With the landscape evolving and expanding at breakneck speed, there are now over 6,000 cryptocurrencies in existence, with different cryptos vying to rank within the top few spots each week.
This year, VeChain and Polygon have skyrocketed in popularity for the value they bring to the ecosystem ; while Vechain is known for providing supply chain solutions, Polygon is popular as a scalability solution for the Ethereum blockchain.
Vechain has attained 279% in year-to-date gains while Polygon has gained an impressive 5000% — usurping older tokens in popularity and market capitalization.
Here are 6 cool facts you need to know about Vechain (VET) and Polygon (MATIC), and how you can score free VET and MATIC on Coinhako!
Fun Facts About VeChain (VET)
Founded in 2015, VeChain is a supply chain platform powered by blockchain technology, and is one of the platforms which offers most value for business use. The project leverages on distributed governance and Internet-of-Things (IoT) technology to provide solutions to existing problems faced in supply chain management.
1. Enables tracking and authentication of goods in supply chain
Luxury brands write off billions of dollars in bad debt every year due to the production and distribution of counterfeit goods.
Here’s where VeChain’s ToolChain system comes to save the day - by allowing companies to scan their goods and upload data to help them track them via the VeChain Thor Blockchain.
This is done by giving physical products a unique identity — think a thumbprint, but for goods — by using RFID tags, QR codes and more and allowing IoT (Internet of Things) sensors to track and record information at every step in the supply chain journey.
By enabling the tracking of luxury goods, perishables, electronics and more, VeChain’s system helps to mitigate several challenges faced in supply chain management!
2.Achieves faster transaction speed with proof of authority
While many protocols use either proof-of-work or proof-of-stake consensus algorith, ims Vechain uses a proof of authority consensus algorithm to validate transactions. This makes transactions way faster compared to other networks — the Vechain network processes up to 10,000 transactions per second, in comparison to Ethereum’s 15 to 45 transactions per second.
Collaborates with high-profile MNCs like PWC, LVMH, BMW Group
To some, blockchain technology may be far removed from the real world. Not for Vechain, though — the network has several strategic partnerships under its belt, and works with well-renowned MNCs like PriceWaterhouseCoopers, Louis Vuittion- Moet Hennessy, and BMW.
VeChain is working with several LVMH-owned brands to integrate blockchain and IOT technology into their projects. For example, LVMH-owned Givenchy has its bags fitted with VeChain chips, to allow users to verify the authenticity of the products.
Fun Facts About Polygon (MATIC)
Created as a solution to Ethereum’s scalability problems, Polygon set itself apart by positioning itself as a layer 2 scaling solution. Polygon is a protocol and framework for building and connecting Ethereum-compatible blockchain networks, and seeks to improve scalability for decentralised applications (dApps), enhance performance, user experience and security.
Polygon aims to solve limitations faced by the Ethereum network - such as low throughput, high gas fees, and lack of sovereignty.
The project has demonstrated incredible resilience despite the recent volatility in crypto prices — its TVL saw an increase of $1 billion USD in April, to $8.32 billion USD at the time of writing.
1. Faster block time, cheaper transactions
The Polygon network taps on Plasma chains to help the network process transactions off-chain. Plasma chains help to move transactions off the main chain to side chains to enable quicker, cheaper transactions for users.
2. Received financial backing from Mark Cuban
Earlier this year in May, American billionaire and Shark Tank personality Mark Cuban put in an undisclosed amount into the Polygon project.
In an email to Coindesk, Cuban said: "I was a Polygon user and find myself using it more and more.”
Cuban also expressed his intentions of integrating Polygon into Lazy.com, a cuban portfolio company which allows users to display NFTs.
3. Highly involved in DeFi, DApps and NFTs and hosts a yield farming platform, Dinoswap
Ever since its rebranding from Matic to Polygon, the Polygon project has had plans to expand on a global scale. The Polygon network is actively involved in the decentralised finance space, and has the capabilities to support decentralised applications (dApps) as well as non-fungible tokens.
For example, Polygon side chains are structurally able to support many DeFi protocols in the Ethereum ecosystem, and the Matic wallet serves as a tool that enables DApp developers to onboard users and work with side chains quickly.
Most notably, Polygon hosts a yield farming platform known as DinoSwap, a platform that allows users to use the DINO token to earn various tokens of projects operating on top of Polygon. The platform has received funding from venture capital funds such as DeFinance, Hashed, Spartan Group and DFG.
Polygon’s founder, Sandeep Nailwal, and Terra’s co-founder, Do Kwon, have a stake in the platform as well.
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All opinions expressed here by Coinhako.com are intended for educational purposes, taken from the research and experiences of the writers of the platform, and should not be taken as investment or financial advice.