Three videos have been published today of a presentation held by Sunny Lu at Draper University, an immersive entrepreneurship program in Silicon Valley part of the Draper Venture Network.
An article on the presentation has been published by Draper University here.
In the first video Sunny talks about the shift in the Blockchain space from mostly talking about technical aspects towards creating valuable transactions and mass adoption.
The Blockchain space is still in its infancy, but this year more and more signs can be seen of the blockchain space maturing. From enterprises looking into implementing the technology, to regulators from all layers in society discussing how to handle cryptocurrency assets.
Blockchain is going to change the world as the internet did. Why? Internet is a network about knowledge exchange, while Blockchain is a network about trust and value exchange.
Blockchain still has a long way to go. Sunny takes his mother as an example and the steps she has to take to start using VET. The blockchain industry has to look at what the tech giants of the internet era did to make blockchain technology user-friendly and create mass adoption.
For enterprises, in 2016/2017 a lot of Proofs-of-Concept’s were started. With the assessment of the economic potential of Blockchain happening in 2017/2018.
The next couple of years all regulation has to be put into place, after that, around 2021 Sunny Lu expects the mass adoption of blockchain technology to start.
After that Sunny continues his talk about finding the right balance between centralization and decentralization and how VeChain thinks about this.
The community votes about the big and important discussions that need to be made, while the execution and development of the VeChainThor blockchain mostly happens centralized. This makes sure that development remains as efficient as possible.
VeChain has created an economic model in which VET generates VTHO, which is used to pay for transactions. This way the transaction costs can be kept stable.
In the last part of his presentation Sunny talks about the unique features of the VeChainThor blockchain.
The Multi-party Payment protocol allows another party to pay for a users transaction. This way users don’t have to own a cryptocurrency to use it.
An advanced transaction model makes complex transactions possible, making it possible to bundle transactions.
Sunny Lu ends his presentation with the following question to his audience: “at the end of the day, blockchain is just a tool, when this tool is not able to provide value, why would you need it?”