What to expect from PoA 2.0-Surface and VeChain’s current technical advantages

What to expect from PoA 2.0-Surface and VeChain’s current technical advantages

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As more companies join the ecosystem, it is increasingly important to ensure that the network can cope with high activity growth. With this in mind, VeChain is consistently improving the technology behind VeChainThor; currently developing a new consensus algorithm and having at least 42 patents around the world.

In VeChain’s 6th Bootcamp, Peter Zhou – VeChain Chief Scientist – and Zhijie (aka Max) Ren – VeChain Senior Research Scientist – addressed some of the most common questions and shared what to expect from the new PoA 2.0 – SURFACE.

 

What is PoA?

VeChainThor uses a Proof-of-Authority (PoA) consensus; where one of the 101 pre-approved validators (Authority Masternodes) are randomly selected to generate the next block. The model avoids computational competition and enables a faster and more efficient block production. The limited number of “miners”, however, creates centralisation concerns which, according to Peter, is a misconception. As demonstrated by him in the chart below, depending on the perspective, the presence of mining pools in other blockchains actually makes them more centralised than VeChain.

VeChainThor’s scaling solution: It’s all about quality not quantity

There are many ways to scale a blockchain network such as increasing the bandwidth, increasing the block size and/or block frequency, sharding, etc.

VeChain, however, opted to optimise bandwidth with its PoA 2.0 SURFACE (Secure Use-case-adaptive Relatively Fork-free Approach of Chain Extension) consensus.

When a new block is created, time is used in communication overheads, transmission and validation of data, and reaching a consensus to elect the next node to generate a block though. By maximising the percentage of time spent in transmitting data (blue part), more transactions can be included into the block, raising the number transactions per second (TPS) and improving bandwidth efficiency.

Consensus under PoA 1.0:

Consensus under PoA 2.0:

To reduce achieve this, PoA 2.0 proposes the following changes:

Delayed validation: instead of validating the block in the consensus round it is generated, validation is delayed to the next round. This allows the network to transmit and validate blocks simultaneously and in parallel; essentially saving time.

Epoch based random beacon scheduling: instead of deciding on “real-time” which node will generate the next block, a schedule is randomly created in advance (for example one day beforehand) to decide which, and in which order, Authority Masternodes will produce new blocks. This eliminates the time wasted in reaching a consensus every time a block is created.

Relatively fork-free approach: when a new block is generated, it takes time for the block data to reach the Authority Masternodes. Since Masternodes are kept in different locations, they receive the information at different times. By removing block validation and the consensus process from the “round”, the new data doesn’t have enough time to fully propagate, leading to asynchrony problems between nodes and giving the chance for a malicious player to fork the chain and double spend. To avoid this, PoA 2.0 introduces a verifiable random function (VRF) mechanism whereby blocks need to be endorsed by a randomly selected smaller pool of Authority Masternodes to be confirmed. This helps dilute the power of the singular Authority Masternode creating the new block and can potentially reduce the probability of malicious forks to 1%.

To find out more about PoA2.0 SURFACE visit VeChain’s Medium announcement and the preprint paper. 

A business perspective of VeChainThor

 

Many businesses have moved away from Ethereum onto VeChainThor, including Deloitte, Fresh Supply Co and Real Items.

During VeChain’s 7th webinar, Ken Woodruff -co-founder and CTO of Real Items- shared the main advantages VeChainThor brings to his firm.

 

What is Real Items

Real Items aims to bridge the gap between blockchain and consumers, focusing on easy user onboarding and usability. To this goal, they have created VeChainThor integrations for some of the most popular online platforms, such as Shopify and HubSpot, and are currently developing new WeChat, WooCommerce (WordPress) and DeFi enabled supply chain management solutions.

 

VeChainThor’s competitive advantage for enterprises

For Ken, some of the main benefits of building in VeChainThor are:

  • Two-token VET/VTHO model – helps to keep stable and predictable fees (essential to forecast and manage business risks)
  • Multi-Task Transaction (MTT) – allows the ordering and bundling of item creation into one transaction. Simplifying the process and reducing transaction costs
  • Fee delegation – enables sponsors to pay for transfers fees on behalf of users, avoiding customers having to manage cryptocurrencies (vital for enterprise adoption). Currently, fee delation is used in more than 90% of clauses
  • Fixed 101 Authority Masternodes – leads to consistent and predictable block time (10s), allows faster sync between nodes and allows quicker core feature development cycles and hardware and software network updates
  • Solid APIs – ability to work with easier Connect and JAVA API
  • Easy access to VeChain core dev team – allows developers to readily receive technical support when needed
  • VeChain Foundation backing – financial support from the foundation in the form of VTHO donations when milestones are achieved

Percentage of fee delegation clauses in the last 10 days. Credit to VeChainStats.com

VeChain prides itself for being the leading enterprise blockchain platform and businesses are at the core of its innovations. With an ambitious goal to drive mass adoption, it’s great to see that them back their words with actions and have enterprises validate its business friendly ecosystem.

