Understanding VeChain vs Litecoin

While VeChain (VET) and Litecoin (LTC) may not make headlines as frequently as Bitcoin (BTC), it is still one of the most successful cryptocurrencies. It is also the second-oldest cryptocurrency after Bitcoin.

Blockchain technology is being used by many businesses to improve their operations. We would like you to introduce with “VeChain” and “Litecoin,” two forthcoming blockchain-based systems in the cryptocurrency world.

VeChain

VeChain aims “to create a trust-free and distributed business ecosystem platform that allows for transparent information flow, efficient cooperation, and high-speed value transfers.

Supply chain data for business processes are organized in silos among different stakeholders. This impacts information flow, which is once again divided among stakeholders.

Blockchain technology, according to VeChain’s white paper, can solve “this asymmetric information problem and allow data ownership to return to and empower its owner.” The VeChain platform claims to provide authorized stakeholders with a 360-degree view of necessary information related to a product and its business processes (such as storage, transportation, and supply) and to increase market transparency.

History of VeChain

Sunny Lu, the former chief information officer of Louis Vuitton China, established VeChain in 2015. It began as a subsidiary of Bitse, one of China’s prominent blockchain startups, and is one of the few blockchains with a significant customer base among established organizations.

The VEN token once operated on the Ethereum platform. In 2018, VeChain migrated to its blockchain and rebranded. The VEN blockchain was rebranded as the VeChainThor (VET) blockchain as part of the rebranding.

The white paper for the VeChain blockchain platform outlines its goals. The company’s primary goal was to disrupt the supply chain sector by making data actionable and transparent. It also intends to be a pioneer in VeChain-based apps and initial coin offerings (ICOs) and an Internet of Things (IoT) intermediate.

Analysts at Traders Union collated data from the most excellent analytical tools for VeChain price prediction.

Litecoin

Litecoin was one of the earliest “altcoins”—cryptocurrencies other than Bitcoin—created by former Google employee Charlie Lee (and sometimes different than Ethereum).

“Litecoin is the second-oldest cryptocurrency, having diverged from the Bitcoin system in 2011,” explains Jay Blaskey, a BitIRA digital currency specialist. “It was designed for quick, secure, low-cost payments.” Consider it a Bitcoin offshoot.

History of Litecoin

Litecoin was created to improve Bitcoin in several ways. For example, Lee created Scrypt, a new hashing algorithm for Litecoin (pronounced S-crypt). The faster transaction speeds of Litecoin were made possible by the simpler algorithm. Bitcoin’s transaction processing speed is approximately five transactions per second. Generating new blocks on the Bitcoin network can take up to 10 minutes.

Merchants who want to accept Bitcoin for daily payments are frustrated by the poor transaction speed. The six confirmations required for a Bitcoin transaction can take up to an hour on average. Consider purchasing anything online with a credit card and being stuck on the “your transaction is processing” page for an hour.

Litecoin, on the other hand, has a much faster transaction processing speed, and new blocks on the Litecoin network can be created every 2.5 minutes. While most exchanges still require at least six confirmations for Litecoin transactions to be considered irreversible, peer-to-peer (P2P) crypto payment networks may typically settle Litecoin transactions practically instantly.

The faster transaction speed was intended to demonstrate to merchants that they no longer needed to be annoyed by Bitcoin’s lengthy settlement period. Instead, they may take Litecoin and settle payments more swiftly, allowing them to conduct business faster and at speeds comparable to existing digital payment methods.

Traders Union experts created a litecoin price prediction based on data from global analytical systems and their evaluations.

Our Verdict

Ultimately, we consider all cryptocurrencies highly speculative bets with questionable intrinsic value. However, supply and demand will eventually determine the value — or price — of VET-USD.

Is the current price too low? It’s difficult to say. Can it go any higher? Maybe. Predicting what will happen next is a coin toss. Who knows how much it will cost in a few months or years?

Litecoin may be a good fit for a seasoned cryptocurrency investor’s portfolio, especially if they “want a combination store-of-value asset with the bonus of quick transfers.”

According to some experts, Litecoin could be a good place to start with a small deposit to learn the “ins and outs” of cryptocurrency trading.