Today Sunny Lu held a quick livestream on YouTube to give us some updates on what Vechain has been up to. You can re-watch the stream here.

Sunny starts the stream by talking about how he has cleaned the office he is streaming from, to stop any rumors about possible partnerships caused by items in the background (but what about those Evian water bottles on the desk Sunny?!).

Thanking the community

Sunny then starts talking about what a year it’s been for Vechain and how thankful he is for all the support the community has given Vechain, mentioning that he sees the community as part of the Vechain team. Because of concerns raised by the community, for example, the Vechain team decided to extend the X-node binding period.

Sunny Lu: You say, we hear and we make changes to be better

To thank the community for their support so far 220m VET has been rewarded to X-node holders and 60m VET has been rewarded in the daily lucky draw event so far. Vechain is also actively working to reward economic node holders in a financially beneficial way since the economic nodes are the foundation of the Vechain community.

Talking about mainnet

Currently, about 90% of all VEN tokens have been swapped for VET tokens, while the mainnet launch has gone very smooth so far. Mentioning that many other blockchain projects have failed to do so.

Mainnet is already used by many users and Sunny mentions the success of the Multi-Task Transactions Protocol (MTT), allowing users to send multiple transactions (called clauses) in one big transaction. This not only saves users transaction fees but also prevents clogging of the validation pool. So far over 200.000 clauses have been sent in 54.000 transactions.

Read more about Multi-task Transactions here.

A couple of days ago, Vechain released a dApp on WeChat for Chinese Valentine’s day. Making use of the Vechain Multi-Party Payment Protocol (MPP), users can forever store a love message as a transaction on the VechainThor platform. Thanks to MPP, the end-user did not have to pay for the transaction, because another party (in this case Vechain) paid for the transactions.

Note from VechainInsider: In our opinion MPP is going to be one of the key elements behind mass adoption of the VechainThor blockchain. Companies can provide VechainThor powered services, without forcing end-users to have to pay for making use of these services.

Read more about the Multi-Party Payment Protocol here.

Enterprises that have been running on the private consortium blockchain have begun to migrate to the public blockchain and this is a big deal for Vechain. Since this means that those enterprises feel it’s safe to use the public blockchain and that previous trials have been successful.

Tokens on the VechainThor platform will follow the VIP180 protocol. Where VIP stands for Vechain Improvement Proposal. The first public sales of the various ICO’s will start soon.

Upcoming features

The next feature to be released for the VechainThor mobile wallet will allow users to buy ICO tokens directly from their wallet. Also an offline signature function will come to the wallet.

The VeVID service, which allows users to verify their identity is currently in the final testing phase and should be released soon.

New partnerships and meetups

Next to Renault and BMW, one more automobile giant has partnered up with Vechain. The company is known for their aggressive green and connected cars strategy. On September 5th more details about this partnership will be released during an automobile conference.

On September 7th, Vechain and PwC will have an event in Shanghai during a conference with over 15.000 attendees.

Two new meetups have been announced in Paris, France as well as Amsterdam, The Netherlands. More details about these official meetups will follow.

DNV GL together with Vechain will join an international import expo in November later this year.

Vechain has been selected for two new massive country-level partnerships. More details about these partnerships will be announced in September.

Next to this, more companies that are part of the Fortune 500 have partnered up with Vechain. Sunny then mentions that he would love to give us names, but he has to stay professional and can’t release further details yet.

Q&A

The chat ends with Sunny Lu answering some questions that are raised in the YouTube comments.

One user asked what caused the spike in transactions we saw yesterday on the main net. According to Sunny it has to do with both the Valentine’s day dApp and enterprises migrating data from the consortium blockchain to mainnet (public blockchain).

In response to another question, Sunny mentions that Vechain has been talking to some of the biggest coffee makers in the world.

Then someone asked if it would be possible to swap VeThor for VET using the mobile wallet. Sunny states that it will for sure be possible on the OceanEx exchange and he really likes the idea of having this option in the mobile wallet.