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- VeChain founder Sunny Lu was at Money 20/20, where his fireside chat with BCG focused on sustainability and how his network can help achieve this goal.
- The ‘X to Earn’ initiative incentivizes users by enabling them to monetize data and, through collective ownership, foster sustainability.
Sunny Lu, the founder of VeChain, was at the Money 20/20 event in Las Vegas. In a fireside chat with the Boston Consulting Group (BCG), he talked about how the network is pioneering sustainability through its “X to Earn” initiative.
At Money20/20, Sunny Lu and Boston Consulting Group got together for a fireside chat to discuss the future of #crypto and #sustainability.
‘X-to-Earn’ ecosystems, incentivised tokenomic models, and support from the world’s leading management consultant are ensuring #vechain &… pic.twitter.com/6ioh6tmr2G
— vechain (@vechainofficial) November 5, 2023
Lu recounted his journey in crypto since 2013, when his interaction with the Ethereum network sparked a belief in the transformative power of blockchain technology.
Since then, he has become focused on pushing for sustainability through the blockchain, he told BCG. For him, sustainability must be at the core of any blockchain project and not a side element.
Through VeChain, Lu is pioneering sustainability by incentivizing individual behavior.
This sustainability drive was integrated into VeChainThor at its architecture level. The network is built to emit minimum carbon, unlike its peers, all while delivering a fast, efficient and scalable platform that’s suited for real-world business cases. The network’s emissions are documented on the VeChain Stats Explorer for maximum transparency.
Annually, VeChainThor’s emissions are equivalent to just a single gasoline passenger vehicle.
VeChain Targets Sustainability Through “X to Earn”
Lu’s overarching goal is to incentivize individuals to participate in efforts that can achieve collective sustainability, he revealed.
VeChain is involved in several such measures. One of these is through a partnership with BYD, a Chinese company that’s the world’s largest manufacturer of electric vehicles and DNV, a Norwegian risk management and quality assurance company. Electric vehicle owners under the project are rewarded directly through the blockchain for their efforts in reducing humanity’s global carbon footprint.
Further, through X to Earn, the network enables users to monetize data, fostering a “collective ownership of sustainable ecosystems that can span many kinds of industry.”
“The vision is to make sustainable living an integral part of our daily lives by digitizing user efforts, validating information through blockchain, and rewarding positive action. Sustainability encompasses environmental, social, and economic components,” Lu told the audience.
Lu also discussed some synergies between the San Marino-based VeChain and BCG, the world’s sixth-largest consulting firm. BCG pledged to aid VeChain’s sustainability efforts and lending its expertise in the service of blockchain-powered change.
Meanwhile, the VeChain ecosystem continues to grow. The project recently revealed that it’s been welcoming 21,000 new wallets in a day, an incredible achievement considering the turbulent year crypto has had. This put the total number of addresses on the chain at 2.275 million.
The network’s growth has been reflected in its price. In the past month, VET has gained over 22% to hit $0.02 for a market cap of $1.5 billion at press time. However, VET has yet to hit its yearly high of $0.03, recorded in February this year.