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VeChain Weekly Update June 20th

VeChain Weekly Update June 20th

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DNV GL announced that Viking Line received a My Care verification

Viking Line’s 7 ships and 6 terminals in cities like Helsinki and Stockholm all received a third-party verification from DNV GL on their infection risk management. Passengers on Viking Line ships can scan a QR code to review the results of the verification process. More info here.

AByteAhead releases Python Dev Kit for VeChain

The Python3 developer kit helps coders create tools that involve wallet creation and management, assembling and signing transactions, and a host of VeChain’s finest features, including fee delegation. More info here.

Chief Scientist Peter Zhou holds a Bootcamp webinar with Ken Woodruff

In the 7th VeChain Bootcamp session, Ken Woodruff – CTO of Real Items – explained the story behind Real Items, its vision and what drove them to move away to VeChain from Ethereum. He also gave us a quick run down about the projects they have been working on; including, a Shopify plugin, a WeChat Mini App and Hubspot integration. The full webinar recording can be found here:

Deloitte’s blockchain trends reports discusses VeChain

In the report entitled 5 Blockchain Trends for 2020, Deloitte compared various protocols including VeChain, Ethereum and Corda, three platforms that Deloitte’s Blockchain Lab works with on a regular basis. However, the report also mentioned that most enterprise use cases are suited for a private network, something the VeChain community will strongly disagree with. 

Deloitte also released their 2020 Blockchain Survey, which interviewed 1488 executives from 14 different countries on their organization’s strategy towards blockchain. The results showed that many of the barriers from previous years still exist, but that more and more companies were actively integrating blockchain into production processes. The report cautions against complacency towards regulations and risk, but does seem confident that companies experimenting with “blockchain tourism” is a thing of the past. This bodes well for VeChain, especially as some of the numbers were favorable towards primary VeChain use cases. For example, 27% of the companies revealed that track-and-trace solutions were already receiving attention, with another 23% of companies exploring blockchain for certification. These are VeChain’s bread-and-butter solutions, and both have relatively no impact from potential regulatory hangups regarding digital assets and taxation. 

There are more substantive examples in the marketplace of how both startups and mature businesses are deploying blockchain. Organizations appear to be more committed than ever to blockchain and are demonstrating this by implementing it as part of their normal course of business.  Deloitte’s 2020 Blockchain Survey

More tagged products turn up in Sam’s Club

Community member and Chengdu resident @vetblack19 stopped into the local Sam’s Club and saw a number of products tagged in their Food Traceability Program. In addition to the Tyson Chicken we’ve seen before, they als

o had a wide selection of fresh produce, including nearly all of the item’s in the cold produce section. @vetblack19 shared images of multiple types of mushrooms, leaf vegetables, chives, and more. Most of them originated from a supplier called Dongsheng, with farms located over Guangdong, Hunan, Jiangxi, Hebei, Beijing, Ningxia, Yunnan, Sichuan, and Guizhou provinces. 

Also tagged were these 20-pack of eggs pictured on the right. The producer, Beijing-based Deqingyuan, claims to be the largest egg producer in the world. Also found online were some pork products from Huarun Wufeng, that were posted by community member Fatiebomba, an admin in the Dutch Telegram Channel.

Events this week

COO Kevin Feng took part in a digital presentation on June 18th

Kevin Feng at an offline event in Shanghai

CEO Sunny Lu will take part in a conference about Supply Chain at an offline event in Shanghai

Other updates

 VeChain community artist Dr. H. Quinzel launched his own website this week. His trademark daily postings can be found at drhquinzel.com or on his twitter account. The community appreciates his colorful contributions!

Ecosystem Manager Dimitris Neocleous was featured in the Humans of Blockchain series here on VeChain101.com. His story talks about how he defied his father’s wishes and dropped his promising legal career to pursue a job in the blockchain industry. You can read the full story here.

 

 

Did I miss anything? Let us know at our new Twitter account @VeChain_101.

