1. Find your niche
Blockchain is full of projects that claim to do everything under the sun. This, however, is a bad approach. There will be no single blockchain to rule them all, just like there’s no single car company that has 100% of the market share. The key to success is to find your niche and do everything to succeed in it.
VeChain focuses exclusively on enterprise users as their target audience. This is the niche they have been building for, right from the beginning.
Enterprise users are some of the hardest to convince in terms of making changes. They tend to only embrace change if they absolutely have to or if it offers substantial value. In contrast, retail users, in comparison, tend to “Follow the herd” and use whatever that’s popular. “Build, and they will come” does not quite work in the enterprise sector.
Many critics of Blockchain say it’s a solution looking for a problem. VeChain took the exact opposite approach. They, together with partners PwC and Deloitte, surveyed industry participants several times to understand the pain points they currently face, which could potentially be fixed with Blockchain. These surveys and industry feedback also helped the team gather valuable insights on why the PoCs built on Ethereum, etc. were not scalable to a production environment.
The lessons learned from these insights equipped the team to develop a Blockchain (VeChainThor) with a transactional model and scalability that addressed the shortcomings of Gen2 blockchains such as Ethereum.
You can read more about this in the following articles:
They also developed ToolChain, an innovative tool that helps enterprises use Blockchain without having in house coding experience and/ or exposure to crypto tokens and volatility, both of which are showstoppers for enterprise adoption:
You can read more about ToolChain here:
VeChainThor Primer: What is ToolChain? | by Brot KnoblauchHaus | Jan, 2021 | Medium
In summary, VeChain has found its niche and stuck to it while addressing the pain points that are currently preventing the early majority in that niche from taking a plunge.