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Sunny Lu affirms VeChain [VEN] community about delivering an advanced version of VeChainThor for the public

Laira Rebecca



Sunny Lu affirms VeChain [VEN] community about delivering an advanced version of VeChainThor for the public
Source: PxHere

Sunny Lu, the CEO of VeChain Foundation has written an open letter to the VeChain community addressing the new features and functionalities of the VeChainThor Platform.

He defines VeChainThor’s platform as a public blockchain that is designed for mass adoption through enterprise adoption.

Sunny is very optimistic about the mainnet launch of the VeChainThor. The technology will be a public blockchain on which most of the business activities around will be running. He believes that through this initiative these entities will have a real-world value very soon.

VeChain has been derived as an associative chain that has been forked from Ethereum in 2015. The team has created VeChainThor as an extension of Ethereum by adding several new features which would facilitate the future enterprise needs, support for governments and everyday user adoption. The platform also provides various advanced tools which would cater to the needs of the development community. The unique features that are set for the new release include payment model, transaction model and Proof of Authority [PoA] consensus.

Sunny Lu mentioned:

“The technical team of VeChain’s Blockchain Core will release a series of releases that will explain some of the features and functionalities of the VeChainThor Platform. This will include both patented and unpatented material that conveys the current scope of the VeChainThor Platform mainnet release while leaving a way for the future.”

According to him, though the blockchain solutions across the industry have been evolved from Ethereum smart contracts, it is not suitable for hosting large-scale commercial dApps. It is also not apt for the companies to build an economic model to run their dApps due to the volatility of the Ether price.

The aftermath of several corporate surveys conducted by the VeChain team shows that most of the firms are facing various challenges with the blockchain adoption. The team has derived three main advances which should be implemented for the advancement of the blockchain technology:

  1. A healthy governance model which protects the users while adopting the high-level technology.
  2. An economic model which empowers the day to day use of blockchain.
  3. A development ecosystem with modern open source features which enables individual use cases and adoption and accessible SDK

Swetha, an Indian based cryptocurrency proponent says:

“We are so humbled with your love and commitment towards community and vechain Sunny”

Justin, a cryptocurrency investor commented:

“People ask me, what crypto should i buy? and @vechainofficial is always the answer. At what price they mostly follow up, Me: Who cares about the price you’re becoming part of a movement, a believe, the future.”

Jespen Anders, a Twitterati says:

VeChain will definitely be a fundamental part of changing many aspects of the world as we know it. Really don’t get all the FUD/“hate” being spread among different projects – competition is healthy and leads to development/new possibilities for all. Lead the way VeChain $VEN $VET

Another VeChain supporter commented:

“Sunny Lu, the Steve Jobs of Blockchain Tech!!!!!”

Finally, Sunny Lu mentioned that the team is striving to create much efficient blockchain ecosystems for the community. He confidently says that the public will use VeChainThor on a daily basis within three years.

He further added:

“We have proven that our business development logic is sound and adoption of blockchain technology is being seen through the VeChainThor Platform. Now we will show something that improves the fundamentals of VeChain.”

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Laira is a full-time writer at AMBCrypto. She is a Computer Science graduate and she has about 1-year experience in writing. Her enthusiasm and keen interest in developing her knowledge about blockchain and cryptocurrency led her to be a part of AMBCrypto. She currently does not hold any value in cryptocurrency or its projects.


Facebook’s Libra is a double edged-sword, but will benefit Bitcoin, says Caitlin Long





Facebook's cryptocurrency Libra is a double edged-sword, but will benefit Bitcoin [BTC], says Caitlin Long
Source: Unsplash

On 18 June, the world’s biggest social media platform, Facebook, introduced its new cryptocurrency, Libra, set to launch in the first half of 2020. The coin that would have its own blockchain will be backed by several sovereign currencies, and these reserves would be managed by the Libra Association. The association will also be engaged in several other key activities, which would focus solely on the development of the Libra ecosystem.

Notably, the coin has brought together major players in both the financial and technology industry including, MasterCard, Paypal, and Coinbase. Despite such strong backing however, the concept of the coin was soon shot down by several influencers and government authorities.

The French Minister of Finance and Economy, Bruno Le Maire, released a statement asserting that Facebook’s digital currency becoming a sovereign currency was “out of question,” adding that “it can’t and must not happen.” Along with this statement, the Finance Minister also raised concerns about money laundering and terrorism funding and urged G-7 countries Central Bank Governors to draft a report on the new “global currency” for their meeting in July.

Further, Facebook’s cryptocurrency is also facing hurdles in its native country. Maxine Waters, Chair of the House Financial Services, has requested the social media giant to hit the pause button on the development of Libra, until Congress and regulatory authorities hold a discussion on the digital currency. This request was put forth mainly because of the firm’s “troubled past.”

In an interview with WhatBitcoinDid, Caitlin Long, Co-founder of the Wyoming Blockchain Coalition, stated that Libra had its pros and cons, adding that it was a “double-edged sword.” However, the blockchain evangelist continued to assert that this was going to benefit Bitcoin, stating that the social networking platform was “making cryptocurrency a mainstream word.” She added that Facebook would introduce the concept of digitally scarce money to people and that these people would look for the best cryptos that would retain the most value over time. That crypto was going to be Bitcoin, she said.

Long stated,

“This is a detour kind of like Andreas analogy, it’s the intranet before internet. We’ve even seen it in this industry, it’s blockchain not Bitcoin but people are coming full circle back around to Bitcoin. These are detours that are ultimately helpful to gaining adoption and wider support, but they’re not where we end up and I think we will end up in Bitcoin.”

Further, Long was asked whether Libra was going to be its own currency, considering it will not be pegged to a specific currency, but several fiat currencies. To this, she stated that Libra was indeed going to be a currency of its own, similar to Bitcoin. She stated that it was going to function like a “central bank,” remarking that it would be a “private version of a central bank.” Long went on to add,

“They’re going to be managing reserves against the liability. For them it will be the people who own the coins and they will be managing the reserves against that […] they are going to be marketing this in the developing world, this is going to be a developing world concept probably more than a developed world concepts […] so my guess is this is mostly an emerging market phenomenon secondarily a European phenomenon and lastly a U.S. phenomenon.”

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