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Viking Line and DNV GL set sail towards a MyCare verified future

Viking Line and DNV GL set sail towards a MyCare verified future

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COVID-19 has slowed down the shipping industry. With more than 700 reported cases in the Diamond Princess and crew members suing their employers for basic safety mismanagement, shipping companies are facing scrutiny in their infection risk prevention policies.

We previously wrote about DNV GL’s new My Care assessment and how it is being adopted by Chinese hotels. Yesterday Viking Line became the first My Care verified maritime business in the world.

MS Amorella – one of Viking Line’s cruiseferries

In a press release, the shipping company confirmed that the verification covers all of their seven Viking Line vessels and operations in six terminals.

“Everyone must be able to travel safely with us. We have long carried out infection risk preventive work and have now chosen to be assessed by a third party to quality-assure our work in conjunction with COVID-19. Our employees’ considerable efforts are impressive. We have achieved this thanks to their skills and engagement” – Jan Hanses, president and CEO of Viking Line.

What are the implications?

Viking Line is a publicly traded company that operates a fleet of ferries and cruiseferries in Finland, Sweden, Estonia and the Åland Islands.

As a shipping firm, their safety guidelines need to consider passengers, crew members and land-based employees from boarding to disembarking. Health guidelines and infectious disease control manuals need to be consistently reviewed and updated, especially in the current COVID-19 crisis. My Care reaffirms the company’s capability to manage and prevent infection risks.

By going online or scanning a QR code, passengers can validate their My Care – Infection Prevention Ready – certification and obtain further information about DNV GL’s assessment. This helps Viking Line regain consumer trust, reassures authorities that their vessels are safe and ready to operate, and potentially empowers Viking Line to negotiate more favourable terms with their insurance providers.

With increased health concerns, 3rd party certified infection risk assessments could become widely adopted and become a new requirement for businesses to operate.

Viking Line’s My Care -Infection Prevention Ready – Certification

“We would like to congratulate Viking Line on its My Care verification. The application of My Care creates trust since the focus is to prevent infectious diseases. It also demonstrates Viking Line’s strong engagement in further developing its HSE (Health, Security & Environment) processes. A third-party assessment provides assurance that the right measures have been taken to protect people, work transparently and increase the trust of passengers and other stakeholders” – Luca Crisciotti, CEO of DNV GL- Business Assurance.

Viking Line’s customers will view the following message after scanning the QR code:

How will this be expanded?

DNV GL is making My Care a focal point of their 2020 business strategy by pushing infection management certification into sectors that rely on a flow of customers from different regions. Possible examples include hospitality, transportation, logistics, tourism, and other similar industries. We’ve already seen multiple hotels in China being certified, proving that businesses and consumers value this third-party verification service. With COVID-19 showing no sign of abating, this doesn’t appear to be a short-term thing either. The ‘new normal’ should see an increase in customer and government sensitivity to infection management, offering a potential long-term market for My Care to occupy. The blockchain could be used to update regular inspection results, safety audits, certifications, and other actions that businesses have an interest in sharing with the public. 

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Humans of Blockchain: Dimitris Neocleous

Humans of Blockchain: Dimitris Neocleous

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Humans of Blockchain is our initiative to highlight the human side of the industry and showcase blockchain professionals around the world. The goal is to get to know the people pushing blockchain forward better and understand them at a personal level. Our previous post in the series was on Sarah Nabaa, and can be read here.

Dimitris Neocleous, VeChain Ecosystem Manager


This time around, we had the pleasure to talk to Dimitris Neocleous, VeChain Ecosystem Manager.

With a background in legal consulting, Dimitris works closely with DNV GL to facilitate the adoption of VeChain solutions in Europe. He played a key role in VeChain’s Memorandum of Understanding (MoU) with Cyprus and currently supports the development of the E-NewHealthLife and E-HCert Apps. As of writing, his VeChain BootCamp webinar is the most viewed episode of the series on YouTube.

In this edition, Dimitris gives us a glimpse into his life and what it means to work for VeChain.

Tell us about yourself and how you got into blockchain

Everything started in 2014 when I bought my first Bitcoins and Dogecoins. Yes, I bought Dogecoins because it was a fun token and full of positivity. In 2017 (it was my senior year in University), during the last lecture of Trusts and Equity in the Spring Semester, my good friend Harry asked the professor what he thought is the industry that will be the next big thing. The response was blockchain so I started reading again about blockchain, but from the perspective of business, and fell in love with Ethereum and the concept of smart contracts.

