Build a trusted business environment through synergy and transfer of transparent information
Partner Update and Spotligh...
Built upon the next generation BaaS platform — VeChain ToolChain, BrightCode is by nature a Blockchain-based commercial ecosystem and commodity confidence index platform. The BrightCode platform combines the strengths of IoT, Blockchain, and third-party assurance to create an innovative business model where every stakeholder complements each other, be it consumer, producer, supplier and more.Introduced by Shanghai Xiandao Company of Bright Food (Group) Co., Ltd at the China International Import Expo 2018, BrightCode has seen its applications in the food industry. In the introduced solution, BrightCode is used to keep track of the entire lifecycle of the products. The first batch of the products to have gone live on BrightCode includes the premium “Cupids Farm” Milk.Cupids Farm milk powered by BrightCode and VeChainThor Blockchain is available in the marketIn this episode of our “Partner Update and Spotlight Series”, Zhe Xu, General Manager of Shanghai Xiandao Food Co. Ltd, a subsidiary of Bright Food Group Co. Ltd, was invited to speak about how the VeChainThor Blockchain has brought real value to their business.With the product data verified by DNV GL and stored on the VeChainThor Blockchain, BrightCode can ensure the authenticity of the information and prove that the products provided on the platform are of high quality, thus solving the issue of information asymmetry and bridging the trust gap between the enterprises and consumers. With BrightCode, we can endorse the credibility of our clients, and help them enhance consumer confidence.— -Zhe Xu, General Manager of Shanghai Xiandao Food Co. Ltdhttps://medium.com/media/6b6cb1c91e886557cc1a602e0b972fea/hrefRead the excerpt of the full video interview below:Q: On the first anniversary of the launching of the VeChainThor Blockchain mainnet, do you have anything to say to VeChain?Congratulations on the first anniversary of launching the VeChainThor Blockchain mainnet! We appreciate all that VeChain has done to help us integrate Blockchain technology into the business of Bright Food, a relatively traditional food enterprise, so that we can better keep track of the products, guarantee the quality of the products and prove to the consumers that the food we provide is safe and of high quality.Q: In which use case did BrightCode implement VeChainThor’s blockchain technology?Well, in the case of BrightCode, the VeChainThor Blockchain is applied to our dairy products, such as the Cupids Farm Milk, which is now available on Bright Food Suixinding (online store). With BrightCode, we can provide a huge amount of information with a lot of details, covering almost all the nodes of the supply chain from production to distribution.Within BrightCode, you can even find the temperature of each process of the cold-chain transportation. The data shown on the BrightCode platform is collected by IoT devices, which are accredited by third-party auditors, to avoid human intervention and errors. In the meantime, the VeChainThor Blockchain is leveraged to protect the data from being tampered. We also have third-party certification agencies such as DNV GL to verify the data, and PICC to provide assurance for the quality of the products.Q: What positive changes have VeChainThor Blockchain technology brought to BrightCode?Basically, BrightCode is an open commodity confidence index platform built upon VeChainThor Blockchain technology. Embedded with the mathematical model designed by DNV GL, the information of the products’ source, production, and logistics input into the system can be used to calculate a reference value together with the feedback from users and industrial quality standards.With the collected data and reference value, we can better evaluate the products in an all-round way. Empowered by Blockchain, BrightCode is designed to be a comprehensive and reliable confidence index platform, and we’re not taking our mission lightly. We will make relentless efforts in providing consumers with trustworthy and transparent product information.Q: Towards members of the VeChain community that are interested in this project, is there anything you would like to say to them?BrightCode, empowered by Blockchain technology, is a product of the joint efforts made by all stakeholders. I believe that being an excellent technology itself, Blockchain will see its applications in much greater scope and make a significant difference to our lives going forward.Q: In the next stage, what is BrightCode’s plan for VTHO consumption on VeChainThor Blockchain?We are going to introduce BrightCode to more companies from a variety of industries such as food, automotive parts, medical, and more. With the further adoption of Blockchain technology, BrightCode will also expand its footprints and have more companies and products onboard, which will lead to an increase in the volume of valuable transactions on the VeChainThor Blockchain mainnet.Q: Why did you choose VeChain?First of all, the Blockchain technology that VeChain provides is exactly what enterprises like us need, and is also the direction of our future development.Secondly, we’re impressed by the team chemistry of VeChain and found it nice to work with them. We believe that moving forward to the future, with our joint efforts, our cooperation will yield even more results for both parties.BrightCode has set itself as a great example of implementing the VeChainThor Blockchain in creating a business model where information asymmetry can be eliminated and the trust issue in consumer relations can be solved.Looking ahead, VeChain will join hands with BrightCode to further promote the platform to application scenarios outside of food and beverage, such as auto parts and healthcare, thus creating more value for both consumers and the real economy and creating even more valuable transactions on the VeChainThor Blockchain.*This is the third installment of the “Partner Update and Spotlight Series.” We hope to offer a unique look at some of the implemented solutions using the VeChainThor Blockchain. The range of use cases that these partners are implementing on the VeChainThor mainnet includes energy, supply chain management, retail, digital certificates, food, and beverages. As more and more of our partners and enterprise organizations are ready to announce and talk about their successful use cases of the VeChainThor blockchain, we will continue to expand this series.Read and watch the other installments through the links below:Partner Update and Spotlight Series: iTaotaokePartner Update and Spotlight Series: MadeforGoodsPartner Update and Spotlight Series: DNV GLTo learn more about VeChain’s blockchain-powered consumer confidence index solution and use cases, please visithttps://www.vechain.com/solution/productassurance
19. 07. 19
VeChain Rolls Out New Bount...
The VeChainThor Blockchain’s two token-system is designed to balance the market volatility and the cost of using blockchain. As the valuable energy which powers all activities of our ever-growing VeChainThor Blockchain, VTHO’s long term price equilibrium is subject to market forces, created by its generation from VET and market purchase activities from entities which consumes VTHO for their business needs. The VeChain Foundation and Steering Committee are observing closely on this matter, with frequent economic model analysis as well as continuous optimization of the transaction cost being key initiatives on the Steering Committee’s agenda.As Sunny touched on the VET/VTHO economic model in his recent AMA Marathon, in real-life use cases, companies choose to use the VeChainThor Blockchain to facilitate transactions that they can not perform without it. These transactions, therefore, have real economic value and consume VTHO as per the economic model. As the number of companies using VeChainThor increases and businesses scale up their usage, VeChainThor helps to create transactions with increasing economic value, which thus will be reflected by the demand and price of VTHO on the open market.To allow and enable the developers in the ecosystem to better focus their talent on building projects for the community and give a kickstart to the community, the VeChain Foundation has decided to take the initiative to launch a VTHO subsidy program as well as relaunching an updated VeChainThor Supercharger program for developers who implement native fee delegation features to their application.1. VTHO Subsidy (July 22 to October 22)Over the next three (3) months, the Foundation will subsidize all developers who run applications on the VeChainThor Blockchain 50% of the total VTHO consumed via their applications’ transactions. The Foundation will review, provide, and announce the subsidy on a bi-weekly basis in the VeChainWorld forum.Applications eligible for this bounty must meet all of the following criteria:The application is added to the VeChainWorld Application HubOnly addresses included in the application info of the Application Hub will be recorded for this bounty (if the addresses are not complete, please update your application information through the application hub)Projects are not running on VeChain’s blockchain as a service infrastructure (such as ToolChain)The VTHO consumed via the application is not sponsored via the VeChainThor Supercharger Bounty ProgramApply now through the bounty post in the VeChainWorld forum.2. VeChainThor SuperchargerFirst introduced on February 8, 2019, This program is designed to encourage projects developing on the VeChainThor Blockchain and ecosystem to leverage VeChainThor’s native fee delegation features (i.e. Multi-party Payment and VIP191 — designated gas payer) to provide smooth user experience and subsidize projects for the transactions they create on the VeChainThor Blockchain to facilitate the ecosystem’s growth.Native fee delegation is among the most popular features introduced as it allows the application operator to pay for transaction fees on behalf of their users or delegate the transaction fee to a designated third party which significantly helps onboard users to the Blockchain-based application seamlessly. Without native fee delegation, Exchange sign-ups and Blockchain transaction fees can deter those who have not yet fully engaged with the application or the Blockchain protocol.The VeChain Foundation considers native fee delegation to be one of the most critical features to enable seamless mass adoption of Blockchain-based decentralized solutions. In its enterprise use cases, applications will not be able to perform without such fee delegation features. VeChain is the first pioneer in the world of public Blockchains to implement native fee delegation before any other projects. To further assist the Blockchain and crypto community, VeChain introduced the Multi-Party Protocol (MPP) to the public on April 21, 2018, and through VIP191, fee delegation has been extended and implemented at the ecosystem level beyond the native VET token. Up until recently, several other globally well-known Blockchains and cryptocurrency projects have since adopted our innovation.Developers with fee delegation-enabled applications are eligible to apply for this one-time bounty program, and if accepted, the Foundation will allocate 3M VTHO on a dedicated sponsor address for the application. By this way, the application developer can leverage this sponsorship to boost the user onboarding.Apply for the VeChainThor Supercharger bounty via the online form and the program administration team will get in touch with you to set up the sponsor address.*The VeChain Foundation reserve the rights to disqualify an application, not accept a submission for VeChainThor Supercharger or terminate it before the allocated sponsorship is used up, if, determined by the program administration team that the submission violates the rules or is deemed as duplicated, abuse or false information.Sign up for the VeChainThor Supercharger now!
19. 07. 17
Partner Update and Spotligh...
