Boxmining, a well known crypto streamer with over 188k subscribers, has shared an interview with the Chief Operating Officer of VeChain, Kevin Feng.
In the video boxmining and Kevin talk about enterprise adoption, the vechain economy and X Nodes. Don’t have time to watch the whole video? You can find a summary of the most important topics in this post.
0:20 – VeChain is a public blockchain specifically build for enterprise mass adoption of blockchain technology. VeChain has setup a consensus model, governance structure and coin economy to make this mass adoption happen.
1:45 – Why would companies use VeChain instead of develop and setup their own blockchain? 1) A public blockchain is needed to create a trustless environment between various industries 2) You need a coin economy to incentivize block validation.
4:15 – VeChain started in 2015 and has a two year headstart on most other blockchain projects.
5:00 – Before the internet, everyone was focussing on the value transfer. The internet allowed free and instant flow of information. Blockchain will allow us to combine the transfer of value with the transfer of information.
6:45 – How was VeChain able to pitch blockchain technology to enterprises? This was thanks to having PriceWaterhouseCoopers (PwC) and DNV GL as their strategic partners. These partners open doors at Fortune500 companies for VeChain.
8:30 – Kevin Feng used to be part of PwC and during his time at PwC he was working together with VeChain.
9:15 – Most blockchain projects are still trying to get a working product on the market, while VeChain already has a working project on the market.
Currently a french luxury brand already has 1500 handbags on the market with VeChain integration. They are happy with the results and want to integrate VeChain across all their products. This will allow buyers to get more information about the product they (want to) buy and verify a products authenticity.
Once this happens, people will see the power of blockchain technology.
15:00 – Thanks to help from PwC and DNV GL VeChain knows how Fortune500 companies think and what is important for them. They know these companies are concerned about for example privacy and the impact of blockchain on their current IT system. Because of this VeChain is able to address all of these concerns, where other blockchain projects without help would be struggling.
16:05 – The Vechain public blockchain will go live by the second quarter of 2018. By that time all enterprise users will be gradually moved to the public blockchain, making it the worlds blockchain with the world’s biggest enterprise use.
16:45 – A lot of other blockchain projects announce they are talking with other companies to create hype. If VeChain would be like this, they would have made over 200 announcements already. When VeChain announces a partnership, there always already is some solid and concrete appliance or development going on. VeChain currently has around 180 partnerships in the pipeline.
18:00 – The national government of China has selected VeChain as the only designated blockchain provider to develop and implement blockchain technology in the Gui’An new area.
About X Nodes
22:00 – The Vechain Foundations wants to reward long term holders who believe in VeChain and discourage “buy the rumour, sell the news” traders to stabilize the price. This is why the released VeChain X nodes.
23:45 – VeChain wants to create a community of X Node holders who spread the word about VeChain and that helps out with the development of the ecosystem.
25:45 – You have to hold at least 6000 VeChain in a traceable wallet before March 20th to get X Node status, you will never be able to get X status again.
26:00 – Is it true that VeChain sold cheaper tokens to enterprises? No. Only strategic partners who help the development of VeChain can buy from a dedicated pool, other enterprises have to buy on the open market. Strategic partners buy at the price level of that moment and have to lockup their coins for a certain period.
27:40 – How do employees get paid? Employees are on normal payroll. Next to this 5% of all coins is dedicated as a reward for the team. All of the senior managers have agreed to lockup their coins from this reward for two years.
28:40 – Any response to market price manipulation? Price is determined by supply and demand, VeChain is not manipulating the market in any way. VeChain can not stop daytraders from manipulating the price, that’s why they created a system that rewards holders.
29:40 – Are cold chain logistic solutions coming for pharma companies? Yes, currently a solution is already up and running for a convenience store. VeChain is currently talking to pharma companies in both China and the US.