I never had the chance to attend my class graduation ceremony along with my friends the following summer because I spent all the money my family gave me for tuition fees for buying different crypto. I guess every great love story starts with a weird beginning. 

After a year working with my father in his law firm in Limassol, I decided that I wanted to become a solicitor in London. Having a good portfolio in cryptocurrencies and a law degree gave me the chance to get a good training contract with a big firm in London; taking care of the tuition fees for the Legal Practice Course and working part-time in their office. 

In November 2018, Sunny gave me a call: “man we are expanding, would you like to join our Global Team?”. I knew Sunny from before (MoU between Cyprus and VeChain). I dropped my training contract without a second thought. 

At that time my father felt a bit betrayed and didn’t talk to me for a month. Everything though changed afterwards, because every parent wants to see his child happy. 

What do you consider are your three strongest attributes? How have they helped you in your career?

Well, I am curious, persistent and an underdog. The combination of the three really helps my personal development and career. Being the curious, persistent underdog means I never consider myself good or the best at what I am doing. That leads me to question myself, judge what can make me better and what can make a project I am working on better. I think this is important when you are working in a tech company. There is no perfect product, tech, society or requirement on product. User experiences and expectations evolve therefore the offering should evolve in the same geometric sequence.

Dimitris (far left) with some other familiar faces in China

Can you tell us about your current projects and what excites you the most about them?

The pandemic of COVID-19 forced me to leave London and repatriate in Cyprus in early March 2020. During this period I’ve had the opportunity to work closer with I-DANTE about the delivery of two solutions: the E-NewHealthLife and the E-HCert for the Mediterranean Hospital of Cyprus. 

The details about the two projects have been well covered by your article guys, but I would like to express my excitement about these two solutions. The reason is that for the first time a public blockchain is used for the management of medical records in the most secure and GDPR compliant way. I am not going to share how we achieved that with I-DANTE but just to give you one of the ingredients: zero knowledge protocol. 

What are you most proud of about VeChain and why?

“In this team we fight together, we fight for each other, we are there for each other at any time; not just for work but also for casual talk.”

I talk daily with my colleagues, the current success of the healthcare projects in Cyprus is a team success. 

Photo of the VeChain community meet up in Paris

Sunny, Kevin and Flora, supporting me from day one with these two projects, trusting me and advising me. Gu and the rest of the technical team had some long conversations providing their intel and suggestions even during weekends. I got great support from the central team to support on PR work for such complicated solutions. I also got some tutoring about ToolChain and how to become a better Product Manager. Jason and Sarah… I love to hear these guys, the most positive people I know in my life and very resourceful on how to approach and sell. And lastly, I left my Yoda, Jerome. Being almost everyday on a call with him is like studying an MBA at Harvard University. The knowledge and guidance that he shares with me, I couldn’t ask for a better mentor.

What tips would you give to people looking to start a career in blockchain?

Well, I think these apply everywhere:

  1. Follow your gut and trust your brain
  2. Audentes Fortuna iuvat – Fortune favours the bold
  3. “You can’t connect the dots looking forward; you can only connect them looking backwards” – as Steve Jobs suggested

This is the trinity mantra I follow everywhere. 

Who is your biggest inspiration and why?

Well, I have 3. 

My dad. I think almost every son has as a model example his father. My father has been challenging and inspiring me since forever. Great husband, great father, great businessman. Whatever I do in life, I am asking myself what Christos (my father) would have done in the same situation and would he have been proud of me for my actions. 

Dimitris pictured with his father

Another person that really inspires me is Steve Jobs. The way that he cares about the product not to be only powerful but also beautiful, the way he magnetized the audience with the proximity and simplicity in his speech. Steve managed to find the balance between computing power and user experience. He made people want it before they even thought about it. 

And Sunny Lu, the CEO of VeChain, my mentor and friend. Sunny talks about blockchain not the complicated way, but the “love” way; making it understandable in a very beautiful, inspiring way. He reminds me a lot of Steve Jobs but in the blockchain industry. He also has the father figure in the company, I want to make him proud. Whatever I do, I send it to Sunny and the “ Good job man” coming from him is very important to me. 

What are your hobbies?

I love reading books, especially the ones written by John Grisham. I love writing, even though I haven’t written for a while. Golfing with my father, even though I don’t really have the time to do so anymore. But what I keep doing is meditation “à la Dim” – I take my car, put on music and drive for 30-40 mins on the coastal road of Limassol. It’s only me, the music and the road.

What is your guilty pleasure?

