The short answer is no, red velvet cake and chocolate cake are not the same. Before the 1920s, bakers made red velvet cake from a combination of cocoa powder, buttermilk and vinegar. The three ingredients joined forces to create a chemical reaction that resulted in the rich, red cake we've all come to love. Traditionally, red velvet cake is served with a cream cheese frosting, whereas chocolate cake can be served with a variety of frosting options. Chocolate cake also does not contain vinegar.