VeChain (VET) Vs Cardano (ADA) — Which One Should You Own?

VeChain (VET) Vs Cardano (ADA) — Which One Should You Own?
  • Two of the most exciting projects in the crypto world — VET and ADA. 
  • Cardano uses a proof of stake protocol.
  • VeChain’s major upgrade called PoA 2.0 is on the horizon.
  • Both ADA and VET have had a decent year so far.

Two of the most exciting projects in the crypto world at the moment are VeChain (VET) and Cardano (ADA), which is better VET or ADA?. 

Moreover, this has been touted by various cryptocurrency experts to be the killer of Ethereum. Anyways when Ethereum finally switches to its much-anticipated 2.0 upgrade those debates on which coin is slaying the number two crypto should be laid to rest. 

The point here is that both VeChain and Cardano had a good thing going on right now on their respective networks that they’ve been compared to Ethereum (ETH) not only does their use cases cut across multiple industries but VeChain and Cardano have also forged quality partnerships with the leading global companies.

The entire Ethereums to house a variety of decentralized applications their three development focuses are on scalability, interoperability, and sustainability. These are issues that have been holding back Ethereum’s success in recent years, scalability refers to the platform’s ability to handle an increasing number of transactions per second without making security or decentralization trade-offs. Interoperability is the blockchain’s ability to coordinate with other digital assets and traditional financial institutions. Sustainability is the degree to which the blockchain is governed by those who use it essentially.

VeChain (VET) Vs Cardano (ADA): Background

Cardano is a blockchain project that is thought to be a decentralized application development platform with veritable smart contracts and a multi-asset ledger. Input Output Hong Kong’s founder is Charles Hoskinson, a co-founder of Ethereum with Vitalik Buterin Hoskinson wants to make Cardano a next generation blockchain built to be practical, durable and founded on the basic principles of computer science VeChain. 

VeChain is a blockchain platform that is designed to enhance supply chain management and business processes. The platform’s goal is to streamline these processes and information flow for complex supply chains through the use of distributed ledger technology. It’s a blockchain created to determine if a real-time product is safe for use from fraud. VeChain is the perfect tracker for the supply of any item from physical assets to cryptos the network assigns unique codes to every item and uses a sensor to monitor all activity in the supply chain at every stop. With this manufacturers and companies can be assured that their product is in safe hands, it is important to note that VeChain has three components: the cryptocurrency, the platform and the real world technology. 

VeChain (VET) Vs Cardano (ADA): History

Let’s take a look at their major differences in history: Cardano was created in 2015. Moreover, its native asset ADA is founded not only to offer a platform for sending and receiving a native cryptocurrency can facilitate smart contracts and the development of distributed applications as well as for the blockchain cardano offers a unique two-layer architecture one for handling general transactions and the other for dealing with smart contracts in addition Cardano was developed by an ex-Ethereum co-founder Charles Hoskinson. More so, Cadano is the world’s first peer-reviewed digital currency and it has been scrutinized by several prominent academic institutions.

VeChain used to be on the Ethereal network before it launched its own network in 2018 but it was developed in 2015 by Sunny Lou the following year. VeChain 0.1 version was launched and it saw the growth of the network across the internet in 2017, a major event happened in the platform’s short history POW partnered with VeChain as an incubation program and in the same year the VeChain foundation was launched it could have become a blockchain for all transactions but VeChain adopted some special features in its development, but making VET a utility asset that could leverage the adoption rate and usability index of the VET token and the VeChain platform at large the platform rebranded from VAN to VET in 2018 the mobile wallet and mainnet were also launched that year. All these made it fully functional according to the roadmap transaction and speed. 

VeChain (VET) Vs Cardano (ADA): Major Upgrades

Cardano’s speed is impressive due to its hydra 2 scaling implemented over the existing proof of stake protocol; it is also responsible for the development of ADA. As a matter of fact, simulations show that the network is capable of processing more than one million transactions per second. This is made possible by the two-layered system and it might be the reason why users might be investing in Cardano. However, keep in mind that the 1 million tps that Hoskinson said transactions per second has not achieved yet.

VeChain’s major upgrade called PoA 2.0 is on the horizon and there’ll be massive changes on the network including transactions per second rate as at the time of video production the PoA 2.0 test net runs at a rate of 2500 transactions per block, experts have said that we could see the VeChain platform process about 21.6 million transactions per day, that is incredible for the ecosystem critical protocol differences.

Cardano uses a proof of stake protocol built around their peer-reviewed research papers. Holders of a large number of tokens will have a chance to selected to produce the next block proof of stake is fast efficient economically secure and environmentally friendly. Cardano’s proof of stake can simultaneously run multiple epochs consisting of slots that can hold transactions some critics argue that external measures such as hardware mining provide better decentralization but it’s clear that proof of stake is going to be a staple for new crypto projects even the existing ones are turning to it like the Ethereum 2.0 upgrade if we compare it to Ethereum whose entire roadmap is built around a switch to proof of stake.