Well I love food. Any kind of food. Sometimes I feel like a trash bin. I eat anything (that I am not allergic to) but my weakness is McDonalds. “I’m lovin’ it” 😜

Double cheeseburger – double up, which means 4 patties- only available in Cyprus, and then strawberry pie. Yes my metabolism is good, I should have much more weight.

A fun fact about you?

In Summer of 2008, my family and I were in New York for holidays. During our excursion with the hop-on-hop-off buses, I felt a bit hungry and saw a hot dog station close to Central Park. I got down of the bus by myself for that hot dog station, the best hot dog of my life. My parents literally freaked out… 

What would be your superpower?

I would like to be The Flash because being the fastest man alive means you can do everything on time and have extra time for anything else. You can go back and forth in time and you can say you got hit and survived by a lighting strike.

If your life were a movie or TV show, which one would it be?

Something between:

Suits – because of law
Bing Bang Theory – because I am too Sheldon when I choose where to sit
Good Will Hunting – because I had to go to see about VeChain (in the movie it’s a girl) and dropping out traditional job
Inside Bill Gates Brain – because I am a technophile.

Before you go… Do you have a favourite quote or meme?

“Those who were seen dancing , were thought to be insane by those who couldn’t hear the music.” – Friedrich Nietzsche

For those wishing to learn more about Dimitris and his projects, check out this webinar. With already over 14K views, it’s clear there has been a lot of interest in his decentralized health applications in Cyprus. 

We thank Dimitris for his participation.

Let us know if you have any other suggestions for future editions of Humans of Blockchain at our new Twitter address.

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VeChain Weekly Update June 13th

VeChain Weekly Update June 13th

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It was an exciting week for the VeChain community that saw the price of VET skyrocket over 1 cent for the first time since 2019. The mainnet maintained its busier than usual approach with an average of 103k data clauses per day over the 7 day period. A slew of announcements, news, and positivity has pushed June off to a very positive start.

Weekly chart courtesy of LunarCRUSH

German Federal Office for IT Security Compliments VeChain

In a study published by Germany’s Federal Office for Information Security (BSI), VeChain is recognized among 300 blockchains for its intelligent supply chain management. The study aimed to examine and evaluate the security of 300 blockchains as part of a market analysis.

Source: Crypto News Flash

The full study in German can be read here.

VeChain announces their second official video contest

Submissions between June 8th 2020, 22:00 and June 30th 2020 will be eligible for up to 1 million VET in prizes. Click here for more details.

DNV GL holds event with Marsh on hotel infection management

The community will be keen to follow developments surrounding DNV GL’s new My Care business infection management certification service. We featured an article on the topic earlier this week, looking at how high-risk businesses in the hospitality industry would respond in the wake of COVID-19. Being able to build trust through third-party inspection and auditing services is an important step, and DNV GL can provide these services with public visibility by writing auditing and testing results on the blockchain. Already, at least three major hotels in China have been certified. While nothing is confirmed regarding DNV GL’s co-host and partner Marsh, it’s worth pointing out that they are a global leader in insurance and risk management, and will be an interesting company to keep an eye on.

Norway in a Box take part in livestream for Oceans Day

VeChain and DNV GL partner Norway in a Box talked about how they use blockchain to improve their supply chain processes and contribute to a cleaner ocean. The livestream reached a wide audience and was covered by many major Chinese media platforms. VeChain project manager Tang Min was there to give a presentation on VeChain’s marine traceability products.

Coinbase teases potential VET listing

The USA’s largest exchange by volume announced that they were looking to add a range of new assets to their trading platform. This is often seen as a major obstacle to adoption, as most North American cryptocurrency users start by linking their accounts to Coinbase.

We will continue to evaluate prospective assets against our Digital Asset Framework to assess factors like security, compliance, and the project’s alignment with our mission of creating an open financial system for the world. To apply for listing, fill out an application here.

Today we’re announcing that we are exploring the addition of a range of new assets. As part of the exploratory process customers may see public-facing APIs and other signs that we are conducting engineering work to potentially support these assets.

Source: Coinbase

VeChain CEO Sunny Lu to speak with DNV GL’s Renato Grottola and Deloitte’s Antonio Senatore at World Artificial Intelligence Conference (WAIC) on July 10th

Arguably the biggest news of the week, the WAIC is a major event on the China technology scene. This is the first year that blockchain will be included in the multi-day summit, that will take place in a hybrid online & offline format. The event is hosted by a group of government agencies including the Shanghai Municipal Commission of Economics and Information Technology alongside strategic partners like Microsoft, AWS, China Mobile, and ICBC. The signs are still there that China is pushing forward with their mission to take a global lead in technologies like AI, Big Data, and of course blockchain.

