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VeChain Founder Sunny Lu has teased the future of the protocol with a strong tilt toward sustainability.
- Lu believes billions of users will leverage VeChain’s solution in the future, a move bolstered by the integration of incentives.
Sunny Lu, Founder of VeChain (VET), the enterprise-grade smart contract protocol designed to trigger the mass adoption of blockchain technology, has provided a glimpse into the network’s mission and vision to promote sustainability and reward positive behavior within its ecosystem.
Rewarding Positive Behavior
In an exclusive interview with Ajwritescrypto on YouTube, Lu emphasizes the importance of providing a platform where individuals are incentivized to adopt sustainable practices. He believes this to be both beneficial and morally necessary for the future.
He recounts a successful sustainability campaign conducted by VeChain, where participants were rewarded with NFTs for recording their positive actions.
He says in the challenge, members of the community were encouraged to record their positive behavior, and over 2,400 people participated. The result was a cumulative savings of carbon dioxide emissions and about 9 million gallons of water consumption saved. This he maintains is the collective impact of small actions when aggregated.
Lu revealed that with the recent launch of VeBetterDAO, the focus is on rewarding individuals for sustainable behavior rather than imposing additional charges.
He insisted that it was the wrong model to charge people higher fees for using sustainable alternatives as that would not encourage adoption fast. Using the learnings from the global supply chain experience for big companies like BMW, and Walmart, he believes that the lessons will be an asset in building a workable sustainability enterprise.
VeChain Encourages Sustainable Practices Through Incentives
He envisions a system where even minor actions, such as using reusable coffee cups or opting for electric vehicles, are incentivized.
He says VeBetterDAO’s approach encompasses three main areas which are iterations, snowball campaigns, and X2earn. Lu explains that the latter is aimed at incentivizing users through rewards. He hints at the upcoming launch of four hackathons this year, with a focus on integrating non-crypto users into the network.
Just last month, VeChain celebrated Meatless and EcoNex winners at the VeBetterDAO hackathon hosted at the University of Cambridge in recapitulation of Crypto News Flash’s earlier coverage.
Drawing parallels with successful platforms like WeChat, Lu envisions VeChain’s VeBetterDAO transforming with time from its current state to incorporating additional functionalities. He acknowledges the challenge of bringing more utility to the blockchain but remains determined to overcome it due to the overall benefits and huge potential therein.
According to Lu, based on a BCG report, by 2030, the sustainability sector will be worth $26 trillion and the majority will be linked to the reproduction of clothes, computers, and transportation, all in an attempt to renovate or recycle. He sees a future where billions of individuals are using VeChain’s products as part of their daily lives, engaging in sustainable actions and being rewarded for their contributions.
Despite challenges and negative perceptions surrounding crypto and blockchain due to incidents like the FTX and Terraforma Labs issues, Lu remains optimistic about the future. He sees similarities in people’s perception of crypto with the internet’s initial portrayal. The VeChain pioneer believes that with time and education, perceptions will shift, allowing the true potential of blockchain technology to be realized in promoting positive change and sustainability.
Analysts say the growing adoption of the VeChain model will see its price on a bullish trajectory in accordance with Crypto News Flash’s prior coverage. Per data from Marketcap, VET is down at the moment by 5.69% in 24 hours to $0.0435 with a market capitalization of $3,163,567,027.