Blockchain is a distributed software network that functions both as a digital ledger and a mechanism enabling the secure transfer of assets without an intermediary. Anything from currencies to land titles to votes can be tokenized, stored, and exchanged on a blockchain network.
VeChain and Walton are both blockchains. VeChain is a blockchain platform designed to enhance supply chain management and business processes. Its goal is to streamline these processes and information flow for complex supply chains through distributed ledger technology (DLT).
On the other hand, Waltonchain is a blockchain that tracks radio-frequency identification (RFID) data throughout the supply chain. Waltoncoin (WTC) is the native cryptocurrency token of the mainchain, and users can create their own tokens on subchains.
In this VeChain vs Walton article, we will show the difference between these two blockchains, what they are, their uses, and their advantage and disadvantages.
VeChain VS Walton Comparison
|Technology: NFC and RFID work on POS(Proof of Stack)||Technology: RFID work on POST(Proof of Stack and trust) is a bit more advanced POS|
|Transaction speed / Block time: 220||Transaction speed / Block time: 100|
|Type: Coin||Type: Token|
|Current Price (USD):||Current Price (USD):|
What is VeChain?
VeChain is a blockchain built to help make supply chain management simpler. It was originally conceived to determine if a real-life product is fake or not – preventing frauds and knock-offs. Since then, it’s been used by major corporations to help track everything from wine production to car manufacturing.
The way it does that is simple: give each product a unique identity, then use sensors to track what happens at each stage of the supply chain. That way, companies can be sure products are handled correctly, and consumers can verify their purchases are legitimate.
Key Features of Vechain
It is a public blockchain where anyone can read, write, and deploy decentralized applications and smart contracts onto the VeChainThor blockchain.
It has in-house IOT and supply chain management technology, a proven blockchain implementation used in industries such as luxury goods, liquor, and agriculture.
Vechain also supports the implementation of native fee delegation, which means dApp users do not need to hold VET or VTHO to write transactions if associated gas costs are specified by the developers to be sponsored.
How to Buy VeChain (VET)?
VeChain is traded at various crypto exchanges. Besides exchanges, Vechain can also be both and sold through broker services, aiming to facilitate the buying process for non-experts. These brokers allow the purchase of VeChain at a fixed price and often feature more payment solutions, and are easier to use for beginners.
Here are some of the considerations before you select a marketplace to buy VeChain :
Fees: Exchanges usually charge a relatively low trading fee between 0.1 and 0.3 percent on every trade, whereas broker services usually charge higher buying fees of up to 10 percent. Besides trading fees, there are often fees for deposits and withdrawals.
Verification: Most exchanges and broker services require you to verify your identity before you can start depositing fiat currencies like Dollars or Euros. The verification methods vary among different providers, but you will usually be required to upload a copy of your passport (or another identity document) and a valid proof of residence (e.g. a utility bill).
The verification process may take between 10 minutes (using video conferencing tools) and several weeks.
Payment Methods: To buy Bitcoin, Ethereum, or other currencies, you need to deposit money on a marketplace. Most exchanges only offer you the possibility to deposit money using wire transfer, which can take up to 5 days.
However, broker services often offer additional payment methods such as VISA or MasterCard at an additional payment fee.
Security: Security also plays a major role when trading cryptocurrencies- There have already been several hacks of cryptocurrency marketplaces.
Cryptoradar helps filter providers by offering security features such as 2FA, cold storage, or multi-sig wallets. We also encourage you to not keep significant amounts of fiat or digital currencies on exchanges as these might be affected in case of a hack.
DNV GL was founded in 1864 and has 300 offices worldwide. They provide quality assurance services to companies in the maritime, oil and gas, and power and renewables industries.
DNV GL issues Management System Certificates at the end of their inspection and certification process. This evidences that the company’s processes and products meet international standards.
DNV GL is a partner and shareholder of VeChain. Both companies share the belief that the future of assurance lies in blockchain technology VeChain Summit 2019, DNVGL announced it has completely migrated its private blockchain to the VechainThor.
Since the partnership announcement, DNV GL has jointly developed several products, including the Low Carbon Ecosystem and MyStory, a traceability and marketing solution. DNV GL has also reaffirmed its commitment to the VeChain ecosystem by migrating its private blockchain onto the VeChainThor public blockchain for its clients.
