VeChain (VET) CEO Sunny Lu Highlights the Journey to Become One of the Oldest Layer 1 Blockchain Infrastructures in the World

VeChain (VET) CEO Sunny Lu has, in a recent interview, highlighted the journey to become one of the oldest layer 1 blockchain Infrastructures in the world.

VeChain (VET) CEO Sunny Lu, in a recent interview, highlighted their journey to becoming one of the oldest layer 1 blockchain infrastructures in the world. According to him, their sustainability and long-term growth have forced industry players to call them a “Dinosaur” in the crypto space.

In his submission, Sunny Lu pointed out the recent development of a new ecosystem called VeBetter. According to him, this was designed to operate as a Web3 platform to foster different types of decentralized applications while incentivizing individuals to enhance their actions in their daily lives.

Adding to this, the VeChain CEO disclosed that the team is expanding to get more applications on board and more users to support its sustainability movement.

Some think VeChain’s time in the crypto-world (~7+ years) makes us a dinosaur, while others see it as a testament to expertise, innovation & staying power. Whichever your flavour, our goal has never changed – real world impact, powered by blockchain. Keep building. #B3TR $VET pic.twitter.com/5sCpMOqac0

— VeChain (@vechainofficial) November 19, 2024

The Journey So FarAccording to Sunny Lu, the VeChain project was started in 2016 with different tests conducted to settle on the current infrastructure. He also disclosed that he had a personal meeting with Ethereum co-founder Vitalik Buterin to discuss the methods to extend the power of the blockchain to the real world.

In 2017, the first VeChain Initial Coin Offerings (ICO) was released alongside a whitepaper to inform the world about its upcoming projects. The initial phase also saw the introduction of interesting features, including fee delegations, multi-cloud transactions, and an innovative account model to guarantee security and scalability.

In 2019, another whitepaper was released to strategies its focus on Enterprise Adoption. Meanwhile, VeChain has accumulated more than 100 enterprise applications, including the food safety platform for Walmart, Carbon Credits, and Battery Management, as well as the Supply Chain Management Sustainability Track, etc.

The VeChain’s Whitepaper and the Topic of SustainabilityIn 2022 and 2023, its latest whitepaper was released in collaboration with Boston Consulting Group (BCG) to focus on the areas of sustainability. Speaking on this, Sunny Lu argued that sustainability is a mission for everyone and also acts as a typical decentralized challenge on a global scale. For this, he believes that Web3 is the perfect answer.

The VeChain CEO also revealed that the latest whitepaper is based on what they have done in the past. According to him, many Enterprises share a common consensus. For this reason, its operations were geared towards motivating the retail users to join Enterprises to push for sustainability.

Also, several partnership agreements have been sealed to advance the VeBetter ecosystem, including the one with the world’s leading mixed martial arts organization, UFC, which was recently reported by CNF.

Speaking on this collaboration, Sunny Lu stated:

This campaign represents a significant step forward in our mission to leverage blockchain for the greater good. With BCG’s support and UFC’s massive global reach, we are opening doors to users, enterprises, and institutions, helping drive adoption of this new app platform, while creating new financial instruments that solve deeply ingrained challenges.

At press time, VET was trading at $0.031 after surging by 21% in the last seven days.