As a global provider of assurance services and one of the world’s leading certification bodies, DNV GL sees the potential that blockchain possesses in boosting transparency and traceability. On the other side, VeChain, one of the early movers that pioneered the technology outside of fin-tech, made a perfect match for them.On January 24, 2018, the two parties forged a strategic partnership with an initial common goal of combining DNV GL’s know-how in the assurance industry with advanced blockchain technology provided by VeChain. This partnership aims to empower clients with increased control over their products and services and improve overall efficiency across the value chain.Since then, VeChain and DNV GL embarked on a spectacular journey of promoting mass commercial adoption of blockchain technology not limited to supply chains, and successfully launched multiple blockchain-based solutions such as My Story™, BrightCode, Digital Carbon Ecosystem, and helped integrate blockchain technology into various industries and sectors including F&B, FMCG, Wine, Luxury, Automobile, Healthcare, and more. With the application of the VeChainThor blockchain, DNV GL and VeChain are creating real, net positive economic value for enterprise clients through provable, cutting-edge technology.“From DNV GL Global to DNV GL China, everyone is actively promoting digital transformation. At its core, blockchain technology is essentially digital technology. With VeChain’s assistance, we could better empower some verification solutions that we currently have at DNV GL. Meanwhile, we have developed a new blockchain-based digital verification solution with VeChain. With the new solution, we can build a safer, better and more reliable connection between brands, enterprises, and consumers.”— — Jie Yu, Director of Digital Transformation at DNV GL Business Assurance Greater Chinahttps://medium.com/media/12f102ead7dfb841f50f05077960d3d1/hrefBelow is an excerpt and highlights of the video interview.Q: Why did you choose VeChainThor Blockchain?I’d like to call it an “inevitable coincidence.”DNV GL is a global enterprise that focuses on delivering trust and is dedicated to creating commercial values and achieving mass adoption while VeChain is born with the mission of promoting blockchain adoption and “Creating Valuable Transactions”. With shared value and vision, it’s natural for the two to come together.Here’s the story behind our cooperation. About three or four years ago, the headquarters of DNV GL and its office in China, through their own channels, both contacted VeChain with an intention to form a partnership. But they had no idea that they were actually in contact with the same company. Both claimed confidently, “We found a terrific blockchain company eligible for cooperation.” To persuade the other side that they’ve picked a better one, the two parties had an in-depth discussion and only to find out that they’ve chosen the same company. And so, the process following that went smoothly and DNV GL decided to establish a strategic partnership and invest in VeChain.Q: On the first anniversary of the launching of the VeChainThor Blockchain Mainnet, do you have anything to say to VeChain?A: Congratulations on the one-year anniversary of launching the VeChainThor Blockchain Mainnet! Over the last year, we have achieved really impressive results and implemented a number of commercial application cases. And I hope that in the next 1 to 3 years, DNV GL and VeChain can implement more commercial application cases and thereby creating greater value.Q: Which business area of DNV GL has VeChainThor blockchain technology been applied?VeChainThor blockchain technology has been applied in multiple business areas of DNV GL. For example, DNV GL has integrated VeChain’s ToolChain developer portal into the BrightCode and My Story™ solutions to collect temperature data, test data, and relevant data with regard to time and logistics, all of the data collected are then uploaded to the VeChainThor Blockchain.In the case of digital carbon ecosystem，we used VeChain’s smart contracts. Through smart contracts, carbon emission reduction equivalent can be calculated, based on which end users will be rewarded with carbon tokens accordingly. which is also known as carbon credits. In this way, we can build a network of value connecting enterprises and other participants within the ecosystem.Q: Towards members of the VeChain community that are interested in this project, is there anything you would like to say to them?Last year, DNV GL and VeChain have developed and implemented many commercial use cases, including BrightCode and digital carbon ecosystem. Besides, on a global scale, we have outstanding solutions like MyStory™. We have been making efforts to deliver solid results, steadily advancing the mass adoption of these solutions. In the next one to three years, and the years to come, we will gradually expand the adoption of these blockchain-based solutions in the market so that more enterprises can be included in the ecosystem. We will also explore new application scenarios to provide more enterprises with the valuable blockchain-based solutions developed by DNV GL and VeChain.Q: How does DNV GL empower its clients through the VeChainThor Blockchain?As Luca Crisciotti, CEO of DNV GL Business Assurance, and George Kang, CEO for Greater China of DNV GL Business Assurance, emphasized, we use the VeChainThor Blockchain technology to provide a new kind of digital assurance services that can empower our traditional corporate clients and generate new value and market competitiveness for them.Q: In the next stage, what is DNV GL’s plan for VTHO consumption on VeChainThor Blockchain?From our perspective, to increase the demand for VTHO, we need to accelerate the process of digital transformation, explore new application scenarios for blockchain technology and create more valuable business solutions for enterprises.In the case of DNV GL, we’re to carry out our plan in three directions. First, promote the BrightCode and My Story™ platform and attract more enterprises from food, alcohol, FMCG industries and more. Second, invite more enterprises that are committed to reducing carbon emissions to join the digital carbon ecosystem, in the long run, the ecosystem will cover a greater number of individuals through the participating enterprises. Third, we are planning to upload DNV GL certificates, which we’re promoting on the global stage, to the VeChainThor Blockchain.With the mass adoption of blockchain-based solutions and the emergence of a larger number of dApps, the demand for VTHO will increase dramatically.As a strategic partner and a world-leading certification body, DNV GL played a major role in enhancing VeChain’s presence on the global stage and laid a solid foundation for VeChain to establish itself as a household name. We’re grateful for everything that DNV GL has done to further adoption of VeChainThor Blockchain-based solutions and applications across the industries, and looking forward to the journey ahead.*This is the third article within the “Partner Update Series.” We hope to offer a unique look at some of the implemented solutions using the VeChainThor Blockchain. The range of use cases these partners are implementing on the VeChainThor main net includes energy, supply chain management, retail, digital certificates, food, and beverages. As more and more of our partners and enterprise organizations are ready to announce and talk about their successful use cases of the VeChainThor blockchain, we will continue to expand this series.To learn more about VeChain’s blockchain-powered digital carbon ecosystem solutions and use cases, please visithttps://www.vechain.com/solution/carbon
19. 07. 17
Top 10 Most Asked Topics Du...
VeChain successfully held an 8 hour long AMA Marathon on June 30th, where VeChainWorld Forum collected 534 questions in total. Around 67,000 people watched the live broadcast.The following are expanded answers to the top 10 most asked topics from Sunny’s 8-hour AMA Marathon live broadcast, based on the questions collected on the VeChainWorld forum.1. Economic Model1) What is the relationship between VET/VTHO and actual use cases？In real-life use cases, companies choose to use the VeChainThor Blockchain to facilitate transactions that the company can not perform without using the VeChainThor Blockchain, thus creating valuable transactions, and these transactions on the mainnet would all consume VTHO as according to the economic model. As the number of companies using the blockchain continues to increase and the business scale continues to expand, clearly, this means that the VeChainThor Blockchain and its surrounding services are assisting said companies and clients in creating more economic value, causing the demand for VTHO to inevitably grow every day, which will thus be reflected by the price of VTHO. And since VTHO is generated by VET, the price growth of VTHO will be reflected by the price of VET.In Whitepaper V1.0, it is stated that the Price of VTHO shall be stable, which was not clear enough and caused some misunderstandings in the community.What we really meant is that we need to keep the cost of using blockchain relatively stable, aka the transaction cost in FIAT should fall within a range which is acceptable by both the Foundation and commercial entities, creating and using the blockchain for transactions. Despite concerns by some quarters of the community regarding the hike in the price of VTHO causing transaction costs to be relatively more expensive, the VeChain Foundation will always closely monitor and take various measures to ensure that the cost of using the Blockchain be kept affordable for all stakeholders including community developers and non-enterprise users.2) Where do enterprises get the VTHO that they are consuming?The enterprises need to pay when they adopt blockchain-based solutions, such as ToolChain. The cost and money invested by enterprises to use ToolChain will directly be used to purchase VTHO and VET on the open market. The cost of using the blockchain is directly related to the transaction volume on VeChainThor Mainnet.2. Walmart China PartnershipWill you expand your cooperation and solutions to other supermarkets after the success with Walmart China, and is it possible that you will duplicate this model to other industries and companies?We are grateful to PwC for the successful collaboration and cooperation with Walmart China, as well as to DNV GL for the Italian Wine Association collaboration. In fact, they have been helping us all along to explore the market together as VeChain’s strategic partners and for that, we, in turn, provide them with technical support, tools, and services, so that they can easily develop new VeChainThor-powered applications for different enterprises across multiple industries and use cases.The successful cooperation between VeChain and Walmart China, first and foremost, indicates that traditional companies are willing to use Public Blockchains. Secondly, Blockchains in the future will most likely be a mixture of Public Blockchain and Private Blockchain, depending on the use case. Thirdly, by partnering with PwC to empower Walmart China’s Food Safety Traceability Platform, we have not only provided this solution to Walmart China consumers but also established contacts with Walmart China’s suppliers. In the future, we may gradually convince these companies to apply blockchain, thus putting into reality what we have been talking about — “applying blockchain technology across the board”.3. X-Node1) Why Were X-Nodes made tradable?The idea of trading X-Nodes was first put forward by early community members who held X-Nodes and expressed the hope of transferring VET to other wallets. Without node trading function, they would lose nodes after transferring VET. Besides, with such a function, we can provide a free trading platform for the community members who are optimistic about the future of the VeChain project. Apart from that, ever since the Mainnet launch and X-Node binding service started, we found out that some X-Node holders were trading X-Nodes in private through risky OTC methods, which would pose a potential threat to the assets of both the buyers and the sellers. Thus, after observation and careful consideration and discussions internally, we decided to tokenize X-Nodes as Non-Fungible Tokens and thus enabling a safe way for trading X-Nodes. Now that we are in the midst of preparing and eventually launching a better voting mechanism for the governance of the Blockchain, we will listen to the voice of the community more when making decisions like this. In the future, we will provide more benefits for X-Node holders, or even allow these holders to participate in the governance of the community.2) For X-Node holders, is it possible to set an incremental system where the longer you hold your VET, the more VTHO you will be rewarded?Good question! Actually, it is pretty much like Coin Age in Proof-of-Stake. We have given much thought to that question, but still, we need to do our research, for example, on how to achieve it from a technical perspective in our Blockchain architecture. Even if we can make it happen, we still need the community to vote before deciding whether we should actually do this.3) Will X-Node holders have more benefits in the future?We would like to first thank X-Node holders for their consistent support for VeChain. They are like family members to us. The entire VeChain ecosystem is willing to provide benefits to the X-Node holders. Therefore, with more projects onboard, X-Node holders will get more benefits. For example, through activities like this AMA, projects such as Plair, 8Hours-PlayTable, and OceanEx also joined us in providing rewards to X-Node holders to express our gratitude. In the future, the X-Node holders will be rewarded with more benefits, and they’ll have a larger role to play in community governance.4. Technical Development Plan1) What upgrades will the VeChainThor Wallet have?The new version of VeChainThor Wallet will be released in July. After collecting feedback from the community, the new version will add price display function in fiat and more support for dApps.2) What progress has VeChain made in cross-chain? What are your plans in this regard? Cross-chain technology is the future, and we have done a lot of work. At present, technical preparations have been completed, not only involving the exchange of information cross-chain, but also the exchange of value between Blockchains. In the next phase, VeChain will focus on the introduction of specific application scenarios and use cases. Please look forward to our future plans and announcements to come.3) Is it possible to achieve untraceable TX? I mean not for the entire blockchain but can be an option for untraceable tx when users want. For privacy-focused transactions, the Anonymous Protocol, ‘Bulletproofs’ as put forward by Professor Dan Boneh of Stanford University was designed to solve this problem. It will be part of the direction of our upcoming technological development, which we will mention in Whitepaper V2.0. This functionality will help both individual users and corporate customers alike.5. Roadmap of VeChainWe have many plans for the future. Our overall plan for the future is that we will continue to develop valuable applications, e.g. carbon emissions reduction, or more broadly use cases related to sustainable development. These projects will enable different people in different time zones and countries to set aside their differences for a common goal, which is in line with the ultimate goal of Blockchain development and adoption. This is why we are willing to put more efforts to explore such projects.1) What do you think of the present Blockchain industry?The first trend in the market is that more professionals and industry giants are entering, including Facebook, JP Morgan, etc. The second is that the requirement for legality and compliance has become more urgent. Large-scale commercial application is drawing closer. For VeChain, Blockchain’s advancement relies on the joint adoption and cooperation in the industry, rather than the strength of a single player.2) How is it going with the updates on the Whitepaper?Whitepaper V2.0 is being prepared. All updated contents will be published after a vote and decision made at the VeChain Foundation Steering Committee.3) Are there any ideas for a stable coin working on VeChainThor in the future?We prefer to call it a settlement coin rather than a stable coin. Current stable coin issues include lack of trust/endorsement and lack of use cases (currently only popular as a