Ethereum is a very good project considering a number of crucial factors, but it lacks the ability to be in the right position to step forward and as well get mass adoption. This was the response of Sunny Lu, the CEO and founder of VeChain blockchain technology when he was asked about matters relating to Ethereum killer.
During an interview session of the latest episode of Nuggets news titled “VeChain 2020 project update”, the host demanded that Sunny relate what the team has gone through with the project in the past 18 months, partnerships achieved, and what to expect in the near future.
Sunny said the year 2019 was very challenging for not only VeChain but most of the projects in the blockchain space due to the prolonged crypto winter experienced during the year, and new challenges and changes in the ecosystem.
CEO Lu said amongst the major changes was that major players are coming into the space, answering the call from government and authorities, e.g. Facebook faced a lot of challenges from the US government over the creation of Libra project. Also is the support President Xi of China granted to blockchain technology.
While talking about Ethereum killers, the host said to Lu that there has been a lot of competition in the space now and some projects are facing challenges while others are doing fine. The host asked if the technology or business experience was the major problem, adding that even though he loves Ethereum, he thinks the project hasn’t done enough to educate people about its technology.
Responding, Sunny Lu said at VeChain, they respect the founders of Ethereum for what they’ve done for the whole blockchain world. Lu said their genius thought to conduct virtual machine in a smart contract really made way for a whole lot of things that seemed impossible earlier.
However, Lu said based on his own sentiment, Ethereum is a very nice project, “but if you really want to go to the next phase or really be that kind of mass adoption tool or platform,” Ethereum is still not there.
Lu said Ethereum is not only affected by technology but also the governance and business model.
The CEO furthered that contrarily, they have done what nobody has done before. Lu said before the creation of VeChain, they interviewed about 4050 executives from different enterprises on questions like, what kind of platform they’ll like to build on blockchain application, what’s the reason they don’t use blockchain applications, the barriers, and their expectations.
Lu said the feedbacks really helped them in building a standard ecosystem for VeChain.