Vechain Unveils Sustainability-Focused "Web3 for Better" Whitepaper at The HiVe Summit

CEO Sunny Lu announced the foundation's new economic approach to sustainability based on blockchain technology during the inaugural event on Saturday, March 4

LAS VEGAS, March 7, 2023 /PRNewswire/ -- Vechain released on Saturday "Web3 for Better," a new whitepaper co-authored with Boston Consulting Group (BCG) focused on sustainability initiatives in blockchain technology. The HiVe Summit, vechain's inaugural web3/sustainability event held in Las Vegas, convened more than 100 leaders in web3, ESG, and academia, including two Nobel Laureates, addressing challenges and proposing solutions for a more sustainable future. Sir Konstantin Novoselov was announced as advisor to vechain, whose pioneering work utilizes 2D smart materials for carbon capture on the VechainThor (VET) blockchain.

The whitepaper provides an overview of vechain's history as an eco-friendly blockchain and outlines the company's key initiatives and proposals, including the development of the "vechain Biosphere," a new DAO and on-chain incentive-based ecosystem that rewards stakeholders for "green" actions.

The vechain Biosphere proposes frameworks for various ecosystems with each one encompassing unique business models, stakeholders, incentives, value flows and technology requirements to address a specific sustainability challenge.

"We've heard empty promises from technology companies about their commitment to sustainability for far too long," said vechain co-founder and CEO Sunny Lu. "From inception, vechain has worked to create a better world for future generations by taking tangible steps to real-world applications and use-cases for our technology. Vechain is wholeheartedly committed to turning the words in our whitepaper into action with the support of our partners and community."

Built on vechain's low carbon blockchain, these ecosystems seamlessly interact with one another, providing support and enlisting resources to solve individual problems - whether establishing a circular economy for fashion or mitigating greenhouse gas emissions in the energy sector.

"From ecommerce to manufacturing and battery production, there is room for improvement in every sector when it comes to sustainability," said Lu. "It's incumbent upon all of us to leave the world a better place than we found it, and blockchain is an incredibly effective vehicle to do so. With support from our partners and community, the vechain team will continue to work and implement each initiative outlined in our whitepaper in order to forge a greener path forward."

Read the full "Web3 for Better" whitepaper here and watch the full livestream of The HiVe Summit here. For more information on vechain, visit vechain.org

About vechain 

Vechain, headquartered in San Marino, Europe, is the curator of VechainThor, a world leading smart contract platform spearheading the real-world adoption of blockchain technology.

By leveraging the capabilities of 'trustless' data (information without intermediaries), smart contracts and IoT technologies, VechainThor is delivering solutions across a wide array of fields, and now turns its attention to arguably the greatest challenge of all-building technologies and ecosystems to drive true sustainability and digital transformation at global scale.

Visit https://www.vechain.org to learn more.