DNV GL also gave each client a digital Non-Fungible Token (NFT) wallet so that each customer has a digital identity and can access and interact with the DNV GL ecosystem. Through this, DNV GL has issued more than 900,000 wallets, compared to Ethereum, which only has 400,000 wallets.
In March 2018, BMW confirmed VeChain’s participation in the BMW Startup Garage Programme, a partnership program whereby BMW will work with the participant to develop their technology and purchase it for BMW’s use.
During the 2019 VeChain Summit, it was confirmed that VeChain and BMW would jointly develop a DApp called VerifyCar for BMW cars.
VerifyCar will record vehicle information onto the VeChainThor blockchain. Examples of information that will be recorded include a vehicle’s mileage, insurance, and service records.
Pros & Cons of VeChain
What Is Waltonchain?
Waltonchain is a blockchain that tracks radio-frequency identification (RFID) data throughout the supply chain. Walton coin (WTC) is the native cryptocurrency token of the mainchain, and users can create their own tokens on subchains.
Supply chain management is one of the most prominent and obvious uses of blockchain technology. Everyone from FedEx to Walmart is working on blockchain solutions to increase efficiency by reducing costs and friction.
Projects like VeChain Thor are deeply focused on the problem, too, including NFC and QR codes, along with expanding into other enterprise operational matters.
The Waltonchain team is well-equipped for battle, though – co-founders Do Sanghyuk and Xu Fangcheng have pedigrees as the Directors of the Korean Standard Products Association and Septwolves Group Ltd., respectively. And Kim Sukku, a former Samsung VP, serves as Chief Scientist Advisor.
Waltonchain is named after Charlie Walton, who invented RFID technology. It’s also an acronym for Wisdom Alters Label, Trade Organization, and Network. It’s not related to Walmart or the Walton family who owns that retailer.
By focusing on one of the most-used technologies in the supply chain, Waltonchain can build a sustainable business.
We’ll start our research into the project with a deep dive into Walton coin (WTC), the proprietary cryptocurrency coin of the Waltonchain blockchain.
Building a New Business Ecosystem Integrating Blockchain with the IoT. Our team is a group of pioneers specializing in integrating blockchain, the Internet of Things, and RFID technology. It includes Chinese and Korean business, academia, and investment talents. We expand the blockchain technology into the Internet of Things, as this combination will lead to the next technological revolution.
Our project has the strong support of senior blockchain developers, renowned investment institutions, prestigious lawyers, finance experts, world-class chip design experts, and senior executives of China’s top tech and clothing businesses.
Waltonchain owns a professional, powerful, and diverse team such as engineering, business development, retail operations.
The Leadership of Waltonchain:
Do Sanghyuk: The project initiator in Korea. He is currently the Chairman of China – Korea Cultural Development Committee and Director of the Korean Manufacturing Standards Association.
Xu Fangcheng: The project initiator in China. He is a former Supply Chain Manager at Septowves Group. He currently holds the position of Director of Shenzhen Silicon and is currently the Chairman of the Quanzhou Silicon Board.
Pros & Cons of WaltonChain
VeChain VS Walton: Conclusion
In comparing VeChain vs Walton Chain, it is clear that they have two very different approaches to the same problem. While the underlying technical solutions are similar, their implementations are on opposite ends of the spectrum.
VeChain is a blockchain-based platform that records the truth of what happens at every stage of the supply chain. It combines physical tracking with blockchain records to keep tabs on real-world products from production to delivery, preventing fraud, and increasing transparency. While Waltonchain is a solid project with a team of more than 20 experienced members. The company has had some significant partnerships with government organizations and private sector companies.
More than just a supply chain platform, Waltonchain provides technology businesses to create their own sub-chains and benefit from Walton’s parent chain.
While not currently valued as a competitor, Waltonchain seems poised to make a breakthrough in the next few years with its ambitious partnerships and development roadmap.
Although both VeChain and Walton Chain have their respective strengths and weaknesses, ultimately VeChain is the better blockchain using these metrics. This could change in the future, but Walton Chain has a lot of catching up to do as VeChain is valued at 12 times its size.