There are so many cryptocurrency projects out there that it is quite a tough ask to put a finger on one and say that “this is the ultimate one. It’s even more daunting to an investor if similarities are more than differences. And then as new projects launch, investors may end up having doubts whether they are invested in the right coin.
VeChain (VEN) vs. IOTA (MIOTA): Huge success if both realize their goals in cryptocurrency
Analysts and experts have said that only 5% of all projects will survive to become successful. Among those that we expect will make the cut are VeChain (VEN) and IOTA (MIOTA). Both coins seem to be destined for greater things in the cryptocurrency circles. IOTA is currently ranked 9th in the market, while VeChain comes in at 15th.
VeChain seeks to leverage blockchain technology to transform and revolutionize a number of industries. VeChain Foundation has made inroads in the supply chain, automobile, pharmaceuticals, liquor, luxury goods, retail, logistics, food, big data, and cold storage among others. In short, its possible use cases are quite numerous.
IOTA, on the other hand, aims at putting its Tangle, Directed Acyclic Graph (DAG) and Distributed Ledger Technology (DLT) platform to the test in the Machine-to-Machine economy. According to its website, it’s “the first open-source distributed ledger that is being built to power the future of the Internet of Things with feeless microtransactions and data integrity for machines”
These two platforms are likely to both make it in their respective crypto spaces, different as they are. But there’s one thing that brings them together, and which might be the difference between who becomes more successful long-term and who flounders in the shadows. It is in the many partnerships that they have agreed upon over the years. Most of these deals will be catalyzed by the Internet of Things (IoT) aspect championed by both coins.
The Vechain Foundation, as mentioned above, has helped the platform secure a number of high profile partnerships. All of these are expected to drive interest as well as increased deployment of the VeChain technology. What will also come to the fore is the use of the platform’s second token VET. Combined, these initiatives could be great news for VEN holders in the future. The platform also involves major learning institutions like its partnership with Oxford University.
Up to date, deals with DNV.GL, INPI Asia, PricewaterhouseCoopers (PwC), Kuehne & Nagel, E-grid, the Chinese Tobacco Industry among others. However, the one that stands out is BMW. Should it work, alongside all the other ones- then there’s only one way I see this: VeChain would have a very bright future as a blockchain platform.
Many cryptocurrency enthusiasts agree that IOTA has one of the best partnerships and deals in cryptocurrency. While they may not have contributed to the explosion in prices as expected, the consensus is that the future can’t be any better. Credit here also goes to the IOTA Foundation that incidentally keeps growing. Some of the very famous deals on the table include Bosch, Volkswagen, Porsche, Fujitsu, Cisco, ConsenSys, City of Taipei among many others.
There are also deals with learning institutions around the world, all trying to explore and expose the Tangle to the public. Many people have observed that with such an extensive list of partners, MIOTA should be doing better than it has. That’s all true, but once the M2M and IoT integrations take root, it might be difficult to stop Iota.
With all these pieces of the puzzle falling into place, IOTA’s goals in the automobile, health, and smart energy among other will be achievable. It will also help make supply chain management efficient, bring autonomy and transparency in other areas like green energy, data tracking, and safety in driverless cars.
With that in the bag, it’s time to ask one simple but ultimately very vital question: which one has the brightest future?
Without putting too much emphasis on the current prices, I’d say Vechain (VEN) appears to be making solid steps towards getting their products to the global stage. Its links in the Asian region may help hasten adoption. IOTA, on the other hand, has the assured step of a coin that knows they’ll make it. The IOTA Foundation doesn’t create a lot of fuss in the market and has a revolutionary project in the works- Qubic. The two have a brighter future, but if Qubic works, IOTA (MIOTA) has the potential to be the brightest.