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Deloitte Ditches Ethereum for VeChain, Brags about Overtaking Bitcoin Transactions

Last Updated March 4, 2021 2:44 PM
P. H. Madore
Last Updated March 4, 2021 2:44 PM

By CCN.com: VeChain, which uses Proof of Authority rather than Proof-of-Work, clocked in more transactions than Bitcoin on Saturday. A Reddit user noticed and raised the celebratory alarm; Deloitte executive Cillian Leonowicz then claimed the activity via LinkedIn, writing :

We wrote more transactions than Bitcoin over the weekend by migrating our client work from Ethereum to VeChain – we managed to execute 20+ smart contract transactions per second.

Deloitte, BMW, and PwC Choose VeChain

‘Big four’ services giant Deloitte announced a week ago that it would be moving away from Ethereum, onto VeChain, following a similar move by PricewaterHouseCoopers.


BMW has also recently begun building on VeChain. The transaction news follows an announcement by Jaguar Land Rover, in which the luxury automaker is utilizing the IOTA blockchain for a cryptocurrency solution.

It seems the gist of the week is significant companies building on lesser-known platforms, as opposed to Ethereum. Major companies have also looked past EOS and Tron. VeChain bills itself as an enterprise-ready solution. Several announcements were made last week at a VeChain conference.


VeChain Surpasses Bitcoin Throughput

In total, VeChain processed over 396,000 transactions on Saturday, compared with Bitcoin’s 359,000. As the redditor points out , the total value of the transactions on VeChain is far less than the amount transferred by Bitcoin:

The total transaction value is of course completely insignificant to bitcoin’s, but that not the point here.

The price of VET is $0.006417 at press time, with over $11.5 million in a 24-hour trading volume. Smart contract platforms like Ethereum require a small amount of the base token to execute transactions. VeChain calls these “clauses.”

The news is curious because just one company was able to push VeChain’s transactions-per-second ahead of Bitcoin’s. Imagine what ten or twenty companies would do. Or even a fraction of the world’s business.

It also highlights all the talk about “scaling” solutions on the world’s most valuable blockchain – other blockchains have this type of capacity at their base layer. The limited capacity of the Bitcoin blockchain has some wondering how big a role it will play down the road.

Of course, VeChain processed nowhere near the transactions that Tron or EOS did on Saturday. Both blockchains occasionally process millions of transactions per day. VeChain views itself as an enterprise alternative to these products, but judging by its trading activity and price, flies very much under the radar.

Demand for tokens like VET generates organically when partnerships like the several it has announced – BMW, PwC, and Deloitte – come to fruition. Companies have a demand for the tokens then, in order to conduct daily business.