Shanghai TECOM Conference 2020

COO Kevin Feng will attend the TECOM Conference on June 20th to cultivate a more innovative startup ecosystem in Shanghai. Other participants will include startups, incubators, and representatives of corporate innovation departments.

Vulcan Forged gives a first look at new dApps

Community NFT and gaming incubator Vulcan Forged announced 10 NFT dApps coming to VeChain’s mainnet in 2020. The first one, a simple game that involves burning VTHO to send a rocket to the moon in exchange for potential NFT prizes was shown off on Twitter.

VeChain’s Chief Scientist Peter Zhou hosts Bootcamp with Senior Research Scientist Ren Zhijie

The two PhD holders broke down Proof of Authority and the new VeChain consensus algorithm currently being developed. VeChain101 will post a complete recap soon, so stay tuned for that.

 

Follow our new Twitter account for the latest in news, opinions, metrics, and other wholesome information on the world of VeChain.

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Community Survey Summary: VeChain Ecosystem Token Projects (Third-Party Edition)

Community Survey Summary: VeChain Ecosystem Token Projects (Third-Party Edition)

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From May 23rd to May 27th Tim from Cryptolyze conducted another one of his well-known community surveys about VeChain related topics.

Tim: This time it was all about the projects which are part of the VeChain ecosystem. Among other things, it asked how users rate the chance of success for various projects they have invested in and how they evaluated the impact of these projects on VeChain in general. 323 people participated in the survey, the results of which are summarized here.

Most of the projects are well known to the VeChain Community with ratings way over 80%. OceanEx led the way with 95%. Projects without a token sale like Cecil and CAHrenheit as well as failed projects like TicTalk received lower ratings.

Having asked this question in the 2nd VeChain Community Survey in August 2019 before, I was able to compare the ratings of most projects with the newer results. Almost all projects fell into disfavor with the participants, most drastically with OceanEx and Plair. The winner of this question was the 8Hours Foundation, which actually improved.

Fewer and fewer people participate in token sales of newer projects. OceanEx had the most participants. However, no project was really convincing – there were only mediocre ratings at most. The investors of Plair are particularly dissatisfied. A similar picture emerges with the buyers of tokens on exchanges. Plair, Decent.Bet, as well as the failed projects Tic Talk and BitAgora are rated very negatively, the rest are rated mediocre. The best value was once again 8Hours.

The participants were also confronted with a number of statements about the projects and their influence on VeChain.

58% agreed that the projects in the VeChain ecosystem are a disappointment in general and a similar number (60%) thinks that failed projects damage the reputation of VeChain as a whole. That’s why 72% said that VeChain should be more selective about which projects become part of the ecosystem even though 67% like the promotion VeChain is offering those projects on their official social media platforms.

A small majority of 57% thinks that those projects are important for the success of VeChain. A great number of participants (83%) have the opinion that a big number of transactions on the VeChain mainnet can be generated by the named projects. At the same time, 63% felt that enterprise clients were more important.

As to the question whether those projects are acting in good faith and put the interest of the project and investors ahead of their own, the community seems to have a divided point of view. 50% agreed whilst the other half continues to believe in the good intentions of the projects.

A disastrous result was the question of the participants’ attitude towards the projects. More than half (56%) stated that their own viewpoint changed from optimistic to pessimistic. Hardly anyone who was previously pessimistic is now optimistic (2%). Overall, almost two-thirds take a pessimistic position.

Finally, the question arose as to how the projects could improve these poor to mediocre results in the future. The community sees the greatest potential in working products, more transparency and a precise description of the token usage. Interestingly, the official support of VeChain plays a rather minor role.

Some key takeaways

In summary, it can be said that the euphoria around the projects in the VeChain ecosystem seems to have been given a massive dose of reality. In order for the community to become more optimistic again, the projects – as well as projects outside the VeChain ecosystem – must now prove their suitability in the real world. The mandate for working products with real usage is clear: hype, roadmaps and rumors are no longer driving investors to buy small marketcap tokens. Certainly the technology is mostly there from an infrastructure perspective. Now it’s about removing key bottlenecks, including more robust wallet solutions, easier Fiat-to-Crypto (and vise-versa) methods, and more productive community outreach to grow the potential user base. These responsibilities are shared by both the VeChain Foundation, projects, and of course community projects looking to work together. 

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