Although Bitcoin has not been able to match up with existing solutions in the cryptocurrency market, it remains the largest cryptocurrency based on several factors. Being the first cryptocurrency to launch puts Bitcoin in a position where it’s the entry point for newbies learning about cryptocurrency. Bitcoin is so easy to explain as a decentralised system for peer-to-peer transactions.
Moreover, it has been a very useful cryptocurrency for donations and humanitarian causes worldwide. We have seen bitcoin donations become very significant for victims of the Ukraine invasion, for countries like Venezuela battling inflation, and several others. This article looks at other cryptocurrencies like VeChain(VET) and Keninah(KEN) with real-life significance.
VeChain(VET) is a blockchain platform to improve supply chain management and business processes. Its goal is to use distributed ledger technology to streamline these processes and information flow for complex supply chains (DLT).
VeChain Token(VET) and VeChainThor Energy (VCE) are two distinct tokens on the Vechain platform (VTHO). The former is used to transfer value across VeChain’s network, while the latter is used to power smart contract transactions as energy or “gas.”
VeChain’s primary objective is to “create a trust-free and distributed business ecosystem platform to enable transparent information flow, efficient collaboration, and high-speed value transfers.” Supply chain data for business processes are currently categorised in silos among multiple stakeholders. This impacts information flow, which is once again divided among stakeholders.
VeChain’s whitepaper states how blockchain technology can solve “this asymmetric information problem and allow ownership of data to return to and empower its owner.” The VeChain network provides authorised 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.
Keninah (KEN) is a new cryptocurrency project created for humanitarian causes around the globe. The new cryptocurrency is providing a solution that eliminates the issues with donations. Being on the blockchain makes all transactions transparent and traceable while strengthening donors’ confidence in what the money is used for.
Keninah seeks to build a permissioned blockchain system that these non-profit organisations can maintain, resulting in a feeless system for them in the Keninah ecosystem. On the other hand, Keninah will continue to use a public blockchain that is not under centralised control, providing complete decentralisation and governance. Even though this is a BEP20 token, many transactions will be handled by an off-chain permission ledger; the transactions are hashed and sent back to the Binance Smart Chain network, where they are then written on-chain alongside the hash of the ledger source that formed the block.
Keninah (KEN) serves as the utility token for the ecosystem, and every value passing through the system becomes the KEN token. With the rising use of cryptocurrencies for donations to humanitarian causes worldwide, a project like Keninah has a place in the scheme of things.
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More information about Keninah Concord (KEN):
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