VeChain CEO Sunny Lu Shares News and Updates During Recent Live Chat With the Community

On August 20, 2018, VeChain CEO Sunny Lu went live on YouTube to chat with the community about the future of the company.

Right away, you can tell he has an upbeat relationship with investors, joking that he cleaned up his desk to prevent any rumors about potential partnerships. For the rest of the video he kept up his light-hearted attitude, while diving into some important updates for the network.

Community Appreciation

Lu began by thanking the community for their continuous support throughout the entire project, reassuring them that they “are not one of, but the best” crypto community out there. He credited the community for quickening the process of obtaining Ledger support for their observe wallet function. Lu also said he sees community members as part of the VeChain team, and he wants to have even more of a dialogue with them moving forward.

In appreciation for their ongoing support, 60 million VET have been awarded to winners of the daily lottery event, and a total of 220 million VET were awarded to X-node holders. Since economic nodes are the foundation of the the VeChain community, the team is currently working on a method for rewarding node holders on a regular basis.

In August 2018, VeChain released a dapp on the popular Chinese social media platform, WeChat. The release coincided with China’s Valentine’s Day, and allowed users to send a permanently stored love note as a transaction on the VeChain blockchain. By using their Multi-Party Payment Protocol (MPP), VeChain was able to pay for the love note transactions.

VeChain sees their MPP as one of the key elements supporting the mass adoption of their blockchain, because it allows companies to provide VeChain-powered services to their clients, free of charge.

Mainnet News

The VeChain Mainnet already has a significant amount of users, and the team is determined to improve their experience even further. Lu talked about the success of the Multi-Task Transactions protocol (MTT), which allows users to send several transactions (called clauses) within one larger transaction.

At the time of the livestream, 200,000 clauses were sent through 54,000 transactions. Implementing the MTT protocol will save VeChain users transactions fees, while preventing the validation protocol from maxing out. Lu revealed that roughly 90% of the VEN ERC-20 tokens have been swapped out for their native VET tokens, a feat that isn’t often seen in the cryptosphere today.

Aside from an offline signature function being added to the next version of the VeChain wallet, the wallet will also support public token sales, meaning users will be able to simply participate in upcoming projects on the VeChain blockchain.

There have been multiple businesses that have migrated from their own private blockchains to VeChain’s public one. This is a meaningful step for both parties, proving that these enterprises have concluded it’s safe to be using a public blockchain, after verifying their concept privately.

With all the projects transferring to VeChain, Lu mentioned that their token sale dates would be announced “very soon,” specifically for projects like OceanEx, Plair, and Safe Haven, to name a few. Lu followed up by thanking all third-party enterprises, and saying that all the upcoming ICOs follow a fundamental rule of VeChain, which is “real business application, to target real problems.”

Meetups and Partnerships

VeChain has already partnered with car companies Renault and BMW, and just announced they’ll be partnering with one more large car company. Although the name of the company wasn’t announced, Lu said the company has a “very aggressive green energy strategy, and connected cars.”

More will be announced about the partnership at a developer conference on September 5, 2018.

On September 7, 2018, VeChain and PricewaterhouseCoopers (PwC), a multinational audit and consultancy firm, will co-host a conference in Shanghai with an estimated 15,000 attendees. They also announced 2 new meetups in Paris and Amsterdam, with more details coming soon.

In order to branch out of the technology space and into global business at large, VeChain will be joining an international Import Expo in November 2018. Lu briefly mentioned that they have been selected for 2 large country-level partnerships, with details being released in September 2018. He also hinted that multiple Fortune 500 companies have partnered with VeChain, although their names cannot be announced yet.

Quick Q&A

The final 5 minutes of the 16-minute video allowed livestream participants to ask questions in real time. The first question asked about a spike in transactions that was seen a few days prior, to which Lu credited the Valentine’s Day WeChat dapp, and the recent migration of various enterprises.

Someone later asked if they could swap their VeThor for VET in the mobile wallet. Lu stated that it will be possible to do so on the OceanEx exchange, but that he really likes the idea of integrating this option.

Another user was interested in how they could build on top of the VeChain blockchain, and Lu told them to either send an email to info@vechain.com, or to join in discussions on Telegram, Reddit, and Twitter, adding that he checks the Twitter account himself.

You can learn more about VeChain by visiting their website and following their official announcement channel.

Related: 5 Blockchain Projects Revolutionizing the Supply Chain Management Industry

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