means of Cryptocurrency trading). But, there are actually lots of financial applications, such as being used as collateral or for investment purposes. The key is the need for KYC, and that’s what VeVID is designed for. The team has been discussing a lot about this. Settlement coin will be the next big thing for VeChain. Please look forward to our future announcements.6. With regards to USA Expansion, Regulation & ExchangesVeChain Foundation is still a relatively young organization, and it is true we have been spending more of our attention and more resources in Asia and Europe, which we are proud of our achievements so far in these regions. We do have a smaller presence in the USA or North America in general and we are trying to improve on our position in the market and industry. We have now hired Jason Rockwood to spearhead our business development efforts, and we do have plans in place to pivot more resources into North America, both on the business development front and also partnerships within the Blockchain and Cryptocurrency industries. VeChain acknowledges that the regulations in the United States are indeed stricter than most other jurisdictions and we will move forward under the guidance of our legal counsel in the USA, Scott Brisbin, and our Steering Committee member Daniel Kelman, both of whom are extremely experienced veterans in their respective areas of expertise. To us, being sustainable long term is the number one priority, and that means first and foremost to focus and be compliant to the current and future set of regulations. Rest assured that VeChain believes in and is very committed to the USA market.7. Exploring New Use Cases or DAppsVeChain has always believed that technology should bring new value to businesses, and the best carrier for such change is through enterprises. As enterprises already have their own business models, VeChain can take the role of an enabler, helping enterprises to better expand their businesses through VeChainThor Blockchain.Traceability is one of the major use cases for VeChain, and yet it is also the first step for many other use cases. To start the application of Blockchain in the value chain of enterprises, you have to enable businesses and enterprises to upload and store relevant data on the Blockchain.For instance, we initially provided BYD with a management solution for the whole life cycle for automobiles. Meanwhile, we offered traceability solutions in different supply-chain procedures for Bright Food’s “Cupids Farm”. When the first step is done, we discovered that they could be interconnected through our digital carbon ecosystem. BYD users can generate carbon credits, and then Bright Foods will pay for them, using real products and values to support sustainability.The Digital Carbon Ecosystem is a multi-party collaborative platform, which provides a new option for enterprises to practice social responsibilities. Through Carbon Credits, companies will be able to showcase how much they have contributed to the cause of environmental protection. For that reason, UNDP has signed with us to support the Digital Carbon Ecosystem. Thus, in the long run, VeChain will continue to support community applications and also develop enterprise-focused applications with real value on the VeChainThor blockchain.8. Regarding VeChain Community DevelopmentVeChain attaches great importance to the development of the community, and has always been listening to the community. It’s a good idea to establish a community alliance, and we hope that community members can actively participate in the organization of such groups and promote the Blockchain-based commercial applications developed by VeChain, thus adding momentum to the development of VeChain Ecosystem. Such actions will be supported by the Foundation. Plans in detail shall be disclosed in the future.When will the next election of the VeChain Foundation Steering Committee take place? Is it possible that community representatives join the Governance Committee or Functional Committee?These questions will be answered in Whitepaper V2.0. According to our existing arrangement, the members of the Steering Committee will serve a 2-year term, from ICO to the launch of mainnet, which is a trial run period. The current term started on June 30, 2018, and will end on June 30, 2020. That means a new Steering Committee will be elected before that date, together with a new architecture. And to be sure, community representatives will be able to participate.9. Relationship between VeChain Foundation and the VeChain companyVeChain Foundation was established in mid-2017. Like many other projects, it is a non-profit organization dedicated to the development of the community and the core Blockchain infrastructure. However, the lack of relevant regulations makes it really hard to get things done. For example, when you pay your employees’ salaries, not everyone accepts being paid in digital currency. So you often need to pay in fiat.In the meantime, you need a team that is capable of getting things done to run the daily operations. That’s why we established the VeChain company in Shanghai. Like many start-ups, the company provides many tools and services, and its primary job is to help VeChain Foundation with the day-to-day operations. If some toolset or other materials critical to the VeChain community are unbuilt due to financial constraints, lack of existing products or other limitations then the VeChain company will step up on behalf of the community and will build such toolsets and materials. Take the VeChainThor Mobile Wallet for example. A few years ago, many people were developing desktop wallets and few people would develop mobile wallets. However, many of our Chinese community members had established a habit of using mobile wallets. That’s where we jumped in. (Same thing about HSM). We had some great ideas that were meaningful, but there was a lack of development within the community that would put them into reality. So, the VeChain company got the job done to enable more people to develop more valuable applications on the mainnet of VeChainThor Blockchain.10. How is the USD-500-million ThorPower Fund going?The USD-500-million ThorPower fund is under smooth progress. We are targeting the main source of capital contribution to be comprised of family offices, investment funds, and other limited partners that seek long-term sustainable gains, and at the same time believe that we are making a long term difference in the world.We will engage and enlist investment professionals and/or qualified investment institutions to help manage these funds. In the meantime, we have engaged distinguished VCs and incubators to help us with identifying our future potential investment targets whom we will be bringing onboard the VeChain Ecosystem. We’ll work closely with many well-known VC and incubators such as Fenbushi Capital, Draper Dragon, LongHash, Tribe Venture, and other distinguished organizations to provide support for the projects within the ecosystem. The portfolio in their system who have interests in joining VeChain Ecosystem are also our targets. In addition, we welcome the participation of traditional Internet companies who are willing to use blockchain or find the blockchain technology useful for their businesses. It will definitely be a win-win.
19. 07. 08
VeChain Kicks Off the First...
Since the VeChainThor Mainnet Launch, VeChain Ecosystem has enjoyed substantial growth and made remarkable achievements in terms of pushing ahead the mass commercial adoption of blockchain technology. To facilitate the process and further uphold VeChain’s vision of creating valuable transactions, the VeChain Foundation recently announced a VET buyback plan worth up to $25 million. The first phase of the buyback, which amounts to no less than $5 million on the open market, will be implemented over the next quarter, starting in July 2019.The Foundation introduced the buyback strategy as part of our broader efforts to further support community building and promote the development of the VeChain Ecosystem. In addition to its funds, the Foundation will set aside a portion of its revenue to support the plan.The VET acquired will be injected into VeChain’s funding pools. With more VET in stock, more VTHO will be generated, thus allowing the Foundation to provide more financial support for projects to operate on the VeChainThor Blockchain. Hence, the Foundation can enable a lowered threshold for developers, projects and enterprises to try out the VeChainThor Blockchain and find out for themselves how blockchain technology can be leveraged to empower their projects or businesses, thereby boosting the progress of the ecosystem.Another major issue that VeChain aims to tackle with the introduction of this plan is to explore the feature of VET being used as smart money and store of value within the VeChain Ecosystem and the ecosystem of our affiliations. VeChain has been endeavored to establish VET as a value-transfer medium as well as a store of value, to enable rapid value circulation within the ecosystem. Due to the fact that the Foundation had not allotted any pools of VET for this purpose, with a portion of the newly acquired VET, VeChain will experiment with various jurisdictions and financial institutions on the medium of transfer and store of value concepts. More details to be announced as timing matures.For openness and transparency, all VET obtained through this buyback program will be sent to the following address: 0xCBb08415335623A838E27d22Ac7FDF8A370AF064. The information related to the buybacks will be disclosed in VeChain Financial Executive Report, starting from Report Vol.8.
19. 07. 05
Partner Update and Spotligh...
In the previous release, we kicked off the Partner Update and Spotlight Series with a video interview with Jie Zhou, CEO of iTaotaoke, who shared with us how VeChainThor Blockchain solutions are integrated with iTaotaoke, helping them build a platform with innovative features where self-publishers and content providers can profit from the knowledge and content they created, all while having their intellectual property protected.Supply chain management is a second area to be highlighted in this series where the VeChainThor blockchain has been brought into play, and MadeforGoods (hereafter refers to as MFG), one of the first partners of VeChain, is a perfect narrator to tell the community their experience on how the VeChainThor Blockchain is leveraged to empower their business.“The VeChainThor Blockchain has been introduced into multiple products and services we developed for our clients, and the technology contributed significantly to our product innovation and promotion. The advanced blockchain-based solution not only serves to provide better anti-counterfeiting compared with physical anti-counterfeiting solutions and traditional digital solutions, but also ensures data authenticity and immutability. As a cutting-edge technology, Blockchain is set to bring huge value moving forward. To achieve such value creation takes the joint effort and persistence of us all. ”— — Vince Yang, Co-Founder & Commercial Director of MFGhttps://medium.com/media/b87ef46b4c545c0c87e19dc85e966490/hrefBelow is an excerpt and highlights of the video interview.Q: Why did you choose the VeChainThor Blockchain?A: It’s the similarities that we share that brought us together. Both of us started our businesses focusing on innovation and we also have a lot in common in terms of our clientele and partners, for example, both of us have been working with wineries. The business culture and ideology for both of our companies are similar too, and with so much in common, it’s only natural for us to move forward to achieve greater heights together.Q: Which business area of MFG has VeChainThor blockchain technology been applied?A: The VeChainThor Blockchain technology has been mainly integrated into the product traceability solutions and digital marketing solutions MFG developed for its enterprise customers. In some use cases, the products are each assigned a QR code representing a unique ID on VeChainThor Blockchain, which enterprises can then keep track of the lifecycle of the products and formulate marketing plans on a case-by-case basis, all while allowing end-consumers to access the product information necessary for them to make better purchasing choices.Q: How does MFG empower its clients through the VeChainThor blockchain?A: For our clients, one of the most urgent and imperative issues that they need to tackle is anti-counterfeiting. The traditional solutions adopted are physical anti-counterfeiting techniques, which have proven to be inadequate, thus people turned to digitalized solutions, however, it turned out that the digitalized solution also has its own Achilles’ heels: insufficient data security and unsatisfactory data encryption techniques, etc. So, we introduced blockchain technology. Empowered by the technology, the data of the products are updated and stored on the blockchain, thereby achieving full traceability and guaranteeing authenticity. The blockchain-based solutions are well-received by our clients.Another area that blockchain technology will have a role to play lies in achieving marketing integration, for example, the joint marketing events co-conducted by FMCG brands.So basically, the VeChainThor blockchain enables us to empower our clients through achieving anti-counterfeiting and marketing integration.Q: In the next stage, what is MFG’s plan for VTHO consumption on VeChainThor blockchain?A: With the development of blockchain technology, we can expect wider acceptance from the mainstream, which will lead to a growing number of companies, especially the leading companies, to be involved in Blockchain-based solutions. And that will give rise to new demands for the technology, for example, VeChainThor might be needed for collaboration-based marketing scenarios to achieve higher data security. We’re looking forward to facilitating this process and achieving a win-win result for all.Q: Towards members of the VeChain community that are interested in this project, is there anything you would like to say to them?A: I’d like to say that in the future, you will find more and more products having their own unique digital ID as a marker of their identity in the market. At this stage, the products are mainly marked by QR codes. In the future, however, products might be marked by NFC chips. It can be expected that one day everything in our life will be interconnected, which will present a brand new market for blockchain technology and blockchain-based solutions. Let’s work together to make that day come sooner!Founded in 2016, MFG is an inspiring example of how Blockchain technology can be leveraged to empower supply chain management and marketing integration. With Blockchain-based solutions, enterprises can ensure the authenticity of their products, directly manage information from once indirect customers, and identify new potential markets.Empowered by VeChainThor Blockchain technology, MFG provides a highly configurable SaaS solution, including unique digital ID management, WeChat Mini Programs, and Big Data Analytics — with a timeframe of just 6 weeks for implementation.The solutions developed by MFG have already been adopted by over 60 brands from a wide range of industries such as alcoholic beverages, auto aftermarket, industrial goods, food services and more, reaching out to more than 300 thousand active retailers with an 80% scan rate. As of now, MFG has serviced its clients in over 10 billion business transactions.To view more information about MFG, please visit: https://madeforgoods.com/en/This is the second article within the “Partner Update Series.” We hope to offer a unique look at some of the implemented solutions using the VeChainThor Blockchain. The range of use cases these partners are implementing on the VeChainThor main net includes energy, supply chain management, retail, digital certificates, food, and beverages. As more and more of our partners and enterprise organizations are ready to announce and talk about their successful use cases of the VeChainThor blockchain, we will continue to expand this series.*To learn more about VeChain’s blockchain-powered retail solutions and use cases, please visit https://www.vechain.com/solution/retail.For more information about VeChain’s blockchain-powered logistics solutions and use cases, please visit https://www.vechain.com/solution/logistics.Partner Update and Spotlight Series: MadeforGoods was originally published in VeChain Foundation on Medium, where people are continuing the conversation by highlighting and responding to this story.
