On the 24th of September, a Reddit post suggested that Vechain takes the lead in supply chain DLT, while bitcoin DLT takes the lead against gold. To know more about the previous suggestion, let us understand more about DLT, Bitcoin, and Vechain.
DLT is a vital technological innovation in computer science that provides a unique and modern way of making digital programmable money. DLT is a spread out public database that has a decentralized network of computers. This distributed ledger technology uses a consensus mechanism to upload data, move value, and record transactions in peer to cryptographically secure peer systems.
Blockchain, which is a technology that supports many of the decentralized networks, falls under the category of DLT. Many virtual assets, including Bitcoin and Ethereum, get backed by blockchain. Data goes into the public ledger in the form of attached blocks, forming a chain, hence the name blockchain. DLT keeps data on various computer nodes that are in different locations. This distributed ledger utilizes cryptography, ensuring that no one can change the information in the blockchain.
A Brief Overview of VeChain
Vechain is a public blockchain that gets its value from its users’ activities within the ecosystem, hence solving modern economic problems. It is the world’s top leading blockchain application platform that gets backed by enterprise adoption. The platform got launched in 2015 and has its offices in China, the US, Europe, Japan, and Singapore.
Vechain continues to support the transition of virtual businesses use cases for blockchain solutions in diverse industries. It also contains a robust and secure blockchain system that speeds implementation for both developers and enterprises.
Bitcoin as a Digital Gold
Bitcoin is a virtual currency, also viewed as digital gold because of its powerful monetary properties. This digital currency is limited in supply just as gold. After around every 10 minutes, a new block generates new bitcoin. The maximum supply of bitcoin should be 21 million bitcoin expected to get reached by 2140. Bitcoin uses the triple-entry accounting; therefore, the system can maintain and record details of all units and transactions.
For thousands of years, gold retained its place as de facto money. However, gold has significant drawbacks, which concern divisibility, portability, and medium of exchange. Bitcoin, on the other hand, incorporates all of gold’s strong monetary characteristics and even has more powerful properties. For instance, Bitcoin is divisible up to 8 decimal points, unlike gold. Also, no minimum value is required to buy bitcoin, making it suitable for digital gold.