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After showcasing its technological capabilities with VET 1.0 and VET 2.0 enterprise-grade protocol, VeChain has now released the whitepaper for its next iteration, VET 3.0. The release of the whitepaper was done in conjunction with global management firm Boston Consulting Group (BCG), a move that showcased the protocol's intentionality to advance its global footprint.
Our new whitepaper launched at The HiVe in close collaboration with Boston Consulting Group, our new global partner.
— VeChain Foundation (@vechainofficial) March 5, 2023
With BCG's vast reach & expertise, plus #VeChain's advanced #blockchain tech, we're driving a #sustainability revolution with $VET.
See: https://t.co/BEocXkVQMn pic.twitter.com/D9MV70vIb7
The 72-page whitepaper is packed with a detailed roadmap on what the focus of the VeChain protocol will be for the next few years, and the core message here hinges on sustainability. According to the whitepaper, VeChain will develop initiatives to empower individuals with the right information to join the sustainability agenda.
The protocol said it will be focusing on thoughtful collaborations across the board, with a number of known initiatives also set for municipalities.
"Small individual efforts, things like reducing personal food waste, will be multiplied across the community. For instance, our blockchain solutions will be integrated with municipal initiatives to help people donate food that is about to expire. We can then track the reduction in food waste at scale. And this is but one, small example," the whitepaper reads.
Tomiwabold OlajideBroader quest for sustainability
VeChain might have pledged full allegiance to sustainability practices over the next few years through its new whitepaper, but technically, the broader Web3.0 ecosystem is pivoting in this regard.
Once powered by the proof-of-work (PoW) consensus model, Ethereum was always getting backlash, being labeled noncompliant with Environmental, Social and Governance (ESG) standards, a move that many say will largely keep institutional investors away.
Ethereum thus made the conscious effort to transition to the proof-of-stake (PoS) system, and as such, it is more than 99% more energy efficient than Bitcoin. Just like Ethereum, other protocols are continuing to pay attention to initiatives that are helping to manage their carbon emissions/footprint.
Yuri Molchan
Tomiwabold Olajide
