- VeChain’s CEO Sunny Lu stated in the AMA with Binance.US that one million daily transactions on the VET blockchain are a “small but significant success” that VeChain is aiming for in the short term.
- Lu cited application developers as the cornerstone of long-term success, with Deloitte already employing 20 to 30 developers who develop applications based on VeChain for other companies.
In an AMA with Binance.US, VeChain‘s CEO Sunny Lu gave interesting insights into VeChain’s goals and adaptation progress. Thus, he explained in the conversation with Catherine Coley that VeChain is on the right track. As a first goal he declared one million daily transactions on the Blockchain as “a small but significant success”.
As Lu stated, this is a good step towards a widespread public blockchain network. Currently, the daily number of transactions is just over a tenth of that, Lu added:
Nowadays they are averagely hunderd thousand pay transactions everyday on VeChain Thor from different business users, mostly from enterprise users in multiple different territories like fashion, food safety, sustaianility, and lots of different cases. I would have consider a small success in the near future when the number could hit like one million transactions per day. For sure we not gonna stop there. There is no reason for a much bigger success.
Furthermore, Lu believes that this goal will not be the ultimate success. According to VeChain’s CEO, “there is no reason why we can’t expect a much greater scale of use. Ultimately, VeChain’s success will depend on the number of transactions on VeChainThor Blockchain. At the same time he expressed his confidence that one day “everybody” could use VeChain’s technology without even knowing it.
Another interesting insight Lu provided was related to external development efforts by partner companies. As Lu emphasized, it is critical that business developers also develop applications on the VeChainThor blockchain to help the ecosystem thrive.
In this regard Lu revealed that Deloitte, which belongs to the “Big Four” auditing companies worldwide and is known to be one of the most important partners of VeChain besides DNV GL, employs about 20 to 30 developers alone who develop applications based on VeChain for other companies.
Because we believe that enterprises also consider business developers which contribute even more valuable transactions or batch valuable transactions. For example, like Deloitte Labs in Dublin, they have around 20 to 30 developers building different applications for different enterprises on VeChain right now, not mentioning DNV GL or PwC and the other enterprise users.
Nevertheless, Lu said that technical developers will also be provided with support services such as grants, technical assistance and marketing to promote their activities in the VeChain blockchain network. Overall, developers are one of the key elements in enabling a blockchain ecosystem to grow, Lu said.