19. 07. 02
VeChain Financial Executive...
We are excited to present the seventh VeChain Foundation Financial Executive Report. This financial report covers Feb 2019 through Apr 2019. In this period, VeChain Summit 2019, the First Global Developer Conference of VeChain, was held in San Francisco. Themed as “Creating Valuable Transactions”, VeChain Summit 2019 enabled the attendees to form a deeper understanding of how blockchain empowers the real economy and displayed what VeChain has achieved together with its partners from across the industries.As always, we sincerely welcome the community to hold us to the commitment of transparency, the rigorous monitoring, and usage of funds, and the development process of all aspects within the VeChain Foundation.The report structure is as follows:1. VET Supply Overview2. VeChain Foundation Expenditure (use of proceeds)3. Notesi) Enterprise Investor Poolii) Co-Founders, Development Teamiii) The Operation, Technological Research and Developmentiv) Business Developmentv) Compliance & Legalvi) Ecosystem Development1. VET Supply OverviewTo continuously improve the financial reports and accurately reflect the VET distribution, we decided to breakdown the VET Circulating Supply and Soft-lockups. In the previous financial reports, the soft-lockup was contained in the Circulating Supply, however, this portion was not moved to the market during the reporting period. The soft-lockup categories are as follows:Authority Masternode collateral — each Authority Masternode keeps at least 25 million VETsX Nodes staking — each X node keeps a minimum amount of VET based on four different tiersEconomic Nodes staking — each economic node keeps a minimum amount of VET based on three different tiersTeam Lockup — According to the whitepaper 5% of the total VET supply is allocated to co-founders and development team, and this pool is released quarterly over a two year period. However, the executive team as well as part of the team members have been voluntarily locking their allocated tokens to show the commitment to VeChain’s long term success.Note: The VET total supply on the VeChainThor Blockchain is 86,712,634,466.2. VeChain Foundation Expenditure (use of proceeds)We summarized below the USD value of the expenditure in fiat or BTC/ETH for the reporting period. For the spending in BTC or ETH, the USD value was booked based on the rate when the transaction occurred. In many situations, our service providers and partners prefer to receive VET as direct payment or investment compared to using fiat or BTC/ETH. Therefore, the total expenditure for operation, technological and business development comprises a combination of direct VET payment and use of proceeds (fiat, BTC/ETH) depending on the associated parties’ preference.The expenditure of this period increased as we held the first VeChain Summit on April 18 at San Francisco and officially released ToolChain.3. Notesi) Enterprise Investor PoolAs the crypto market rebounded at this period, quite a few venture capitals initiated contact with us. We continued evaluating the offerings on hand and are looking for institutional partners who could bring fundamental change, or value, to the long term development of the ecosystem. While most of our business partners acquire VETs on the open market, 50 million VET were purchased from this pool by our strategic institutional partners who are looking at holding the VET for their long term purposes.ii) Co-Founders, Development TeamIn this period, the Foundation distributed 510 million VET as seventh quarterly rewards to the team. During this reporting period, 3 full-time employees joined us in VeResearch, project management and product team. As we are getting closer to the one year anniversary of the VeChainThor mainnet launch, under the leadership of Flora Wang, our Chief Human Resources Officer, we have been continuously optimizing the performance review and incentive program to support the long term success of the project.Same as previous periods, the executive team will continue locking up 100% of their rewards gained in this period. In addition, part of the team members opted to lock up their allocated token to show the commitment to VeChain’s long term success. In total, out of the portion allocated to the team in this quarter, about 373 million VET was locked up voluntarily after being released from the Foundation reserve.iii) The Operation, Technological Research and DevelopmentDuring this period and especially in the VeChain Summit, several products were announced to the public, highlighting our achievements and development.At the first VeChain Summit, themed as “Creating Valuable Transactions”, we unveiled multiple one-stop enterprise-level blockchain solutions such as VeChain ToolChain, HSM Based Key Escrow Turnkey Solution, and VeKey Based Threshold Signature Turnkey Solution. The launch of these solutions will further VeChain’s effort to facilitate the digital transformation of the real economy.We also announced VeChainWorld which includes an application hub, developer information center, and developer forum. With the launch of VeChainWorld, users and developers will have a one-stop source to find applications and useful information relating to VeChain, and even communicate with other ecosystem builders.The VeChainThor Wallet v1.4 was released during this period. We have added the VeChain Application Browser so that users can access VeChain Applications on the go, as most people prefer to access applications on their smartphones than desktops.VIP191 — designated gas payer, a critical technical improvement to the multi-party payment protocol was introduced to further enhance the dApp user onboarding experience.iv) Business DevelopmentOn April 18, the first VeChain Summit was successfully held in San Francisco. In attendance of the VeChain summit were business service providers representing clients which amounted to over 100,000 globally, covering the vast majority of Fortune 2000 companies. The conference boasted over 350 developers and scholars, over 50 business decision makers, government officials, and investors from all over the world.VeChain team also managed to sign a few renowned partnerships which will lead to more enterprise blockchain applications on the mainnet.During this period, Deloitte Blockchain EMEA Blockchain Lab opted to migrate DNV GL’s blockchain solution, which secures the certificate issuance process for business assurance, from Ethereum to VeChainThor blockchain.Announced partnerships and collaborations (Feb 2019 — Apr 2019 )Reebonz Holding Limited (Feb 28)Haier (Apr 1)Norway in a Box (Apr 8)Highlights from the community and marketing events (Feb 2019 — Apr 2019)Sunny Lu delivered a speech of “Next Decade — Blockchain Development” at “Who’s the prophet” hosted by ChainDD (Feb 7)Sunny Lu attended the “Emerging Tech Exchange at the AT&T Pro-Am” hosted by PwC, and shared observations and opinions on the integration of business and blockchain technology (Feb 8)Mystory™, DNV GL and VeChain cooperation project, was featured in a news segment on Rai-Radiotelevisione Italiana channel 1 (Feb 19)General Manager of SE Asia & Australasia, Sarah Nabaa attended “Japan-Singapore Partnership Programme for the 21st Century”, and delivered a speech of “Next Decade — Driven by Business Value” (Feb 22)Sunny Lu and Renato Grottola, member of VeChain Foundation Steering Committee and senior vice president of DNV GL were interviewed by Le Fonti, a live streaming television on the growth of Blockchain technology and its impact on business (Mar 6)VeChain US country manager, Jason Rockwood attended the sixth MIT Bitcoin Expo, and was interviewed by CryptoLiveLeak on VeChain’s IoT solutions, the very first VeChain summit and business cases (Mar 10)Sunny Lu attended OceanEx’s meetup at Amsterdam, Netherlands, and shared his opinion on blockchain technology (Mar 13)Kevin Feng attended the blockchain & fund matchmaking hosted by Fenbushi Capital, and delivered a speech of “Blockchain Applications Enable the Real Economy” (Mar 14)Kevin Feng attended the Innovation Hub Salon adopting the theme “Blockchain Today” hosted by ThirdBridge, and delivered a speech of “The present status and trend of public blockchain” （Mar 15）Sunny Lu attended the opening ceremony of DNV GL artificial intelligence research center in Shanghai, and delivered a speech on the cooperation in blockchain ecosystem and business application between DNV GL and VeChain (Mar 18)VeChain US country manager, Jason Rockwood was interviewed by Go CrptoWise on community’s value to VeChain (Mar 25)VeChain was awarded as the most influential public blockchain in 2018 jointly issued by Mars Finance, Consensus Lab and VBLOCK (Mar 28)Sunny Lu attended SUM 03 summitt, and share his opinion on blockchain development, how blockchain will affect the world and our daily life (Apr 6)Sunny Lu attended the 68th meeting of the United Nations Economic Commission for Europe and shared his opinion on how blockchain’s role in the city sustainable development (Apr 10)The very first VeChain summit held at Ford Mason (Apr 18)General Manager of SE Asia & Australasia, Sarah Nabaa attended “ACCA Smart Finance Series” jointly hosted by ACCA, PwC, Insead EMI, and introduced the MyStory™, DNV GL and VeChain cooperation project (Apr 23)VerifyCar, BMW and VeChain cooperation project, was featured in a news segment on Cointelegraph (Apr 30)v) Compliance & LegalDuring the launch of the VeChain ToolChain, we engaged legal, cybersecurity and privacy experts to perform risk assessments, to make sure that the solution is ready for commercial usage, up to industry standards and also able to address concerns from business clients and users. As usual, before releasing the VeChainThor wallet v1.4 update, we engaged SlowMist to audit the security of the added functions.vi) Ecosystem DevelopmentDuring this period we had our first successful VeChain Application Development Challenge. The development challenge aids our desire to enable developers and startups in the ecosystem to create valuable transactions. 22 applications built on the VeChainThor blockchain were submitted for the challenge in the categories of business, social media, entertainment, utilities, and finance, and finally 9 applications were picked as the winners of the challenge. For details please refer to Winners of the First VeChain Application Development Challenge.VeChain Financial Executive Report Vol. 7 was originally published in VeChain Foundation on Medium, where people are continuing the conversation by highlighting and responding to this story.
