Ask a Question to Vechain CEO Sunny Lu

112

Hey Vefam! I’ll be interviewing Vechain CEO Sunny Lu at 10 pm UTC +8 on Monday the 20th of July. The aim of the interview is to give an updated view of Vechain and the grand objectives. Then we’ll go into the details and ask about developments with various programs such as previous partnerships, Toolchain, and the entire ecosystem.

What is Vechain? VeChain (or VechainThor) is a next-generation smart contract blockchain platform focused on enterprise adoption, Internet of Things (IoT), and mass adoption via Toolchain. The blockchain supports the creation of smart-contracts – self-executing contacts that have a guaranteed outcome without third party trust. This allows for the creation of decentralized applications (“Dapps”) that can solve enterprise problems such as:

*Update: Due to popular demand, Sunny has agreed to do the interview LIVE. Event will be held at 10 pm UTC +8 on Monday the 20th of July on the following stream:

Overall the video is for both beginners and veterans of the Vechain Ecosystem. I’d love for you guys to come up with some questions for Sunny as well. I’ll personally be giving some prizes for:

  • Most Creative Question
  • Most Insightful Question
  • Funniest / Weirdest Question

Get FREE Tickets on EventBright: https://www.eventbrite.com/e/vechain-creating-an-enterprise-blockchain-ecosystem-tickets-113441588846

To ask a question, leave a comment in this post below!

The information provided in this article is intended for general guidance and information purposes only. Contents of this article are under no circumstances intended to be considered as investment, business, legal or tax advice. We do not accept any responsibility for individual decisions made based on this article and we strongly encourage you to do your own research before taking any action. Although best efforts are made to ensure that all information provided herein is accurate and up to date, omissions, errors, or mistakes may occur.

112 COMMENTS

  1. Why would any company won’t a supply chain token to go up in value wouldn’t they want it to be as cheap as possible???

  2. Why would any company want a supply chain token to go up in value wouldn’t they want it to be as cheap as possible???

  3. What is the target price per clause (converted into USD) in a mature market? 1 $ cent, 2 $ cents, 10 $ cents or even more?

    • In 3-5 years time, how do you envision the ecosystem functioning in terms of its scope, the tokenomics, VET as a currency, and how Oceanex fits into this.

  4. Will the Sunny be looking at offering extra incentives to those who’ve been HODL’ing since the VEN days? Some of us invested many years into this project (during the VEN token days) and have seen value significantly drop from ATH $9 to what it is today.

    Also any extra incentives to be given to the X-Node holders who have been with VeChain from the very beginning? So far there hasn’t been any incentive to those investors who’ve never sold one single VEN/VET and stuck behind Sunny and VeChain throughout the years…. Would be great to get extra incentives as they can see who hasn’t touched their wallet and stuck with VEN/VET for so long.

    • All you literally did was throw money at something with extreme high risk, and then expect a bonus or compensation because you made a mistake. The world doesn’t work like that.

      • I fully support the poster as noone “throws” money into something. But if someone did invest, they would like to see a return. Clearly YOU don’t get how the world works and should reflect. Who in their right mind would invest into a value add company like Vechain and would like to lose money or have no incentive to hold in the long run. Don’t patronize.

    • Fully agree as a long term HODLer as well. Im sure every early investor wants to know this as well who see great value in Vechain!

  5. Could the technology be used in the trucking industry ? it becomes a hassle when truckers still have to carry bill of ladings a quicker process would be to effectively notify both shipper and receiver that product is delivered

  6. I would like to address the issue about eco nodes are being sold on the market for exuberant prices, while they get automatically assigned if you hold for 10 days. Could these activities be banned or maybe sort nodes prices from low to high and is a wallet revamp on the menu?

    Would you think 1mil clauses is still a possibility?

    How did the Keynote go? Can you throw us a bone? :p

  7. In 3-5 years time, how do you envision the ecosystem functioning in terms of its scope, the tokenomics, VET as a currency, and how Oceanex fits into this.

  8. Dear Sunny and Michael,

    Especially when you look at the impressive list of partners and some (recent) announcements that were made, the expectations are very high when it comes to mainnet usage.

    Looking at the mainnet consumption graph from launch:

    -Can we expect a more “stable” growth, increase in Vtho consumption and a lot more active Vtho burn adresses this year?

    Many people often look at the impressive list of partners that Vechain has amassed. Some of these partnerships have been “silent” for a while.

    -Can we expect news/updates on some of the “older” partnerships (like DHL and DB Schenker) this year?

