VeChain strives to create the most comprehensive and professional application and solution platform for enterprise users and in turn for their customers, in the world. The comprehensiveness of our platform refers to the breadth of the basic infrastructural dApps and tools which serve as the foundation of our ecosystem, so the vertically integrated applications can thrive within our ecosystem, and the professionalism refers to the manner which we guide our conduct and day to day operations.

We want to focus this release on comprehensiveness and professionalism, namely, the first public infrastructure dApp for VeChain Thor and why it is critically important for the platform.

Due to the early evolution stage which we are in, professionalism within the cryptocurrency world is still hard to come by. Professionalism to us represents responsible, honest and compliance to the highest standards set forth by the community, users, and regulators.

VeChain also believes strongly in self-regulation. For jurisdictions with clear rules and regulations on blockchain projects, VeChain Foundation will uphold the compliance set forth by the jurisdiction, no matter how stringent the process.

An example of this is that VeChain is working closely with our strategic partner BitOcean to go through Japanese FSA compliance process so that we can legally transact VET in Japan and our token VET can be legally listed on major Japanese exchanges.

As for the jurisdiction without clear regulations for blockchain projects and/or cryptocurrencies, VeChain Foundation will set a standard by creating self-regulations via a series of best practices created, by taking into account of the efforts of many global enterprises, even if this means less flexibility for the team or more expenses to the foundation. An example of this is the first ever CDRP which we have initiated and completely internally.

After much consideration and planning, we are finally announcing our first official public infrastructural dApp, VeChain Digital ID and KYC system — VeChain Verified ID or VeVID.

The need for KYC and digital ID maintenance is pivotal for blockchain to see widespread adoption across the world not only from a Cryptocurrency point of view but also in general use. Being able to validate, audit, and trust members of the system helps reduce bad players as well as allows government and financial institutions better protect its users.

VeChain aims to revolutionize all business ecosystems through blockchain technology by advocating transparency and quality projects. We want to invite those parties developing qualified and quality projects to the VeChain Thor ecosystem to synergize with our current partners and technology for an ecosystem where the sum is greater than its parts.

Having a valid KYC and Digital ID system enables such qualified parties to build stronger projects without overcoming additional, or repeated, hurdles. The understanding of who is who within the ecosystem creates a global ripple and makes the management of your data, incredibly simple and powerful.