VeChain CEO says Ethereum is not ready for mass adoption

  • Vechain’s CEO answered questions about the current state of the ecosystem. He explained why Ethereum is not ready for mass adoption.
  • Developing more use cases and strengthening the relationship with regulators will be the most important challenges for Vechain in the future. 

Sunny Lu CEO and co-founder of Vechain spoke in an interview with Nugget News about the challenges and progress Vechain has made and the crypto-ecosystem over the past few months. Lu spoke about three key issues that will define the progress of the ecosystem in the coming months: the relationship with regulators and the implementation of a clearer and more robust regulatory framework, mass adoption and the development of more use cases.

Lu referred to the development of Facebook’s Libra. The stable coin project faced great resistance in 2019. Lu used this case to illustrate the complicated relationship between regulators and the ecosystem and what approach Vechain has used to develop its use cases.

Ethereum opened the doors for Vechain

Lu was satisfied with the use cases that Vechain has developed and the advances in the cryptospace. Although he acknowledged that there is still work to be done. Although Lu acknowledged that Ethereum opened the doors for Vechain he also emphasized that many of the new investors are not interested in the technology behind the blockchain, but in the solutions it can provide for their businesses:

From my point of view (Ethereum) is working, it can do something, but if you want to reach a new stage and achieve mass adoption as a product it’s not there yet. There is a gap there (…) Not only for the technological part, but also for the governance, the business part.

Then Lu described the differences between Vechain and the Ethereum and why it has some advantages over the blockchain co-founded by Vitalik Buterin. Lu said that his work experience allowed him to talk with executives and companies to build use cases that fit their needs. In addition, Lu said Vechain’s goal is to facilitate the creation of applications with features that are business friendly:

Another thing we are doing is learning from whatever Amazon or Alibaba have done in the past. You know, back in 1999 (…) They were giving more and more deep tools or services (to help users less familiar with the use and concept of e-commerce). That’s also Vechain’s approach.

The ecosystem is at a stage of development similar to the internet of the 90s

In the interview, Vechain’s CEO stated that the ecosystem in general is still in a similar stage to that of the internet in its beginnings. His statements are consistent with those of Monero’s developer, Riccardo Spagni. The developer, also known as Flufflypony, made a similar comparison to the beginnings of the Internet and the current state of the ecosystem.

The universe of cryptocurrencies is not ready for prime time but I think we are getting closer (…)

The price of Vechain is $ 0.00571 USD, at the time of publication, and has had an upward movement of 6.25% in the last 24 hours.

Below you can see the full interview with the co-founder of Vechain Sunny Lu:

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Reynaldo Marquez has closely followed the growth of Bitcoin and blockchain technology since 2016. He has since worked as a columnist on crypto coins covering advances, falls and rises in the market, bifurcations and developments. He believes that crypto coins and blockchain technology will have a great positive impact on people's lives.

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