Monday, May 10, 2021

Sunny Lu: VeChain Targets Ethereum’s Record

The Chief Executive Officer of VeChain (VET), Sunny Lu, has recently stressed the capability of VeChain in competing with other big tech companies and the adoption of the blockchain project.

In an interview with Michael Gu on YouTube, Sunny Lu pointed out that VeChain is poised to challenge and break Ethereum’s record in the abounding supremacy tussle in the crypto ecosystem, in terms of market capitalization.

During the discussion, Lu stated that he has full respect for Ethereum (ETH) and its co-founder Vitalik Buterin, but for VeChain (VET) to eventually displace Ethereum has been one of his prime targets:

“Well, I won’t stop until we get there. Once again, I pay full respect to Ethereum. I think if you stay long enough in the VeChain community, you know about the fact that when we wrote ‘Salute to Ethereum’ in our Genesis block […], we wrote So I also pay full respect to Ethereum and Vitalik.

“But you know that the record is there to be broken, and you know that the master is there to be surpassed. If we can do that one day, I will be really happy, and I think that also shows that the whole block chain space is really somehow making the breakthrough, because we are talking about mass adaptations, not just the invention of technology, but mass adaptations in the business sector.”

About Mass Adoption of VeChain (VET)

Sunny Lu stated that the launch of the mainnet has substantially aided the growth VeChain (VET) as far as mass adoption is concerned. He further said that VeChain will prove that it has no similarity with casinos in a matter of years, contrary to some claims.

Lu said:

“We are doing it. Like I mentioned we continue to boost the payed or valuable transactions coming from the different enterprises like I mentioned Walmart before. I give you some numbers. When we launched the mainnet of VeChain in June 30th of 2018 and we measured the entire mainnet transactions for 2018, the total transactions were half a million, for sixth months.

“In 2019, if we look at the transactions numbers, we are talking about 36 million. […] And in 2020 we almost make 100,000 transactions per day. […] And if we keep that kind of speed, we are talking about 360 million per year. I am not saying that today we reached mass adoption, you can call the entire space a casino, fine, but given a couple years if we kind of keep this growth rate at least VeChain not gonna be a casino.”

About Companies Creating Their Own Version of VeChain

When asked about the companies that are copying and creating their own version of VeChain, Lu said they pose no threat because VeChain has been around for a couple of years, and it has been one of the leaders in the industry with its technology.

He said:

“No, not really. Firstly, I am really confident. We have been focusing on this territory for 3 or 4 years. We are leading the way for anyone in the market, for at least a couple of years. Secondly, for enterprises, they are rational. They are not like I wanna override you or compete to you. […] If they find out what VeChain can do […] make the quickest delivery in the market while they try the leading position in the market, why would they?”

Sunny Lu’s detailed statement can be found below:

Solomon Odunayo
Solomon has a growing passion for writing, this propelled him to keenly work on Eagles News Media for about two years before delving into the cryptocurrency and Blockchain industry he finds more interesting. He worked as a crypto Journalist and Editor at NewsLogical before joining Herald Sheets, owing to the priceless experience he has accumulated since he became a contributor in the crypto community.

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