Giant automobile company BMW, Walmart China, and two top four global auditing firm auditing firms have to buy the VET tokens to use the VeChain blockchain, CEO Sunny Lu has said.
Sunny, during the Digital Currency Investor’s YouTube Interview, was asked by the program anchor whether companies like BMW, Walmart China, Deloitte, and PwC are making use of the VeChain digital token to pay each time they want to make use of the VeChain solutions offered to them.
The innovative founder of VeChain, who has the backings of big firms in China and beyond, responded that these firms really make use of the VET tokens.
“The answer straightforward, yes… because as long as they wanted to run the smart contracts…they have to somehow use the token to pay for gas price,” Sunny Lu said.
“In the end they have to use the token to pay for the gas price, and in the end, they have to use the token to pay for cost to use the blockchain platform entirely.”
Speaking further, Sunny said while they have to buy the VET tokens to pay for gas fees, crypto regulations prevent them from buying the tokens directly.
So, they have to make use of Feed allegation, a unique feature provided by VeChain, that allows big firms hindered by the global crypto regulation, to pay for gas price employing different service providers.
“Considering about the current … the global situation in terms of crypto regulation for crypto tokens or crypto currencies…we have some unique feature we call like feed allegation to allow the difference service provider to help the different companies to do this kind of crypto related jobs, which really ease them.”
He said these firms, legally cannot hold any form of cryptocurrency due to accounting rule, however, they ask for a sponsor that will pay for those gas prices.
“Legal perspective from accounting rule perspective you cannot own any kind of cryptocurrency,” he noted.
“So, you can ask me to be your sponsor to pay for those you know whatever the cryptocurrency you need which I’m like service provider for you and we can settle offline.”
Deloitte’s Move from Ethereum to VeChain
He said Deloitte moved from Ethereum to VeChain and started designing technologies for their clients on the VeChain blockchain due to the fact that VeChain is more enterprise friendly.
The co-creator said it interviewed 40 to 50 firms from Fortune 500 and Fortune 1000 on what they need and what problem they want solved with blockchain technology.
Sunny Lu said they responded with their problems and what they want solved. Interestingly, VeChain Foundation developed some enterprise-friendly solutions that can lower their cost of production and increase efficiency based on the feedback it got from the companies.
He noted that the project developed for enterprises across the globe were not just solved based on tech perspective but focusing on what they require by employing consultancy services of the likes of PwC. He said VeChain does not waste time in delivering solutions to firms.
Sunny said VeChain transforms technological value to ability value using historical cases in the market. He pointed that VeChain solution is being demanded because it is more cost-effective and requires lesser time. The confirmation for every VeChain transaction is not more than 10 seconds.