  9. 1)Can you give an overview of the patent landscape surrounding Vechain’s various offerings? e.g toolchain, MPP, fee delegation etc

    2)How active is Vechain on patent protection front? Have you noticed any infringements?
    Thank you.

  10. The VeChain OGs will know that ultimately, the MOST important thing for VET is mass adoption and therefore, transactions in the main net.

    Sunny mentioned 100’s of millions of Tx’s on main net in 2020, but this was before Covid19…

    Does he have an updated prediction?

    Does he think we will have a major uptick in stable Txs this year and when does he expect he will have to discuss changing the cost per Tx with the steering committee, for the first time?

  11. In 2019, Sunny said that the ‘next big thing’ for VeChain was the settlement coin.

    Does he have an update on this and will we see any development in 2020..? And what would he say is the ‘next big thing’ for VeChain after the settlement coin?

  12. Today we are consistently observing 100k clauses per day on mainnet. What can we look forward to for daily clauses 6, 12, 24 months from now? Thank you!

  13. We’ve seen amazon patent their own blockchain solution for product authenticity.

    My question is what prevents a large company (like Amazon) from copying what vechain is doing and doing it for themselves. Does vechain have any legal protections from copycats like certain patients?

    Thanks

  14. I am a potential customer but had no luck in getting through to somebody from VeChain that could support us. Question: which is the best way to get involved for potential customers?

  15. Sunny should look into General Dynamics, they have many products to track as they build nuclear submarines for the US Navy!

    I wish we had some voice on Plair as they are quiet.

  16. Sunny, with the COVID situation restricting travel, is your family tired of seeing you all the time this year? 😉

    Hope all is well, thanks for all your hard work!

  17. How does vechain fit in walmart’s global food tracebility aspirations? Is there any collaboration between IBM and Vechain? Are the dots still connected?

  18. What is the perception of Vechain as business at an enterprise level in the U.S? There is a view by some (one that I absolutely disagree with) at the retail level that Vechain is a “Chinese Coin / Company” and that the U.S. Government won’t let such a company operate in the U.S.

    Are you getting any push back / hesitations from the U.S market due to this?

  19. Where does
    sunshinelu24 store his coins? On the VechainThor mobile software wallet, on paper, in hardware wallet (like a ledger nano x) on OceanexOfficial or on Binance?

  20. If BinanceUS bought CoinMarketCap, why is the circulating supply of #VET still not accurately displayed (& thus the entire marketcap for that matter) according to the financial reports? Because coingecko manages this feat.

  21. How would one accurately calculate the intrinsic value of the Vechain Thor blockchain?

    If it verifies 50 billion worth of goods, should we say 50billion?
    What’s your take on this?

  22. Sunny Lu mentioned that the crosschain connecting between #VeChainThor and “the other” is now in place. What chain was the other? Hyperledger or BSN or DCEP?

  23. VeFam suspects that the partnership between BMW and Vechain is for the VerifyCar app. Could you elaborate on this and, if this is correct, perhaps also reveal when this would go live?

  24. Will there be a Euro stablecoin backed by the central bank of SanMarino as seen on a slide from OceanexOfficial and what exactly will it be used for? Automated smart contract payments for for goods and services tracked on VechainThor perhaps?

  25. Draper Dragon and Breyer Capital are two investment companies that are invested in Vechain. How important is Jim Breyer for Vechain Foundation/ Ecosystem as a strategic advisor? And will Tim Draper ever change his famous Bitcoin tie into a Vechain tie? How are they personally involved? Why are there no pictures of the three of you together?

  26. Scalable blockchains will have massive network effects driving them to become natural monopolies. Is this good or bad or what are your thoughts on this matter?

  27. Is it necessary for Europe to build an equivalent to the Chinese Blockchain Service Network (BSN) now that the #VeChainThor blockchain is scalable?

  28. When will Coinmarketcap adjust the circulating supply of $VET from 55.455 billion to 64.315 billion? Isn’t it in everyone’s best interest to list correctly?

  29. What will happen with the eco node pool? You said in the past that is would make no sense to drain it completly.
    Are there any plans to reward original x node holders? Seems like they are forgotten. Ambassador program, lower and lower rewards,…

  30. I’ve got the following questions for Sunny :

    1) Wanted to get a sense of how vtho is being used for traceability. Is it that each entity user need certain numbers of vtho to upload their products data to vechain ecosystem?

    If so, what is the usual amount needed for farmers and manufacturers? Please cite an example. Is it a one time annual payment or pay as one uses? Any approximate figures?