19. 06. 26
Walmart China Takes on Food...
The Walmart China Blockchain Traceability Platform Launching Ceremony(June 25, 2019, Beijing) On June 25, in combination with Walmart China, China Chain-Store & Franchise Association (CCFA), PwC, Inner Mongolia Kerchin Co., Ltd., and VeChain, the Walmart China Blockchain Traceability Platform, built on the VeChainThor Blockchain, was announced at the 2019 China Products Safety Publicity Week Traceability System Construction Seminar. This seminar was jointly organized by Walmart China and the CCFA in Beijing.The announcement of the Walmart China Blockchain Traceability Platform came with the introduction to the first batch of 23 product lines that have been tested and launched on the Platform. The Platform is expected to scale by another 100 product lines by the end of the year covering more than 10 product categories including fresh meat product, rice, mushrooms, cooking oil, etc. It is expected that the Walmart China’s traceability system will see traceable fresh meat account for 50% of the total sales of packaged fresh meat, traceable vegetables will account for 40% of the total sales of packaged vegetables, traceable seafood will account for 12.5% of the total sales of seafood by the end of 2020.Read official announcement from Walmart ChinaVeChain’s blockchain technology is enabling Walmart China to implement a traceability strategy for products and pioneer the large-scale application of blockchain traceability. By scanning the desired products, customers can acquire detailed information, including the source of the scanned products and geographic location received by Walmart, logistics process, product inspection report, and many more data points. Data collection and data availability are to be continually added to the scale of the platform and its use of blockchain technology.THE WALMART CHINA BLOCKCHAIN TRACEABILITY PLATFORM SIGNING CEREMONYThe Walmart China Blockchain Traceability Platform signing ceremony took place at the 2019 China Products Safety Publicity Week Traceability System Construction Seminar. The partners in attendance are represented by:Mr. Pei Liang, President of CCFAMr. Chu Dong, Vice President of CCFAMr. Shi Jiaqi, Chief Corporate Affairs Officer of Walmart ChinaMr. Yang Weizhi, Managing Partner of PwC China Strategy and InnovationMr. Kevin Feng, Chief Operating Officer of VeChainMr. Liu Xiaoen, Chief Procurement Officer of Walmart ChinaMr. Chen Mingzhi, Chief Ethics Compliance Officer of Walmart ChinaDr. Yan Zhinong, Executive Director of Walmart Products Safety Collaboration CenterMr. Li He, Chairman of Inner Mongolia Kerchin Co., Ltd.VeChain’s COO, Kevin Feng (in the middle) at the Walmart China Blockchain Traceability Platform Launch Event together with Yan Zhinong, Executive Director of Walmart Products Safety Collaboration Center, Chudong, Vice President of CCFA, Li He, Chairman of Inner Mongolia Kerchin Co., Ltd.As part of the event, the signing ceremony attendees conducted a discussion on how to share responsibilities and use technological innovations to guarantee the quality and safety of products and edible agricultural produce, boost consumer confidence and satisfaction, and contribute to the upgrading of service consumption.Kevin Feng, Chief Operating Officer of VeChain commented on the collaboration, said: “As the world-leading enterprise-public blockchain platform, VeChain aims to empower enterprises in the large-scale digitization process by providing safe and mature blockchain deployment solutions and promote the wide application of blockchain technology. We achieve this while putting forward new insights for the development of the businesses’ ecosystems. The launch of the Blockchain Traceability Platform by Walmart China, the world-class retail giant, is of great significance to the commercial application of blockchain technology. VeChain will work with Walmart China to actively take heed of the call of the government, by utilizing technology to promote the traceability of fresh food, and to provide innovative solutions for the traceability platform through digital technology, so as to generate more transparent and reassuring consumption experience.”Shi Jiaqi, Chief Corporate Affairs Officer of Walmart China, stated: “Walmart has always worked to provide reliable products of quality and convenient services to customers, which is our core value proposition. With this target in mind, Walmart has continuously invested in the whole supply chain, from source procurement and commodity strategy, supply chain construction, to store and e-commerce platform operation management. We use digital methods to improve efficiency and transparency, providing products and services of quality to customers and making life better for busy families in China. ”Elton Yeung, Strategy and Innovation Leader, PwC Mainland China and Hong Kong, pointed out: “PwC’s mission is ‘building trust and solving important problems’, which is the top priority of PwC in providing professional services and making business decisions. In the face of food safety, how to build consumer trust is a problem that PwC, our clients and partners have been trying to solve. We believe that Walmart’s Blockchain Traceability System will be an excellent example of blockchain technology applied in the retail industry, helping to improve food safety and quality management, and providing a strong guarantee for building consumer trust.”REALIZING LARGE-SCALE APPLICATION OF BLOCKCHAIN TECHNOLOGY AND PROMOTING PRODUCT TRACEABILITY IN THE RETAIL INDUSTRYAs a retailer trusted by consumers, Walmart has been devoted to improving food safety and quality management, and VeChain’s blockchain technology will enable it to take the lead in traceability management among retail peers. Walmart China has pioneered the large-scale application of traceability platform based on the VeChainThor Blockchain, giving priority to products of high-concern and high-risk. The first batch of 23 product lines have been tested and implemented using the public blockchain platform with more than 100 product lines following in the second half of this year, covering more than 10 categories.The first batch of 23 product lines are live on the Walmart China Blockchain Traceability PlatformDomestic customers are proposing higher demands on food safety, digitalization of food traceability will help suppliers to increase their brand value and win their consumers’ trust. Walmart China expects the use of the platform to continue to grow in scope, accounted scales, and geographic implementation. As the platform continues to expand, more categories of food will be traceable and thus the value transfer will be further expanded in the industry reflected on the VeChainThor Blockchain.Through the technical support of PwC and VeChain, Walmart China has built the proprietary food safety traceability platform on the VeChainThor Blockchain. Participants in the supply chain will share their portion of data, and promote the visibility and management efficiency of the whole chain by utilizing the decentralized and tamper-proof blockchain technology. This platform enhances the transparency of product information, ensures the authenticity of product data, and boosts the trust of their consumers. In the future, the Walmart China Traceability Platform shall adopt multilateral cooperation, synchronizing data from local governments’ traceability platforms and suppliers’ own platforms, so as to provide customers with safe and high-quality products, all on the VeChainThor Blockchain.About VeChainLaunched in 2015, VeChain aims to connect blockchain technology to the real world by providing a comprehensive governance structure, a robust economic model, and IoT integration. VeChain is the pioneer of real-world applications using public blockchain technology, with international operations in Singapore, Luxembourg, Tokyo, Shanghai, Paris, Hong Kong, and San Francisco.Together with our strategic partners PwC and DNV GL, we have established cooperative relations with many leading enterprises in different industries, including BMW, BYD Auto, Haier, Brightfood Group, D.I.G, DB Schenker, PICC, etc.For more information about VeChain, please follow our twitter @vechainofficial or visit our official website https://www.vechain.com/News inquiries:Noah HuoChief Marketing Officer at VeChainEmail: email@example.comYvette XiaPublic Relations Director at VeChainEmail: yvette.xia@VeChain.comRyan ZhengSenior Director of Public Relations at Walmart (China) Investment Co., Ltd.Email: Ryan.firstname.lastname@example.orgWendy LiDirector of Public Relations at Walmart (China) Investment Co., Ltd.Email: Wendy.email@example.comWalmart China Takes on Food Safety with VeChainThor Blockchain Technology was originally published in VeChain Foundation on Medium, where people are continuing the conversation by highlighting and responding to this story.
19. 06. 25
Partner Update and Spotligh...
