Vechain (VET) Developing Something New, CEO Says Blockchain Alone Not Enough

While blockchain technology seems to be the salvager of some of the long time glitches in the technology industry, people have begun sighting some of the lapses of the new era modernism for corrections to be made in subsequent innovations.

Similarly, the CEO of the Vechain (VET) blockchain foundation, Sunny Lu, at an Ask Me Anything (AMA) forum organized by Token Gazer, related that blockchain technology alone is not sufficient in the space.

Sunny Lu said for blockchain to be effective as an enterprise solution, it needs to be linked with a number of technologies.

While at the AMA session organized by the digital currency media group in Shanghai, Lu noted that Vechain (VET), in collaboration with DNV GL and their Business Assurance Service, is innovating something new and outstanding in the blockchain space.

Vechain is a step ahead of others, it is developing a real-time 24/7 available global technical support service for enterprises, the CEO explained, adding that having multiple layers of BaaS support with small and medium enterprises ‘portal-based’ solutions would really go a long way in thriving businesses around the world.

Vechain (VET) Maintaining Balance Total Decentralization And Centralization

Another major topic which flooded the AMA session was governance. There, Sunny Lu nailed the importance on staying between total decentralization and centralization.

After proper observation of the blockchain technology, VeResearch Universities came up with such governance system as being most effective for the technology. He deliberated that it is a Western-style approach to governance. A governance which heightens stake for fraud to a level that makes its completely unreasonable rather than prohibition the possibility of fraud altogether.

He also highlighted the thin line between private chains and public chains with the assertion of Dan Boneh from Stanford University. He said Boneh likened private chains to LAN and matched open web with public chains.

In the CEO’s entire message, it was clear that Vechain (VET) is an avid supporter of enterprise applications, and the blockchain foundation seems to have a clear business acumen over other projects that are being affected by impediments.

Author: Lawal Khalid Abiola
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VeChain Thor officially launches mainnet blockchain, announces token swap

VeChain has announced that its own network is now live, the first block has been mined and users of the platform can soon expect a token swap.

VeChain is aiming to create a decentralized ecosystem with fully traceable products and is hoping successfully to combine blockchain technology with hardware tracking devices.

Using a Proof-of-Authority consensus algorithm, the blockchain’s main network launch was prepared by establishing the first authority master node. This has been criticized over the potential for centralization, but VeChain has suggested instead that this mechanism is going to be beneficial for businesses, as it will offer a higher-performing network and will be best suited to cater for supply management.

Before the launch of its own blockchain, the VeChain Token’s network existed on the Ethereum blockchain as an ERC-20 and the project plans to undergo a token swap, changing from VEN to VET in mid-July.

For now the cryptocurrency’s foundation has provided details of the timeline moving forward for the token, stating that mobile wallets and the token swap are still on the way.

Bithumb, a major Korean-based cryptocurrency trading exchange, has announced that it is in support of the token swap and the process will be “carried out automatically without requiring any further actions from [their] customers.”

VeChain’s token is currently down by -2.37% day-on-day, and, at press time, is trading for $2.56 USD.

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