Ethereum (ETH) has for a while been the dominant cryptocurrency platform, offering a myriad of opportunities for decentralized apps and smart contracts. This week has seen two of its premier tokens in Golem and OmiseGO pull strings in the crypto market. However, the dominance is likely to be checked by a number of start-ups using a similar approach as Ethereum.
Chief among these coins is VeChain (VEN), a fast-rising cryptocurrency that is attracting as much attention on the price market as it does off it with a number of high profile partnerships. But does VEN have enough in the tank to take on ETH?
At the moment, the massive price gains could suggest so. Yet we know how the market is, and gains as high as 100% can be wiped out with hours. So, what does ETH vs. VEN boil down to? The future could well be in the direction of the supply chain management, smart contracts, and dApps. And the technology beneath each platform has a lot to do with this too.
The sheer number of applications and use cases that the Ethereum network can support makes it the top such blockchain platform. That fact has made it gain a lot of popularity in the industry. Its ERC-20 token is easily the best for so many token projects.
2017 was the year of the ICO, and Ethereum rode the wave to reach massive heights. However, that has cooled down somewhat in 2018 and with so many other platforms able to host token sales, Ethereum had to diversify; and so it has.
Theoretically, anything that is worth decentralizing via a dApps or smart contract can be achieved on Ethereum. Here you are looking at the financial sector, transport, gaming, real estate and governance.
And it appears that the network has projects coming up that are set venture into the supply chain management sector.
Provenance is a project on the EVM designed to help to track the supply chain stream. The aim is to use blockchain technology to ensure the industry is transparent. For instance, the project will offer shoppers the opportunity to trace goods in terms of their origin and/or ingredients. The impact of such would be huge in a world that is quickly leaning towards social awareness.
When it comes to the supply chain management, the number of projects out there is quite big. To stand out, a product must be really good. And that’s what VeChain is trying to do.
The one advantage that VeChain has over other platforms has to do with its momentum in accelerating towards integration into the mainstream. First, the project rebranded, becoming Vechain THOR and introducing the VET token.
Then it set out to select masternodes and asked its community to lock up their tokens for a while, driving up its value. But reports suggest that the team has set itself up to deliver the product into everyday use within a few years from now.
The list of companies and platforms lining to work with VeChain lend credence to this claim. From DNV.GL, LogSafer, D.I.G, Renault, Xminnov, China Unicom to BitOcean, more and more partners are coming on board to support the team.
The confirmation of a game-changing partnership with BMW is also a big factor in play for Vechain. BMW is big, but so is xminnov which brings onboard mega-companies like Samsung, Coca-Cola, and ZTE. It is these interesting projects that lead to the value of VEN spiking as it moves closer to becoming mainstream. The Automotive industry and luxury brands will prove crucial for VeChain. It will be able to integrate cold-chain logistics via the IoT, and smart chips to track movements thrusting it into the further limelight.
Even though Ethereum (ETH) might have the upper hand in terms of its reach, its platform has a number of problems including scalability and higher fees that could see the game tilt towards other frameworks. VeChain’s network, on the other hand, is faster and cheaper. But the biggest clincher of the deal is the number of international companies and conglomerates that are willing to utilize the VEN network. It won’t be surprising if Vechain (VEN) became the biggest blockchain platform in this sector.