Partner Update and Spotlight Series : iTaotaokeAs the one year anniversary of the VeChainThor Blockchain launch rapidly approaches, we wanted to update the community on the progress of some of the unsung heroes in our ecosystem. Every partner and stakeholder in our ecosystem is vital to the success of the entire blockchain ecosystem and it is our intention, pride and honour to shine a light on our partners and stakeholders who have been steadily building and consuming value built on top of the VeChainThor blockchain.To provide a spotlight for these vital partners, we’ve developed this series as a Q&A, interview type format. Our partners and stakeholders, in their own words, will share and talk about their experiences using and building on top of the VeChainThor Blockchain as well as the impact, struggles, and value added to their own business ecosystem when implementing this technology within their business model. We start this series with iTaotaoke.As one of our initial partners, iTaotaoke has successfully implemented and made blockchain technology valuable in the area of copyrighting digital content. iTaotaoke’s innovative platform not only offers an open platform where both self-publishers and content providers can build their knowledge sharing workshops while monetizing their content, they are also, at the same time, able to protect and secure the rights of their intellectual property of which what makes them valuable — their culmination of wisdom, knowledge, and experience. Get a firsthand view of the iTaotaoke and VeChain partnership here.“VeChain is a really friendly public blockchain platform. It provides us a complete and mature blockchain solution and diverse ecosystem. So far, there are over 3,000 original content creators on the iTaoTaoKe platform. These content creators have created and published over 30,000 articles. We have also gained over 70,000 subscriptions and over 160,000 views and the number is increasing at a significant speed. As a young company, we approximately consume 2.8M VTHO per month and I strongly believe that the demands of acquiring and using VTHO for us at iTaotaoke will increase quickly while more and more digital content creators begin to join the platform. We hope to invoke the VeChainThor Blockchain’s full potential to become a shield of copyrights for all the craftsmen of knowledge. ”— — Jie Zhou, CEO of iTaotaokehttps://medium.com/media/ea424f226f2615f588d4d91ef4bd8e69/hrefBelow is an excerpt and highlights of the video interview.Q: Who is iTaotaoke?A: iTaotaoke is an open public platform for digital media and content. All of the “craftsmen of wisdom” who have original lessons or works use iTaotaoke to publish their lessons, articles, videos, and more. Under the shield of blockchain copyrights technique, creators use the TaoTaoKe’s online store, to quickly gain profits from their work. To view more information about iTaotaoke, please go to our official website http://www.itaotaoke.com.Q: Why did you choose the VeChainThor Blockchain?A: First, the VeChainThor Blockchain is truly an enterprise-friendly public blockchain platform. It provides reliable, applicable blockchain-based solutions perfect for our individual use case. In the VeChain ecosystem, ecosystem members are able to access a variety of different resources.. For example, in the digital carbon ecosystem which iTaotaoke has been enrolled into, digital content posted on iTaotaoke’s platform is able to be connected with content from other participants of the digital carbon ecosystem, creating tremendous synergistic values.Q: Which business area of iTaotaoke has VeChainThor blockchain technology been applied?A: VeChainThor is already integrated into iTaotaoke’s platform, providing real solutions to our clients and tangible results in its ability to protect digital IP, that would be impossible without the technology.Our partnership is mainly focused in achieving copyright authentication of contents with the implementation and integration of the VeChainThor blockchain. Most of our clients provide online education lessons and courses, Which is a field where originality is extremely important. When the contents are posted on the Internet, piracy becomes a major problem. Our clients hope that we could use technology to assist them in resolving this unavoidable issue. VeChainThor is already deployed and active on iTaotaoke, providing real solutions to our clients and tangible results that is able to protect digital IP that is not possible without VeChainThor. That’s why VeChainThor’s blockchain technology and digital intellectual authentication is a perfect combination.Q: How does iTaotaoke empower its clients through the VeChainThor blockchain?A: The most important element of digital content is its originality. When original work is published online, , illegal and fake versions of it can be a significant challenge. iTaotaoke supports their original creators by using the copyrights feature based on VeChainThor techniques, leveraging the immutability of blockchain to sign copyrights for each creator, protect the rights that every original creator should have. http://www.itaotaoke.com/helpCenter/pages/qa/index.html#/knowledge/copyrightQ: In the next stage, what is iTaotaoke’s plan for VTHO consumption on VeChainThor blockchain?A: We believe that as more digital content creators join iTaotaoke’s digital platform, our demand for VTHO will no doubt continuously increase. With the implementation and power of the VeChainThor blockchain, we will strive to provide protection for more digital content creators.Q: Towards members of the VeChain community that are interested in this project, is there anything you would like to say to them?A: Firstly, thank you to the VeChain community members who have been following up the news with the iTaotaoke project. Ever since we have started to work with VeChain,We have been continuously trying to discover more use cases to be developed, including our cross-sector cooperation with VeChain’s digital carbon ecosystem. As the mission of iTaotaoke states, “Connect everyone through knowledge.” We hope that through the transmission of knowledge, we get to connect with more partners in the blockchain ecosystem and achieve greater heights and win-win scenarios.iTaotaoke is a successful use case that applies the technology of the VeChainThor public blockchain into the area of copyrights of digital content. We applaud and praise iTaotaoke for their efforts to transform their business ecosystem with the power of blockchain and look forward to even more value built and consumed on the VeChainThor blockchain by our partners.This is the first article within the “Partner Update Series.” We hope to offer a unique look at some of the implemented solutions using the VeChainThor Blockchain. The range of use cases these partners are implementing on the VeChainThor main net include energy, supply chain management, retail, digital certificates, food and beverage. As more and more of our partners and enterprise organizations are ready to announce and talk about their successful use cases of the VeChainThor blockchain, we will continue to expand this series.*To learn more about VeChain’s blockchain powered copyrighting of digital content as highlighted in this article and use case as well as other forms of intellectual property protection solutions, please visit https://www.vechain.com/solution/digital.Partner Update and Spotlight Series : iTaotaoke was originally published in VeChain Foundation on Medium, where people are continuing the conversation by highlighting and responding to this story.
19. 06. 20
Introducing the VeChain Acc...
With an aim of “Creating Valuable Transactions”, various stakeholders, including VeChain Foundation, developers, enterprises, venture capitals, VET holders and academic institutions, contribute to and benefit from collective value creation through the development of the ecosystem. Individual developers and startups play an important role in the ecosystem built around the VeChainThor Public Blockchain, and as the key enabler VeChain Foundation will provide various methods of support to drive developer success.dApps have been a hot topic since the industry entered the smart contract era, but many dApp developers, who usually start their project with ecosystem funding support, are struggling to find sustainable business models for their projects. We want all parties in the VeChain ecosystem to become a self-sufficient business and this means there is a need for a lot more than initial funding support. Therefore, following the bounty program, the VeChain Accelerator Program aims to provide the support needed as projects progress to becoming a successful business built on the VeChainThor Blockchain. The Accelerator Program not only includes a grant but more importantly it provides the accepted projects with exposure to the resources in the ecosystem, ranging from business leads, incubation, investment opportunities, market awareness, technical support, and professional services. VeChain Foundation is committed to working with its partners within the network to support the projects at various stages.WHO IS ELIGIBLE TO APPLY?Individual developers or startups that are already working on a project and wish to build the solutions on the VeChainThor Blockchain aiming for mass adoption and creating valuable transactions. To be accepted in the Accelerator Program, a project should have assembled a team, formalized the project plan, and developed a PoC preferably, an alpha release.If a project is deemed to be not ready for the accelerator program, the program administration team will assess and choose to grant a starter reward for the project to move forward and apply for the Accelerator Program again at a later stage.Projects which raised funds through a token issuance are not eligible for this program. However, projects may choose to raise funds through a token issuance or STO at a later stage after being accepted by the program.WHAT TYPES OF PROJECTS WE ARE LOOKING FOR?As the key enabler of the VeChain ecosystem, the Foundation sees projects in certain areas more valuable based on the development status of the ecosystem. However, these areas should be seen as guidance, we encourage developers to suggest their own applications which you deem will create valuable transactions for the ecosystem.Based on the current status of the VeChain ecosystem and Foundation’s strategy, we look for projects that fit the criteria such as:Provide smooth user experiences and target at the broader mass than just crypto communitiesCreate a new business model to solve the real-world economic problems utilizing the blockchain technologyAdd value to existing businesses by enhancing the operational efficiency and reducing costsApplications that tokenize virtual or physical assets, decentralized ownership of the assets or data, and facilitate value exchangeOpen infrastructural solutions such as DeFi that modularize financial primitives to provide the robust layer that can be used by the applications running on the VeChainThor BlockchainWHAT’S THE SIZE OF THE GRANT? HOW ARE THEY PAID?VeChain Foundation will provide a grant of 3K — 30K USD the majority of the time, in VET, while exceptions can be made individual cases. This is a grant and not an investment. And in principle, the grant is paid in tranches based on milestone achievements. Developers can request the amount and payment methods in the application, but the VeChain Foundation ultimately reserves the right to choose.Projects that are not accepted in the program may be entitled with a starter reward package worth up to 1,000 USD in VTHO based on the assessment of the program administration team.The Accelerator Program is much more than a grant, however.WHAT ARE OTHER WAYS ACCELERATOR PROGRAM MEMBERS WILL RECEIVE SUPPORT?In addition to the grant, our developer accelerator program aims to provide various methods of support needed for a project to become a self-sufficient business. We can offer support in the following areas throughout the project development at proper stages:Incubation services, we work with multiple incubators around the world, such as CREAMethod, Tribe, or LongHash, which work to help projects find working space, public exposure, community management, and funding.Investment opportunities, we will present the projects in this program to our VC partners, such as Fenbushi Capital and Draper Dragon, who may invest capital or strategic resourcesBring business leads to you by leveraging VeChain enterprise partner networks. VeChain’s network can build client pipelines that take your technology to real life adoptionDirect access to the core tech team and early access to the technologies and turnkey solutions developed by VeChainMature projects may conduct utility token issuance or STO on the VeChainThor Blockchain under the advisory of ecosystem partners in the jurisdictions of VeChain’s government partnersVeChain Bounty Programs such as VeChainThor Supercharger are also available to support a project in user adoptionGo international, using VeChain’s global network to help you expand new marketsPublicity by promotion on social media, VeChain’s media partners and eventsLast but not least, VeChain Foundation would invest its expertise and resources to provide standard professional service support from HR and legal perspectiveAPPLICATION AND EVALUATION PROCESSStep 1: Preliminary evaluationApplications should be submitted through the online form. Projects that are rejected in the evaluation can re-apply at a later stage as you deem appropriate based on the received feedback.The preliminary evaluation will be conducted by the program administration team, who will review the application, a high-level investigation into the state of the project and background of the team. An interview with core team members is expected at this stage to better understand the project and get to know the team.The originality of the idea and nativeness on the VeChainThor BlockchainTechnical features and value propositionThe background and experience of the team and the development capabilityValue to the VeChain ecosystemPlan for product development, user acquisition, and expansionThe progress that the project made so farThe preliminary evaluation takes two weeks, the program administration team will notify the applicants whether their project enters the final evaluation.Step 2: Final evaluationThe final evaluation will be conducted by the program committee, a team consisting of VeChain core team, steering committee members, representatives from VeChain’s enterprise, VC and incubator partners. This evaluation will review the summarized results of the preliminary evaluation and focus on the project’s go to market plan and technical development roadmap. The committee may invite the applicants to parts of this discussion for the purposes of further review and examination.Again, applications should be submitted through the online form. Projects that are rejected in the evaluation can re-apply at a later stage as you deem appropriate based on the received feedback.WHAT SHOULD THE APPLICATION DESCRIBE?While we understand that each project will have unique properties to underline and stress, all applications will benefit from addressing the following unambiguously:The project’s goal and scopeTechnical features and value propositionBackground and experience of the teamThe project, timelines, targeted deliverables at each milestone, estimated effortsThe amount of funding requested and payment methodGo to market strategy and user acquisition planHow the project benefits the VeChain ecosystemAn executive summary and a pitch deckProjects that passed the final evaluation will be published via an introductory post in the VeChainWorld forum.Check out the Developer Information Center for technical documentation and Official Gitter Developer Channel to find the development resources. Please make sure you have read and agree to the rules of VeChain Accelerator Program. For any question, please contact firstname.lastname@example.org.APPLY NOW!!!
19. 06. 07
VeChain Attended the China ...
