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VeChainThor

VeChainThor is a public blockchain that is designed for mass adoption of blockchain technology by enterprise users of all sizes. VeChainThor is intended to serve as a foundation for a sustainable and scalable enterprise blockchain ecosystem, supported in part by the novel governance and economic models and unique protocol enhancements.

The VeChainThor Blockchain is not built from scratch; it expands upon some of the essential building blocks of Ethereum (e.g., the account model, the EVM, the modified Patricia tree, and the RLP encoding method) and provides innovative technical solutions VeChainThor is packed with technical features that are tailormade for the actual needs of enterprises, individuals, and developers.

Meta-transaction Features

Meta-transaction features native to VeChain Thor blockchain’s core protocol, such as multi-party payment, multi-task transaction, controllable transaction lifecycle, transaction dependency, make the development more user-friendly for enterprise adoption.

Controllable Transaction Lifecycle — With BlockRef and Expiration transaction fields, users can set the time when transaction is processed or expired if not being included in a block

Multi-task Transaction (MTT) — Multi-function atomic transactions allow developers to batch payments, add multiple calls to different contract functions into one transaction and determine their sequence.

Multi-party payment (MPP) — Flexible transaction fee delegation schemes enable a freemium model within a decentralized application to onboard users without friction

Transaction Dependency — Set dependencies to ensure the execution order meets the business need, transactions that specify a dependency will not be executed until the required transaction is processed.

Proof of Authority (PoA)

Authority Masternode Operators, with the aligned interest in the development of VeChain ecosystem, maintain the VeChainThor protocol according to the Foundation’s governance policy. PoA addresses enterprise’ common concerns of inefficient upgrade and waste of energy.

Low computation power required to achieve the network security and consensus integrity

Controlled via the built-in smart contract, hard forks can be avoided in case authority mastemodes fail to upgrade

All Authority Masternode Operator identities are strictly verified by the Foundation

Governance

The balance between decentralization and centralization ensures efficiency and transparency. Community-elected Steering Committee, as the governing body of the ecosystem, facilitates decision making and execution supported by the on-chain governance mechanism.

Role-based voting reduces the uncertainty in the platform’s technical and organizational development

On-chain governance mechanism which is divided into three phases — propose, approve, and execute, is designed to support the governance model

Economic Model

The unique two token system (VET+VTHO) significantly helps separate the cost of using blockchain from market speculation. Due to the correlation with the blockchain resource utilization, the cost is more predictable with the monitoring of the VTHO supply and demand. In addition, Foundation’s governance mechanism further stabilizes the cost.

VTHO generation from any address holding VET at the predetermined velocity of 5×8¯8 per VET per block (10s)

70% of VTHO paid in each transaction is destroyed and the rest is awarded to the Authority Masternode Operator

Adjustment to variables (e.g. gas price, velocity) can be made to maintain the equilibrium of VTHO demand and supply

An Open Letter From The VeChain Foundation Regarding COVID-19

VeChain is a global entity with international operations across 7 major global cities. They have been focused on enhancing core infrastructure and delivering improvements to critical elements of their business model including a new version of VeChain ToolChain™.

How VeChain Operations Have Been Impacted By COVID-19

The growing pandemic has created unprecedented difficulties for the entire global economy.

As a result, project development, meetings and other activities have been mostly suspended, reducing the pace of progress in the short term.The team are currently working closely with all clients and partners to solve as many implementation problems as possible, while maintaining safety and risk control.

No projects have been cancelled as a result of this unstable situation.The team will keep a close eye on the development and carefully assess any adjustments. They will spend more time on internal management and resources optimization so that the Foundation is prepared for any possible global economic recession for the sake of the long term sustainable development of the VeChain ecosystem. The progress will resume at full speed once the global restrictions have been lifted.

What VeChain Is Doing (Blockchain And Operations)

The team are now focusing on their core software offerings to accelerate the speed of digital transformation. According to a report from the International Data Corporation (IDC), spending on digital transformation products and services will reach $1.97 trillion in 2022. VeChain is positioned to take a leading role in the building of the evolving digital economy.

VeChain ToolChain™ Iteration

Launched in 2019, VeChain ToolChain™ provides a powerful tool for business owners to quickly integrate the VeChainThor public blockchain into existing business processes. Responsible manufacturing, supply-chain oversight, real-time asset flows, sustainability and even the unique story of a product are attributes they sought to share, enabling enhanced brand engagement and novel ways to monetize data.

VeChain ToolChain™ facilitates this transparency, granting overarching insight of a product’s legacy data, creating new ways to generate value for both consumers, brands and supply chain participants alike. With data securely and immutably stored on the VeChainThor blockchain, trusted third-party service providers are able to further utilize these data, creating novel services and products in new, collaborative ways.

The latest iteration of VeChain ToolChain™ is a premium Blockchain-as-a-Service (BaaS) data platform, positioned as the de facto choice for enterprise users. The new version will deliver two significant enhancements and improvements to pre-existing functions.

They introduce the Process Builder, enabling the creation of tailor-made processes, customizable based on use case scenarios and business needs. Process Builder reduces the developmental requirements associated with the implementation stage of on boarding and allows business users to use customized landing pages, more clearly demonstrating their product’s life cycle.This agile technical structure facilitates minimum development cost and lead time, enabling maximum benefit from adoption of the technology.

VeChain ToolChain™ is designed to become a trusted and secured data infrastructure layer, connecting business users and service providers and enabling the provision of novel value-adding services such as data verification, micro-insurance or supply-chain transparency. On the platform, enterprise users are connected via world-class consulting firms and certifying authorities such as DNV GL, PwC and Deloitte, lending their well-reputed business acumen across various industries.

In late February, the team were able to facilitate the on-boarding of a new client: fashion designer Sarah Regensburger, who presented a line of sustainable clothing at Paris Fashion Week. Asia and Europe were able to deliver, even during the outbreak, through the new VeChain ToolChain™ platform.

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