VeChain (VET), a Singapore-based enterprise blockchain platform for financial services and supply chain management, released an updated development plan and whitepaper today in anticipation of its official mainnet launch that is scheduled to take place during the last week of June.

Unveiling our "Development Plan and Whitepaper" with an updated governance structure, economic model, and new use cases. This piece will gradually be updated throughout its existence to reflect the goals and growth of the VeChainThor Blockchain.https://t.co/6tjZOaWIrK — VeChain Foundation (@vechainofficial) May 20, 2018

In the updated whitepaper, VeChain unveils an updated governance structure, economic model, and new use cases for its platform. The new economic model and governance structure will fit into VeChain’s next generation blockchain system, called Blockchain X.

In the economic model, VeChain leverages a twin-token system to facilitate its platform, namely, VET and VTHO. The function of VET is to serve as a value-transfer medium within the ecosystem while VTHO represents the underlying cost of using VeChain.

Notable within the governance structure is a voting system that uses stakeholders, including the VET holders and others that have specific roles such as Smart Contract Owners and Authority Masternode holders. These stakeholders can be individuals, corporations, government agencies, non-profit entities and other institutions with a valid legal status, and there are tiers of voting power depending on how much VET the voter holds.

The VeChain team also recently announced that it would be staging a 1:100 coin split at the time of its token swap to launch its mainnet. The ultimate goal is to improve the utility of the token as a payment method on the platform. With this coin split, for every 1 VET investors hold, they will receive 100 in exchange.

Due to the rate of adoption, we recognize that VET would primarily be calculated using fractionals in smart payments. With the mainnet launch’s token swap, we will conduct a 1:100 coin split to alleviate this concern. At that time, every 1 VET owned will be exchanged for 100. — VeChain Foundation (@vechainofficial) May 18, 2018

Earlier this week, VeChain announced the launch of the first ICO on the VeChainThor Blockchain. The ICO was for Plair, a project attempting to transform the life of gamers into a sustainable reality by rewarding them for their participation, performance and contributions to gaming ecosystems.

VeChain (VET) has a price of $4.3 and a market cap of $2.5 billion as of this writing.

More On VeChain

VeChain leverages blockchain technologies to solve the problem of counterfeits and product traceability across supply chains and logistics namely in luxury goods, wines, agriculture, automobile, transportation, pharmaceuticals, logistics and audit services. Driven by a number of strong partnerships, including PWC and BMW, VeChain aims to help businesses and customers with enhanced transparency through asset digitization and blockchain-powered cloud services coupled with IoT devices. (more)