“The booming of next-generation information technologies, such as big data and artificial intelligence, will cast a profound and far-reaching influence on the economic development, social progress and people’s lives of all countries. China attaches great importance to the development of big data industry and is willing to share the opportunities of digital economic development with other countries, and build up new growth momentum and development paths by exploring new technologies, new formats, and new models.”— — President Xi Jinping In The Congratulatory Letter To The Big Data ExpoOn May 26, the China International Big Data Industry Expo 2019 kicked off in Guiyang, capital of Guizhou Province. The opening remarks were delivered by Wang Chen, Vice Chairman of the National People’s Congress of China. In recent years, Guizhou has regarded the development of the Big Data industry as its priority. The expo, which is co-hosted by the National Development and Reform Commission, the Ministry of Industry and Information Technology, the Cyberspace Administration of China and Guizhou Provincial People’s Government, is a national level event focusing on exploring industry frontiers, building win-win cooperation, and providing an international platform of interaction, presentation, and promotion.On May 27, Mike Zhuang, Chief Strategic Officer of VeChain, attended the Big Data Expos International Green Finance and Technology Innovation Forum with Luca Crisciotti, CEO of DNV GL Business Assurance, and George Kang, CEO of DNV GL Business Assurance Greater China, and had an in-depth discussion with Dr. Wang Ning, Senior Researcher of Oxford University, Mr. Alastair Marke, Director-General of the Blockchain & Climate Institute, and others on how fin-tech can be leveraged to empower Green Finance.As UN Secretary-General Guterres put in his congratulatory letter to this conference, “Big Data has great potential to accelerate the achievement of Sustainable Development Goals”, however, there is a long way to go before potential can be turned into reality, and it takes various technologies, including blockchain, to achieve the goal. To facilitate the process, VeChain joined hands with DNV GL in developing the blockchain-based Digital Carbon Ecosystem.“Digital Carbon Ecosystem is the first project that introduced blockchain-based economic incentive, or carbon credits, to encourage carbon reduction. Building a Digital Carbon Ecosystem is a challenging task for all participants, and it takes the joint effort of us all to achieve SDGs.”— — Luca Crisciotti, CEO of DNV GL Business AssuranceAs a panelist, Mike attended the 2019 Global Blockchain Technology Development Forum of the Expo on May 28, and exchanged thoughts with his peers from major actors in the industry, such as Huawei, Alibaba, and Huobi, on the relationship between Blockchain and Digital Economy. Mr. Zhuang said, blockchain provides a new impetus to the development of the digital economy, however, exploring more application scenarios remains the key to the success of blockchain development, and VeChain will carry on its unremitting efforts for the mass adoption of the technology.“For the time being, Blockchain is still at its infant stage, be it technology wise or application, it’s too early to talk about killer apps. We shall get down to earth and lay a solid foundation for future development. From my perspective, many startups in the industry are going in the wrong direction and dedicated too much to technology and TPS, however, without sufficient application scenarios, high TPS means nothing.”— — Mike Zhuang, Chief Strategy Officer of VeChainIn an era when the whole world is attaching greater importance to innovation and the application of state-of-the-art technology, a boom of new technologies, including blockchain, is within expectation. VeChain will work closely with our partners, such as DNV GL, to accelerate the process and thereby bolstering digital transformation and empowering the real economy through blockchain technology.About Big Data ExpoLaunched in 2015, the Big Data Expo has seen four successful runs. Specialized and market-oriented, the world’s first big data-themed expo has become a trendsetter of global big data industries and the most authoritative and “international” industry sharing platform. In 2018, the Expo received over 120,000 visitors; its 60,000m² Exhibition featured 388 domestic and foreign entities. The expo has also been given equal attention by the social sectors, as the world’s most influential entrepreneurs, experts, scholars, statesmen, delegates of international organizations and research institutes, and media professionals have gathered together to share the new opportunities of the big data era.VeChain Attended the China International Big Data Industry Expo 2019 was originally published in VeChain Foundation on Medium, where people are continuing the conversation by highlighting and responding to this story.
19. 05. 28
Cupids Farm Milk, Produced ...
Cupids Farm Milk, Produced by Bright Food, Became the First Product to Go Live On BrightCode, a VeChainThor Blockchain Solution to Be Used By MillionsPic of Cupids Farm Milk ProductOn November 9th, 2018, BrightCode Commodity Confidence Index Platform (BrightCode), built upon the VeChainThor Blockchain public blockchain, made its debut at the China International Import Expo. From then on, VeChain has been working with its enterprise partner, Bright Food, to iterate and improve the solution. Today, we’re excited to announce that the “Cupids Farm” milk brand, produced by Bright Food, became the first of many food and beverage products to go live on the BrightCode platform. This monumental step forward paved the way for Bright Foods to integrate the VeChainThor Blockchain into their entire inventory and supply chain use case by use case.Cupids Farm milk is available in the marketIntroduced by Shanghai Xiandao Company of Bright Food (Group) Co., Ltd, BrightCode is a blockchain-based commercial ecosystem built upon the Partner Version of the next generation BaaS platform — VeChain ToolChain. By taking advantage of the authentic data collected by IoT devices and services provided by accredited third parties, namely, DNV GL and PICC, BrightCode serves to create a brand new business model that combines the strengths of IoT, blockchain, and third-party assurance.With BrightCode, companies are enabled to monitor the entire lifecycle of their products and collect data in a real-time, all data collected will be verified and stored on the VeChainThor Blockchain. This process ensures and proves that all products provided to the consumers through the platform are of a guaranteed quality, bridging the trust gap between producer’s efforts and consumer’s concerns. In addition, powered by AI and big data, the authentic data collected by BrightCode can help the companies better understand customers’ real demand, and in turn, facilitates the decision-making process.After scanning the QR code on the bottle, users will be directed to BrightCode platform, where they’ll be presented with the key data in the lifecycle of that bottle of milk, such as where it was produced, the environment of the dairy farm, the production techniques adopted, and more. With DNV GL, an accredited certification body’s verification of the source data and tamper-proof blockchain technology, we can rest assured that all data stored on the VeChainThor Blockchain is authentic, and in turn prove to the consumers that what they see is what they get.Bright Code Index of Cupids Farm MilkIn the future, BrightCode will be further promoted to other application scenarios outside of food and beverage to industries such as auto parts and healthcare. Combining the strengths of blockchain and the resources of the third-party certification body, real economy sector enterprises, and insurers, BrightCode contributes to solving the trust issue in consumer relations, be it arising from information asymmetry, insufficient data or lacking regulation. With BrightCode, we can restore trust and build a new business ecosystem where every stakeholder profits and complements each other.To use VeChain ToolChain for business scaling, please visit https://www.vechain.com/product/toolchain, you can also contact the professional VeChain ToolChain consultant for personalized development advice at email@example.com.Have your own bottle of “Cupids Farm” milk and try out the Bright Code Commodity Confidence Index PlatformBright Food Suixinding (online store)光明随心订A Number of Bricks and Mortar Stores of Niupeng Milk House门店分布_上海牛奶棚食品有限公司Tenderness (Bricks and Mortar Store)Tianping Road 318, Xu Hui District, Shanghai
19. 05. 18
VeChain and DNV GL Attend V...
On May 16–18, Viva Tech, the world’s rendezvous for startups and leaders, will be held in Paris to celebrate innovation. This year’s event is expecting 100,500 attendees from 125 countries, 9,000 startups, 1,900 investors, 1,900 journalists and 450 top speakers and exhibitions to open innovation and live experience. During two days, VC funds such as Accel Partners, Softbank Vision Fund, Atomico and Partech or Corporate VCs as Samsung or Orange Digital Ventures will dedicate their time to meet the best companies, like VeChain, and spot the future stars of the tech industry.Over the past years, VivaTech has gained an ever-increasing presence on the global stage with influential participants such as Emmanuel Macron, President of France, Eric Schmidt, former executive chairman of Alphabet Inc., Daniel Zhang, CEO of Alibaba Group, Mark Zuckerburg, CEO of Facebook, Satya Nedela, CEO of Microsoft, and Dara Khosrowshahi, CEO of Uber. This year, we’re excited to see Jack Ma, the Executive Chairman of Alibaba Group, included as a keynote speaker for the event, in addition to Ginni ROMETTY, Chairman, President & CEO of IBM, Margrethe Vestager, European Commissioner for Competition of European Commission.As a former runner up in 2018 LVMH Awards and current partner to LVMH brands, VeChain is honored to be invited to attend the event together with DNV GL and host a booth at Hall 1- M46 networking with business leaders and top investors from all over the world. On top of that, we’re proud to present My Story™, a blockchain-based digital assurance solution jointly developed by VeChain and DNV GL, and VeChain ToolChain, the next generation BaaS platform.My Story™, Share Your Authentic Product StoryMy Story™ is a solution already available in the market, that gives consumers access to the verified journey behind a product, based on facts and data stored in a public blockchain. Scanning the product, consumers can instantly dive into aspects of the product that interests them. From quality, social, environmental and ethical integrity features to the product background or how to consume or use it.Applicable to all manufactured or packaged good’s supply chains, the solution combines deep industry expertise, physical independent audits with data collection and verification services on a blockchain-powered eco-system. The blockchain technology acts as the perfect trust generator by virtue of the verified data immutably stored on it.My Story™ as a service helps companies with data collection, enterprise and product ID issuance, product story sharing, data verification, and data storage, and in turn, helps brands bridge the trust gap between their efforts and consumers’ concerns and assists them in building customer trust and loyalty.VeChain ToolChain, A Revolutionary Product that Enables Everyone Around the World to Implement and Use BlockchainVeChain ToolChain is the first commercial BaaS platform built on top of a public blockchain, it provides a variety of general interfaces to essentially eliminate the high technical threshold and substantially lower the costs for SMEs or even individuals in blockchain integration.Unlike the BaaS products on the market, ToolChain also includes a vertical blockchain application focusing on product life cycle management, which can be used as a SaaS solution or customized as a turnkey package.To meet the demands of the market, ToolChain is currently available in Standard Version, Developer Version, and Channel Partner Version, VeChain has even prepared a collection of suggested hardware devices to fully implement the solution and connect the software to the physical goods being managed.We’re looking forward to demonstrating the two products to all the audience attending the exhibition and help them to explore the marvelous blockchain-enabled world in person and see for themselves how blockchain is used to empower the real economy. These interactions will surely facilitate the adoption of the VeChainThor Blockchain, and blockchain technology as a whole, on a larger global stage.As a leading global enterprise level public blockchain platform, VeChain will stay focused on promoting the adoption of the VeChainThor Blockchain and continue to work with established enterprises, scholars, elite innovators, and developers to achieve steady and efficient growth and bring blockchain technology to our everyday life.DNV GL, one of the world’s leading certification bodies, will continually expand the ecosystem of partners to bring a wide range of innovative solutions to the market. Working with our customers and partners, DNV GL builds sustainable business performance and solutions, creating stakeholder trust across all types of industries.
19. 05. 15
Announcing the Official Add...
