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Luxembourg delegation meets VeChain, moves closer to blockchain integration

Priyamvada Singh

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Luxembourg delegation meets VeChain, moves closer to blockchain integration
Source: Pixabay

A delegation from Luxembourg Ministry of the Economy expressed a keen interest in blockchain solutions by visiting the VeChain Foundation in Shanghai. Noah, the CMO of VeChain walked the delegates through all the processes of their platform and blockchain.

The processes comprise of several solutions and application that VeChain has developed for various industries. Medical and healthcare, fashion and luxury, logistics, automobile are currently the industries that the VeChain Foundation is planning to serve.

Luxembourg Delegation with VeChain CMO, Noah

Mr. Luc Decker, Consulate General of the Grand Duchy of Luxembourg Consulate General in Shanghai, discussed Luxembourg’s progressive approach in promoting blockchain. He also spoke about a standard governance framework developed by Luxembourg, making it a key contributor to the furtherance of blockchain technology around Europe.

Noah reciprocated to Decker’s support by introducing the delegation to VeChain’s effort in adhering to data compliance and regulatory requirements. General Data Protection Regulation [GDPR] is one such regulation that strictly advocates for a better control of citizens over personal data security and privacy. In fact, GDPR’s regulatory framework was the key inspiration behind VeChain’s approach to designing its data services.

In its development plan of VechainThor Ecosystem, the Foundation has sincerely mentioned:

“In this ecosystem, individual business parties can greatly reduce the potential trust cost
between additional parties. This makes business cooperation simpler, more efficient and less
expensive. This enables the business to concentrate resources on more advanced technology and
better products and services to create more value.”

To keep their commitments, strategies such as assessing the correct structure of the platform, identifying potential risks and loopholes in the system, and maintaining the applicability of GDPR regulations have been taken into consideration.

Dutch_Offpring, a crypto enthusiast from Europe, tweeted:

“Very good. Educate officials and authorities on crypto and Blockchain. This facilitates mass adoption.”

While another crypto supporter commented:

“$VEN in a complete league of their own”





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Priyamvada is a full-time journalist at AMBCrypto. A graduate in Journalism & Communication from Manipal University, she believes blockchain technology to be a revolutionary tool in advancing the future. Currently, she holds no value in cryptocurrencies.

Altcoins

Zcash’s revolutionary blockchain hits first fork in the road; Adamant Capital Founder questions move

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Zcash revolutionary blockchain hits first fork in the road; Adamant Capital founder questions move
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Zcash, the privacy-centric cryptocurrency project, swiftly stole the Libra’s limelight and switched the debate from payments and fiat-backing to blockchain technology and scalability. Lofty ambitions of Zcash aside, the Electric Coin Company’s [ECC] new blockchain has not convinced everyone in the community just yet.

Tuur Demeester, Founding Partner at Adamant Capital, shared his opinion on Zcash’s new crypto-adventure, much to the dismay of the larger ZEC community.  He detailed a list of points surrounding the new project which, in his opinion, “sound horrible.”

Citing a report by Decrypt Media, Demeester highlighted flaws with respect to scalability, similarities in the crypto’s roadmap with other projects and the issue of “sharding.”

Nathan Wilcox, in the aforementioned report, had stated that the new blockchain was developed to make ZEC available to 10 billion customers by 2050; hence, the noted infrastructural improvements to the network. Coupled with the prospects of introducing sharding to “speed up transactions,” a switch was necessary.

Demeester’s primary issue with Zcash’s new blockchain is the introduction of a new coin, following the “implicit admission” that the coin they had, ZEC, was “never scalable” and a jibe at the privacy aspect of it, which the coin’s backers tout often. The lack of privacy transactions usage was described by many as one of the “biggest problems” for Zcash. This was because by default, transactions on Zcash are not set to “private,” unlike Monero [XMR]. In fact, less than 2 percent of all transactions are “fully anonymous.”

The Adamant Capital Founder highlighted its roadmap similarities with Ethereum, especially on the subject of sharding in the blockchain.

Finally, the report, citing Wilcox’s words, said that the ECC and the Zcash Foundation will stop receiving funding from mining rewards in 2020, while not mentioning how the development funding for the new project will come about. Demeester, in his final point of criticism, mentioned this as a “subsidy for ZEC Foundation.”

His full reply stated,

Josh Swihart, VP of Marketing and Business Development at ECC, hit back at Demeester, calling the criticism “wrong and biased.” He said,

“Wrong and biased take. It’s a recognition that bitcoin doesn’t scale and that scalability and privacy are complimentary. Did you watch the session?”





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