    2) Are vtho needed to track for each product item from its origins to manufacturers to supermarket shelves ie. potato chips, yoghurt, spam, olive oil etc.

    3) Will vet ever be used as settlement coin payment for its products and services? If so, how does it work? Any potential in this arena?

    4) Do users of vechain ecosystem buy vet directly from exchanges so that they can collect vtho or they can do without vet and just buy vtho from the exchange market?

    Is there an intermediary agent to help users to purchase vet from exchange if the above assumption is correct?

    5) Any hint on the next partnerships? How many NDAs and or companies coming on board?

    Many thanks in advance Michael 🙏🙏🙏

    • wow but dude, please just take the time to visit their website for like at least 5min before you occupy themis busy CEO with silly basic questions.

  31. How does the current hostilities between the west particularly the US to China affect the potential development of Vechain?

  32. If I was an owner of a business / corporation, and needed to track my products, how would you convince me to adopt decentralised #VeChain over any “centralised blockchain” solution provided by a private company?

    What are the main practical advantages but also disadvantages of the decentralised blockchain over centralised one that a big company/corporation should care about?

    In my understanding, a centralised blockchain can be fully transparent, meaning the trust is not that much of an issue. The second the data becomes manipulated, the company providing the blockchain will lose its trust with the client.

    Decentralised means trustless, but banks are not decentralised and yet, businesses can rely on them, if you get my analogy.

    Hope you get my point.

    • Your point is completely invalid. A centralized blockchain , being public or private, is in itself worthless because you cannot exclude manipulation. The vechain foundation is a non profit organization, but the chain itseld is decentralized. 101 different companies and governments from all over the world, from different sectors, maintain the ledger in such a way that the data cannot be manipulated. If it could have been manipulated, the blockchain would loose it’s purpose. Please visit vechain.org to read the whitepaper.

      • I understand how decentralised blockchain worsk and sure, if a blockchain is centralised it can be manipulated, but it can also be transparent, can it not? So that if it get’s manipulated… well, the company providing the solution will lose it’s client, for manipulating it.

        You would not continue to use a bank if it manipulated your bank account figures (manipulated them) would you ?? Just because they CAN manipulate them does not mean they would. They would lose all of their clients if that came to light.

        I think decentralised blockchain is more of benefit here for the consumers of products, who will have a guarantee that the manufacturer himself could not manipulate the data.

        But I am not so sure about the benefit for the manufacturer of decentralised blockchain over centralised.

        I am not here to argue, I am looking for someone who will give me an articulate answer to my question.

  33. With the recent surge in Vtho price, has the foundation done any studies for future vtho price stabilization? If so, what will be a long term solution for this stabilzation as this needs to address for mass adoption (not solely rely on vechain, dnv gl, deloitte, pwc)

    Sunny said in one AMA that the foundation will manually lower vtho/transaction to stay competitive, but would this be giving too much power to the foundation and would likely too slow to react during hectic times?

  34. With the recent surge in Vtho price, has the foundation done any studies for future vtho price stabilization? If so, what will be a long term solution for this stabilzation as this needs to address for mass adoption (not solely rely on vechain, dnv gl, deloitte, pwc)

    Sunny said in one AMA that the foundation will manually lower vtho/transaction to stay competitive, but would this be giving too much power to the foundation and would likely too slow to react during hectic times?

    • not at all, the vechain foundation is a non profit organization settled in singapore if I am not mistaken. The blockchain is a public permissioned decentralized protocol. All value and activity is on chain so it doesn’t matter where the foundation, who just helps development and updates (after voting of the nodes) is based.
      https://docs.vechain.org/thor/learn/

  35. Hey Sunny, a lot of people saying that vechain never will work with an USA company because Vechain is chinese, Do you have any NDA signed with any US Company?

  36. Most insightful:
    What are Sunny’s personal expectations of Plair, Vechain’s first ICO?

    Most funny:
    If Sunny could only change one letter of his name, what would his new name be? Funny, Bunny, Hunny… or else?