Caroano is one step ahead of Bitcoin and Ethereum, using the proof of work consensus protocol unlike VeChain that uses the proof of authority and approval of transactions. PoA doesn’t involve all the puzzle cracking stuff to be performed by validators; each validator uses computer software that validates every transaction and new adoptions in the system therefore the transactions are performed using PoA which is faster than pow and pos protocols partnerships.

VeChain is about lowering barriers of entry and enabling businesses to use blockchain to solve real-world economic problems. The company recently partnered with Shanghai’s foremost hospital Renji hospital to launch My Baby which is a blockchain based service that monitors IVF progress VeChain and shopping to IO struck a partnership that will help VeChain holders like you to shop on amazon eBay, Walmart, and ETSY using the VET token. 

Suzhou city is another VeChain achievement; the country of San Marino has also approved VeChain powered national digital vaccination passports. Now this is a tremendous leap forward for the company’s blockchain, we are already seeing more real-life use cases that are driving mass adoption. If VeChain continues like this alongside positive market impacts we might be seeing a new VET all-time high in the near future for some time now. 

VeChain (VET) Vs Cardano (ADA): Achievements

The Cardano team has been based in Ethiopia, so far the biggest project is the flagship deal with the Ethiopian ministry of education; the partnership uses the Cardano platform to make digital IDS for 5 million students. It will give each student a secure and tamper-proof academic record that stays with them for life as they transition to college or the workforce. The ID will help them prove their academic credentials.

Cadano also recently announced a partnership with Nexo exchange which now lists ADA this means that ADA owners can now buy and sell through the exchange earn interest on their existing coins and borrow against the coins in US dollars or one of the other 40-plus fiat currencies. The Cardano network has also joined forces with Orion Protocol. It is a decentralized finance liquidity aggregator. Orion also allows users to get the best price on their crypto buys and sells across the global crypto exchanges. 

Decentralization on the Cardano network, decentralization is so important, decentralization means the diversification of block production when this is done across a large number of people it increases the blockchain security. This reduces the likelihood of a 51 attack or a few bad players gaining control over the network but that is not the same tale for VeChain, as it is not fully decentralized this might be one of the reasons why the Chinese government is partnering with a network in the country.

VeChain is different from other crypto projects because the developers behind it had no desire to create a fully decentralized platform. Instead their goal was to integrate the best features from both the decentralized finance and centralized finance sectors. This strategy creates a balanced platform that offers users with transparent information flow, efficient collaboration and high speed value transfers expected upgrades the cadano network has just released one of the features in its roadmap.

Input output Hong Kong is one of the firms behind the cardano blockchain and they have recently announced the successful upgrade of its Alonso testnet to the Alonzo white network bear in mind that the Cardano network is in the midst of a multi-phase Alonzo upgrade that will bring smart contract functionality to the blockchain. Each phase called blue, white and purple will include more users functionality and features mainnet deployment is expected September. The significance of this new intake is that it draws Cardano closer to smart contracts. We all know how Ethereum smart contracts are making strides in the industry. It is interesting to see what Cardano offers, when its own smart contract tech gets up and running. Also recently the network released its catalyst circle. This is a new community elected group that is responsible for feedback and reporting on its project catalyst. 

VeChain (VET) Vs Cardano (ADA): Project Catalysts

You might be wondering what a project catalyst is. It is a public fund supporting innovation in the Cardano Community meanwhile the VeChain PoA 2.0 roadmap has recently announced. It is an upgrade on the consensus platform that will help the network’s blockchain in terms of better safety, scalability and absolute finality. According to the words of the VeChain foundation with the implementation of this upgrade. VeChain hopes to push the global and massive adoption of its public blockchain PoA as a proof of authority consensus protocol is more superior protocol to both proof of work and proof of stake cryptos like Bitcoin, Ethereum, and Litecoin are using proof of work which is based on computational power provided by so-called miners to keep the platform running.

These miners essentially are updating the ledger by confirming transactions and reducing the next blocks in the blockchain and there is proof of stake which we’re seeing in platforms like cadano tether polygon and so on where people are staking their coins to do the same things as previously mentioned to keep the blockchain running PoA 2.0 we will increase fee change transactions per second and make it impossible for blockchains to fork this will add a critical degree of network security that usually keeps enterprise players at bay in conclusion. Moreover, it comes down to the technologies if they need to pick a winner. The PoA protocol that VeChain uses is more efficient than Cardano’s POS and when we talk of Smart Contracts Cardano takes home the crown.

But VeChain is now popular as a dual crypto and logistics blockchain solution. Both ADA and VET have had a decent year so far and crypto analysts are tipping them to increase their valuations in the short and long terms. Also let’s not forget that their respective companies have been at the forefront of interesting innovations. The more use cases they score in their respective industries, the more adoption their platforms enjoy and that means more potential growth for their tokens so you decide on which is the better investment or the one you think will explode sooner.
Today, the price of Cardano (ADA) and VeChain (VET) is trading at $2.67, and $0.12, respectively, according to CoinMarketCap.

Cryptocurrency and blockchain tech interest has enticed Carolyna to write for NewsCrypto. She made her personal mission to help non-crypto geeks to understand the technology with ease.