LBank Show Features an In-Depth Discussion with Sarah Nabaa, GM of VeChain Foundation | by LBank Exchange | Jul, 2023

From the LBank blog.

The LBank Show recently welcomed Sarah Nabaa, General Manager (SEA) of the VeChain Foundation, in a comprehensive dialogue revolving around the cryptocurrency industry and VeChain’s role within it. The dialogue touched upon VeChain’s evolution, its differentiators, partnerships, and its vision for bridging the gap between the digital and physical worlds.

VeChain, an advanced public blockchain launched in 2015, was founded to tackle scalability and sustainability issues plaguing most existing blockchains. Its initial coin offering (ICO) was listed on LBank, an early supporter of VeChain, marking the beginning of a fruitful partnership.

During the rebranding in 2018, VeChain shifted from VEN to VET tokens, citing scalability issues with the Ethereum network. This rebranding included innovative features such as fee delegation and Multi-Task Transactions (MTT), creating a blockchain ecosystem that’s user-friendly for businesses and individuals alike.

The platform, besides being known for its supply chain solutions, has built an ecosystem serving various sectors, from gaming to NFTs. Notably, the VeChain platform was instrumental in developing Walmart China’s traceability project and a carbon credits ecosystem with BYD.

In light of COVID-19, VeChain co-authored a whitepaper with Boston Consulting Group, proposing blockchain as a tool to expedite the transition from linear to circular business models.

VeChain’s differentiators lie in its unique on-chain and off-chain governance model and its focus on green technology. In a bid to build a sustainable future, VeChain allows tracking of carbon emissions for every smart contract transaction on its platform. This sustainability feature has sparked partnerships with giants like Salesforce and BMW, contributing to use cases around proof of authenticity and sustainability.

The concept of ‘Phygitals’, physical items with digital counterparts, is another innovation by VeChain. Recent examples include the champions of the Internazionali BNL d’Italia tournament receiving an NFT minted on the VeChain blockchain along with their physical trophies.

This blend of the physical and digital has potential applications in various industries, offering a trusted and authenticated real product linked to its NFT.

As per their latest whitepaper, “Web3 for Better”, VeChain aims to create a tokenized future where micro-ecosystems thrive, driving businesses towards more sustainable, inclusive, and equitable models. VeChain’s governance model is a significant contribution to this vision, with a hybrid of Nakamoto consensus and the BZFT consensus co-existing on VeChain, ensuring the finality of all transactions while remaining fast and scalable.

VeChain’s value-added services, such as third-party verification and certification, data collaboration, and smart contract services, further set it apart. By working closely with partners like DNV, VeChain ensures the quality of data on the network, thus overcoming the classic ‘Garbage in — Garbage out’ issue of data systems.

Looking ahead, VeChain plans to continue its efforts toward digital transformation and sustainability, focusing on tangible solutions to solve sustainability challenges through web3 tools and a blockchain-based approach.

With its strong partnerships, robust technology, and clear vision, VeChain is well-positioned to drive transformation in the blockchain and crypto industry.

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