Vechain is one of the most unique in the crypto space, and so is the CEO, Sunny Lu. He was one of the first few individuals to understand Bitcoin in the whole of China. In 2013, bitcoin suffered a massive crash. While other investors and financial institutions were worried about the price volatility and, Sunny was interested in the logic and technology behind Bitcoin. His early regarding investors and individuals in the crypto space was that most of them were geeks, technical experts and highly inclined but lacked product thinking mentality. During this time, several developing companies and tech industries were more concerned with forking and copying the Bitcoin code, with little or no practicality and innovative ideas. One of the main distinctive characteristics of Sunny Lu was his mindset and level of experience as a CIO at the LVMH Group, which was at the time into driving technology with products in the luxury industry. From there, he understood that the cryptocurrency community lacked individuals with product-minded capabilities, which was Sunny’s forte.
One of the most important facts to note about the development OF Vechain is that its root could be traced to the discussion between Sunny and Vitalik Buterin, the founder of Ethereum, via the founder of the Fenbushi Capital in 2015. This discussion is what birthed and opened sunny’s imagination to the smart contract innovation. At the very beginning of Vechain’s development, its permission blockchain was built to mimic Ethereum. Soon, Vechain got its first client from Sunny’s former place of work, which informed Vechain price and the beginning of Vechain proper. At the beginning of this type of industrial development, there was no successful model to look up to as an example. Having such a journey as an entrepreneur is definitely going to result in a lonely and bumpy journey. Fortunately, Vechain just happens to make the right choices at every point of the way.
One of the first few choices Vechain adopted was the integration of IoT (Internet of Things) technologies. Although this decision at first wasn’t well welcomed by the community, integrating a team for the IoT. Jianliang Gu, who happened to be the head of the team, later became the CTO of Vechain and built the platform known as ToolChain alongside his team members.
The second fortune choice Sunny made was to make the Vechain network an enterprise-friendly blockchain network. After setting up the token’s potential use cases, Sunny realized that developing a private coalition blockchain from 0 to 1 for every business enterprise wasn’t reasonable. He linked this thought with creating a wheel over and over again. Hence, the task urgently became to get a blockchain that can carry business and business enterprise smoothly. In other to achieve this, Sunny called a number of business tycoons to seek their ideas in other to build the ideal network. The feedback he got was that the bulk of blockchain in the market was not meeting the standards of entrepreneurs and their businesses. So, since there seems to be no competitor for Vechain at the time, Vechain decided to become the leading crypto in this niche, and the result birthed VeChainThor. The VeThor blockchain became one of the first smart contract and public blockchain platforms to utilize the PoA (Proof-of-Authority) as its consensus mechanism. The VeThor blockchain is technically developed, and it has its own distinctive features, including its governance and consensus structure as well as its economic model regarding enterprise-scale adoption. The VeThor came online on June 30, 2018, exactly one year later.
The third fundamental and successful choice that was made was the launching of the Vechain ToolChain platform. The Vechain ToolChain platform has been wholly developed since 2018 making blockchain application development easier and faster for entrepreneurs and business owners. While Vechain was vetting the issues and scenarios regarding blockchain applications, several like-minded investors joined. One of them was Fenbushi Capital who remained optimistic about Vechain’s blockchain and became one of its core investors. So, it’s impossible to discuss Vechain’s price without considering the influence of Fenbushi Capital on its blockchain. After Fenbushi Capital, PwC and DNV also saw the Vechain blockchain potential, and through recognizing Sunny and his team members, they upgraded from partners to being investors.
However, the history and the development of Vechain are incomplete without mentioning these three giant contributors to the growth of the blockchain. Vechain remains one of the most business-oriented cryptocurrencies in the crypto community.