records are all examples of information that will be recorded.
VeChain’s Advantages and Disadvantages
Pros of Vechain
- VeChain’s platforms are home to a number of live dApps that operate on a permissioned Blockchain.
- The VeChain brand has developed a number of respectable relationships with some of the world’s most well-known companies.
- All of VeChain’s partners will move to the THOR dual currency system once the THOR mainnet is deployed.
- The business is headed by a competent staff with years of expertise in the cryptocurrency industry.
Cons of Vechain
- Unlike other cryptocurrencies, VeChain uses a semi-centralized method rather than being fully decentralized.
- Due to the huge size of the development staff, new improvements and initiatives take longer to implement.
- VeChain faces stiff competition from existing cryptocurrencies in two areas: supply chain management and decentralized applications (dApps).
What Is Waltonchain and How Does It Work?
Waltonchain is a distributed ledger that records radio-frequency identification (RFID) data throughout the supply chain. Walton coin (WTC) is the mainchain’s native cryptocurrency token, and users may construct their own subchain coins.
One of the most visible applications of blockchain technology is supply chain management. From FedEx to Walmart, everyone is focusing on blockchain solutions to boost efficiency by lowering costs and friction.
Projects like VeChain Thor are also tackling the issue head-on, including NFC and QR codes as well as extending into other business operating issues.
The Waltonchain team, on the other hand, is well-prepared for battle: co-founders Do Sanghyuk and Xu Fangcheng, respectively, are Directors of the Korean Standard Products Association and Septwolves Group Ltd. Kim Sukku, a former Samsung vice president, is the company’s Chief Scientist Advisor.
Charlie Walton, the inventor of RFID technology, is honored with the term Waltonchain. Wisdom Alters Label, Trade Organization, and Network are also acronyms. It has nothing to do with Walmart or the Walton family, who controls the company.
Waltonchain can create a long-term company by concentrating on one of the most widely utilized technologies in the supply chain.
We’ll begin our investigation of the project by looking at Walton coin (WTC), the Waltonchain blockchain’s own digital token.
TEAM WALTONCHAIN
Creating a New Economic Ecosystem Blockchain and the Internet of Things (IoT) are becoming more intertwined. Our team consists of innovators that specialize in combining blockchain, IoT, and RFID technologies. It comprises commercial, academic, and investment talent from China and Korea. We are incorporating blockchain technology into the Internet of Things because we believe that this combination will usher in the next technological revolution.
Senior blockchain developers, famous investment institutions, distinguished attorneys, finance experts, world-class chip design specialists, and senior executives from China’s leading tech and apparel companies have all lent their support to our initiative.
Engineering, business development, and retail operations are just a few of the areas where Waltonchain has a skilled, strong, and varied workforce.
Waltonchain’s Executive Leadership:
Do Sanghyuk is the Korean project’s originator. He is the Chairman of the China-Korea Cultural Development Committee and the Director of the Korean Manufacturing Standards Association at the moment.
Xu Fangcheng is the Chinese project’s originator. He formerly worked at Septowves Group as a Supply Chain Manager. He is presently the Chairman of the Quanzhou Silicon Board of Directors and a Director of Shenzhen Silicon.
WaltonChain’s Advantages and Disadvantages
Pros of Waltonchain
- Team with a lot of experience
- Many well-known Chinese and Korean institutions are associated with this research/training platform.
- Physical goods aid in the verification of findings.
- China has a strong industrial link, particularly in the field of garment technology (thanks to previous work experience)
- Interoperability is important.
Cons of Waltoncain
- The project’s information is both sparse and ambiguous.
- Blockchain hasn’t been put to the test yet; it’s still in the works.
- Typos on the website (fixed).
Conclusion: VeChain vs. Walton
When comparing VeChain with Walton Chain, it’s obvious that they take very different methods to the same issue. While the fundamental technological concepts are identical, their implementations are at polar opposites.
VeChain is a blockchain-based technology that keeps track of the truth at each step of the supply chain. It integrates physical monitoring with blockchain records to track real-world goods from manufacturing through delivery, reducing fraud and improving transparency. Waltonchain, on the other hand, is a robust project with a staff of over 20 experienced individuals. The business has formed important relationships with both government and private sector groups.
Waltonchain is more than simply a supply chain platform; it allows technology companies to build their own sub-chains while still benefiting from Walton’s parent chain.
With its ambitious alliances and development plan, Waltonchain seems set to make a breakthrough in the next few years, even though it is not presently regarded as a rival.
Despite the fact that both VeChain and Walton Chain have their own strengths and shortcomings, VeChain is the superior blockchain based on these criteria. This may change in the future, but Walton Chain has a long way to go to catch up with VeChain, which is valued at 12 times its size.
The vechain stock is a cryptocurrency that was created by the VeChain Foundation. It is currently ranked #30 on CoinMarketCap, with a market cap of $1.8 billion.
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