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VeChain CEO, Sunny Lu Updated On VeChain 2020 Project Initiations

VeChain CEO, Sunny Lu Updated On VeChain 2020 Project Initiations

  • Sunny Lu described the period to be crypto winter due to the undertakings of new changes and developments in the digital platform.
  • Sunny opened up about Facebook’s Libra cryptocurrency and its related controversies and challenges faced by them from the US senators.
  • Ethereum has been facing a lot of problems currently due to inefficient governance and business model.

Sunny Lu, founder and CEO of VeChain blockchain technology opened about his journey so far in the company during an interview hosted by Nugget news titled “VeChain 2020 project update”.

Sunny described the period to be crypto winter due to the undertakings of new changes and developments in the digital platform. For instance, VeChain has been focusing on the blockchain applications for the past four years. Major players in the industry regularly face the enterprise.

Sunny opened up about Facebook’s Libra cryptocurrency and its related controversies and challenges faced by them from the US senators. This incident seems to be a significant occurrence of 2019.

The senate banking committee appears to be not so clear about the intentions to launch its Libra digital currency. Facebook ordered to clean up its house before the releasing of a new business model.

Critics have voiced scepticism, including the current US President Donald Trump. Many of them have expressed their concerns telling that it would be hazardous to give them a chance to make t with people’s bank accounts. Republican Senator Martha McSally openly said about his shared concerns.

On October 25, president of China introduced a five-year national plan on scheduling and following up of essential developments in the field of blockchain technology with the government.

About Ethereum killers, Lu commented that Ethereum had been a necessary milestone in the industry, but the project, unfortunately, hasn’t put enough efforts to aware people of its utilities. Ethereum has been facing a lot of problems currently due to inefficient governance and business model.

Sunny Lu revealed that they interviewed about 4050 executives from different institutions to know about the kind of facilities that they want through blockchain application, their expectations and forbidden barriers.

He concluded that Ethereum though a mastermind program in its execution, cannot stride forward to achieve mass publicity.

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About Parth Vig

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Parth Vig is a Management student, and a keen observer of Cryptocurrency and blockchain technology, his interest in writing brings him to thecoinrepublic.com, He believes that he has many ideas that he pens down and he feels it would be a great asset for any kind of creative writing.

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