  37. So here’s a question I’ve been stewing on lately. Its been mentioned a lot that this customer thats requiring 1m tx/day is waiting for POA 2.0-SURFACE to release so it can accommodate the kind of traffic this customer requires.. So, if ONE customer is needing this update for increased throughput, how many iterations of POA X.0 are going to be required to on-board ALL of our current clients as they all start scaling? How far will the POA 2.0-SURFACE improve the tx throughput? Will it allow 2-3 more of these sizes of customers to be brought online before another update is needed? How many throughput improvements can actually be created, tested and implemented on the network? Is the next step telling the AN’s to improve their hardware to allow a better throughput? Or maybe is it that this customer wants to package a shit load of clauses in a relatively few amount of txs which is why this 2.0 improvement is needed? It just seems interesting to me that our first mega client (1m+ tx/day) is requiring a big update to the throughput of the mainnet already. What kind of improvements are necessary in the future to support a daily burn of 100M, 500M, 1B, 5B VTHO/day? I’m sure Vechain has this figured out for the growth stage but I just find it interesting a massive improvement to the consensus is needed for us to breach daily VTHO generation.

    • correction. In a previous AMA sunny Lu said that PoA surface is not needed as an update to be able to accommodate everything that they know is coming to the chain. So Walmart, Carbon Banking (probably the 1mil tx/day in San Marino). They will take their time for SURFACE because it’s not need in the foreseeable future. It most likely will be the last scalability increase needed.

  38. Hi, why does vechain have so much supply wen they can adjust vtho. I’m a big investor in vechain and I really want you to ask him that question please.

  39. Do you have any update on China’s tobacco industry via their partnerships with the State Tobacco Monopoly Administration and the China National Tobacco Corporation.

  40. Do you have some kind of debit/payment card releasing in the future, where we can spend VTHO or Vechain’s stable coin directly from the mobile wallet..

  41. Question related to Vechain’s whitepaper mention about De-Fi / Open Finance / Settlement Coins:

    In the Vechain white paper you mention:

    “….we have a stronger belief in “open finance”, as opposed to De-Fi. …. There are three directions we will take to facilitate the creation of such ecosystem.
    1. To establish a settlement layer consisting of different stable coins
    2. Onboard enterprises and construct a data layer
    3. Bring in financial institutions to create financial products using trusted enterprise data.”

    Additionally the white paper mentions: “ we have also been working with one of the most innovative governments in the world to design and launch a Euro-backed stable coin which is issued by the central bank of that country.“

    Obviously there are NDA’s in place but it seems pretty clear that there is some relationship with the regulatory work that is being done with DNVGL and San Marino.

    Can you talk about your vision for “Open Finance”, how does a Euro-backed stable coin enable the VeChain ecosystem, and can you share any progress VeChain is making here?

  42. I knew from before that Vechain said that vtho will be at the level of average 0.0008 and will not go up or will be fixing it at low price so it won’t be expensive on companies to use it while burning for data, but for now it is at a price of 0.00019, will they do something toward this or it will keep going up in price??, and if they tend to keep it low, how will the price on vet will go higher with vtho price plan still low?
    Thanks

  43. In your last AMA you said a small success would be 1million transactions per day in the “near future”

    Can you please provide the community with a specific date for these transaction?

  44. What kind of pushback has VeChain received about the cost/benefit of their platform at the enterprise level, and how are they addressing it?

    Also, what type of awareness campaigns are they/their partners considering? The tech is beneficial only if people know how to utilize it.

    • Vechain works with SalesChannels just like Microsoft.
      These are: PwC, Deloitte, DNV-GL, Accebture and CREAM as far as I know

  45. 1. Are there current discussions and/or plans to integrate X-Node incentives and benefits (for all holders new and old) into Vechain ecosystem tokens?

    2. Does the foundation intend to increase the generation of $vtho ahead of demand to ensure that there is always a large liquidity pool, or will gas price changes be reactionary to demand?

  46. Please explain why anyone would buy vechain for a speculative investment? Or if they even should buy vechain as an investment?

  47. VeChain seems to lack teaching material at the programming level(tutorials on how to program and work with the programming languages and devkits), what is the foundation thinking about doing regarding that?

    Idea: (It would be nice to have an IvanOnTech Vechain Smar contract video programming course)

  48. Sunny,
    X-node holders were told additional benefits would be coming months ago. Their was a questionnaire for x-node holders about improvements to the program and never heard anything since. What is happening with this? Thank you for your time!

  49. Authority node holders will announce themselves in due time, but last year there were hints some were planning announcements. So far there haven’t been any new announcements. Does Sunny know of a timeframe in wich some will announce themselves?

    • IBM is a private chain and is thus not suited for Tracebility etc. Hyperlesger should be viewed as nothibg more than a test chain where CEO’s who are new to Blockchain can dip their toes in this new industry.
      Walmart China migrated from IBM to Vechain via a cross chain connection.

  50. Thank you for giving us your time!

    My question is:
    ​What do you think is the best way to scale up a blockchain focussed business?

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