Announcing the Official Addition of the Historic Renji Hospital into the Digital Carbon Ecosystem and Norway in a Box Set to Go Live on Bright CodeOn May 13th, 2019, the Sino-Norwegian Cultural Exchange Day, a section of the 175th Anniversary Ceremony of Renji Hospital, was held in the East Division of Renji Hospital. Renji Hospital sees over 2.1 million emergency cases and outpatients, about 57,000 inpatients and over 28,000 operations every year in their more than 1,600 patient beds. On the occasion, Renji Hospital officially announced that it will join the Digital Carbon Ecosystem initiated by DNV GL and VeChain.With Renji’s inclusion, the users of Digital Carbon Ecosystem are allowed to book the quality medical care and customized medical checkup provided by Renji with carbon credits. This is just one of the latest efforts made by VeChain and its partners to add new application scenarios to the Ecosystem. Renji’s announcement was followed by Norway in a Box, a superior Norwegian product platform, declaring that their products will go live on the consumer confidence index platform, Bright Code.From left to right: Mr. Espen Strand Pedersen, President of Norway in a Box attended the ceremony; Mr. George Kang, Senior Vice President of DNV GL; Mr. Knut Roald Sørlie, Commercial Counsellor at the Royal Norwegian Embassy; Ms. Katrine Haukenes, Consul General at Norwegian Consulate General in Shanghai; Ms. Victoria Braathen, Director of Norwegian Seafood Bureau, China; Ms. Wang Yu, Vice President of Renji Hospital; Mr. Qian Chengcheng, Partner and Chief Commercial Officer of VeChainMs. Katrine Haukenes, Consul General at Norwegian Consulate General in Shanghai; Mr. Knut Roald Sørlie, Commercial Counsellor at the Royal Norwegian Embassy; Ms. Wang Yu, Vice President of Renji Hospital; Mr. Zhang Jidong, Vice President of Renji Hospital; Mr. George Kang, Senior Vice President of DNV GL; Mr. Per Askeland, Finance General Manager of DNV GL, Greater China; Mr. Qian Chengcheng, Partner and Chief Commercial Officer of VeChain; Mr. Tian Xinli, Project Director of VeChain; Ms. Victoria Braathen, Director of Norwegian Seafood Bureau, China; Mr. Espen Strand Pedersen, President of Norway in a Box attended the ceremony.Renji Signs with DNV GL, and VeChain, Further Expanding the Digital Carbon EcosystemThe signing ceremony kicked off with the opening remarks delivered by Mr. Knut Roald Sørlie, Commercial Counsellor at the Royal Norwegian Embassy, and Mr. Zhang Jidong, Vice President of Renji Hospital.Mr. Knut Roald Sørlie, Commercial Counsellor at the Royal Norwegian EmbassyMr. Knut Roald Sørlie said, Renji Hospital and DNV GL has lifted their cooperation to a higher level from certification business to building a digital carbon ecosystem. This agreement marks yet another major milestone in the cooperation between Norway and China in the field of health care. The Digital Carbon Ecosystem is an encouraging project that helps to achieve the UN’s sustainable development goals, and as he puts it, the first program that he’s ever seen applied by a medical institution to address climate change in adopting systematic carbon reduction measures.As Mr. Zhang Jidong explained, in the past 175 years, Renji has always put the patients first and have pioneered the adoption of daytime outpatient surgery, and the like, to promote medical efficiency and quality in an effort to reduce medical cost, making the most out of medical resources. The vision of Renji coincides perfectly with the idea of the Digital Carbon Ecosystem to encourage individual participation in carbon reduction and contribute the shift towards a cleaner future and a more sustainable lifestyle.The Digital Carbon Ecosystem Partnership Agreement was signed by Renji Hospital, DNV GL, and VeChain under the witness of Ms. Katrine Haukenes, Consul General at Norwegian Consulate General in Shanghai, Mr. Knut Roald Sørlie, Commercial Counsellor at the Royal Norwegian Embassy, and Ms. Victoria Braathen, Director of Norwegian Seafood Council.As a university hospital affiliated to Shanghai Jiao Tong University School of Medicine that integrates medical treatment, teaching, and research, Renji is one of the most prestigious and comprehensive hospitals in China. In a country where quality medical care is in ever-increasing demand, adding Renji will significantly bolster the future development of Digital Carbon Ecosystem. It’s not just the medical care but more about the role that Renji will play to serve as a stronghold for VeChain to reach out to a larger enterprise and commercial audience, bringing blockchain and the greener lifestyle to mainstream society.Digital Carbon Ecosystem Signing Ceremony (From left to right, Qian Chengcheng —Partner and Chief Commercial Officer of VeChain, Zhang Jidong — Vice President of Renji Hospital, George Kang — Senior Vice President of DNV GL)After the signing ceremony, the guests and attendees paid a visit to the International Health and Physical Examination Center of Renji Hospital.During the meeting, Ms.Wang Yu, Vice President of Renji Hospital, made a brief introduction to Renji Hospital. Founded in 1844, Renji Hospital is the first western hospital in Shanghai. Endowed with the Shanghai Spirit of openness and collaboration, Renji is willing to cooperate with players from across the industries. In recent years, Renji has attached more importance to its internationalization and has kept in touch with different countries from all over the world, including Norway, to keep itself abreast of the latest achievements of the medical world. Yu believes the event will help form a better understanding of the Norwegian culture among the staff and facilitate the hospital’s development on the global scale.Norway in a Box, A Representative of Emerging Norwegian Premium Product Platform, Announced Their Products Will Go Live on Bright Code.The Sino-Norwegian cultural exchange meeting, a session of the 175 Anniversary Ceremony of Renji Hospital, was supported by the Norwegian Embassy in China, Norwegian Consulate General in Shanghai, Norwegian Seafood Council, DNVGL, Norway in a Box, Renji Hospital and VeChain, and staged distinct culture of Norway, such as medical, tourism, and food.Ms. Victoria Braathen said: “The younger generations are paying greater attention to the health benefits of eating seafood, and they’re getting increasingly concerned about the origin of the product as origin often indicates quality. When choosing seafood, health and flavor are the two factors that the consumers consider the most. China is no doubt the world leader in adopting technology in e-commerce of food, fresh food, and seafood, to open up the market in China, it’s necessary for us to combine advanced technology with quality products.Ms. Victoria Braathen, Director of Norwegian Seafood Bureau, ChinaOn the occasion of Sino-Norwegian Cultural Exchange Day, Norway in a Box, a superior Norwegian product platform, declared that their products would go live on BrightCode, a blockchain business ecosystem built upon the next-generation BaaS Platform developed by VeChain — VeChain ToolChain.The quality services and products selected by Bright Code are verified by DNV GL, an independent third party, and graded by both industry experts and ordinary consumers, such data are stored on the blockchain and open for a query. Scanning the QR code or smart chip, consumers can access the data and learn about the origination and lifecycle of the products and services.Mr. Espen Strand Pedersen, CEO of Norway in a Box, said: “ I’m excited and honored to be a partner of DNV GL, and VeChain, and have our products on the Bright Code platform. In around two weeks, the first batch of blockchain-empowered Norwegian salmon will be delivered to China. We’re looking forward to its arrival.”The event concluded with guests lighting the Carbon Reduction Forest, which not only represents what Renji has achieved in the past 175 years but also indicates that the partners will join hands in building a sustainable future and promoting a greener and healthier lifestyle.About Renji HospitalFounded in 1844, Renji Hospital is the first western hospital in Shanghai. Combining medical treatment, medical teaching, and medical research, Renji is a top-tier comprehensive hospital in Shanghai, it is composed of four divisions and the Shanghai Cancer Institute.Recent years witnessed an increase in the number of patents granted to Renji, Renji is also assigned multiple projects funded by Program 973, Program 863, and the National Natural Science Foundation. In the past years, Renji has won several state-level rewards, such as National Prize for Progress in Science and Technology, The Chinese Medical Science and Technology Award, and Award in Research Achievements (Science and Technology), Ministry of Education.The hospital has engaged vigorously in international activities with foreign medical industries. It has conducted academic exchange and built professional cooperation with more than 20 medical colleges from over 10 countries and regions such as Canada, USA, France, Belgium, Germany, Britain, and Australia.
19. 05. 13
A Brief Introduction to the...
VeKey is a specially designed identity hardware device for asset management that boasts superior security to current market offerings. The VeKey boasts robust performance thanks to the ARM SC300 processor. It features a nested vectored interrupt controller, wake-up interrupt controller, Armv7-M CPU, memory protection unit, AHB-Lite, JTAG, ITM trace, ETM trace, serial wire, and breakpoint unit. The SecurCore SC300 processor is able to provide support for countering side-channel attacks, fault injection, and probing in addition to common functionality.Built upon the Cortex™-M3 processor, SC300 combines the coding efficiency of the Thumb®-2 instruction set architecture for a two-fold increase in energy efficiency and performance. This processor enables more features to be integrated into the chip with minimum space. The chip also incorporates the proven security features of ARM SecurCore processors, which enables high assurance level certification for security-critical applications, making SC300 one of the most widely used processors in Secure Elements for advanced security and performance unparalleled by traditional chips.Hardware architecture of secure elementsAttacks and Counter-measuresWith SC300 processor embedded, VeKey is able to defend against various attacks, and provide multi-layer robust security protection. Below please find brief introductions into the main attacks and their countermeasures within VeKeys offering.For the time being, attacks can mainly be divided into two categories: physical attacks and software attacks.Physical AttacksThere are mainly three types of physical attacks:Non-invasive attacksInvasive attacksSemi-invasive attacksNon-invasive AttacksNon-invasive attacks, also known as side-channel attacks, are implemented without destroying the chip package nor the chip structure, such attacks attempt to obtain the secret key or confidential data by forcing an error or performing statistical analysis on the voltage fluctuations, power consumption, electromagnetic radiation, and the like of the device.Non-invasive attacks include:Differential Power Analysis，DPASimple Power Analysis，SPAElectromagnetic analysis，EMARadiofrequency analysis，RFANon-invasive attacks can be most destructive since they are almost impossible to be noticed, thus the users are unable to prevent further losses.Invasive AttacksInvasive attacks are conducted through decapping and modifying the chip in an irreversible manner, to launch such attacks, hackers need to remove the chip package through etching drilling or laser cutting, after defeating the encapsulation, they can scan or modify the chip directly with various machines, for example, scanning electron microscope, by sending an electron beam directly toward the decapped chip, images composed of various signals are generated, thus the hacker can obtain the encrypted data by reading the images and then translate the patterns they learned into the confidential data through reverse engineering.Multiple devices and materials are needed to facilitate the process, such as chemical reagents, high-resolution optical microscopes, laser cutting systems, microprobe platforms, oscilloscopes, signal generators, scanning electron microscopes, and FIB equipment, thus making the invasive attacks the most pricey one among the three.Semi-invasive AttacksSemi-invasive attacks are also known as fault injection, referring to the kind of attacks lie in between non-invasive and invasive attacks, while involving the removal of packagings, hackers don’t need to modify the chip structure.Explanation of Semi-invasive attacksFault injection attacks are unleashed by injecting voltage glitch, clock glitch, intense light, UV light, X-rays and the like into the running device, in this way hackers can alter the device’s working behavior or create an error output, thereby getting access to the confidential data.Software attacksSoftware attacks are the most common attacks that the hackers conduct to expose, tamper, or access information by taking advantage of the bugs of the software.From chips to applications, providing end to end protectionTo cope with the above-mentioned attacks, VeKey is equipped with all-around security protection that covers the entire path from the chip all the way to application.ChipEmbedded ARM SecurCore SC300 CPU, providing support for countering side-channel attacks, fault injection, and probing, SC300 is widely used by banks, government agencies, and transportation companies.MPU(memory protection unit) is introduced to assign access permission to memory, flash and more, with MPU in place, the encrypted area and confidential area can be protected against applications and parties without authorization.Installed Environment Monitoring Sensors: including voltage sensor, frequency sensor, temperature sensor, voltage glitch detector, light sensor, clock glitch filter, and true random number generator.Active fuse is applied to protect the chips against physical probing.EncapsulationThe metal shield offers active protection against de-packaging and probing. When attackers try to de-cap the chip, such attempts will be detected and the data stored in the chip will be erased.The fully-closed package can effectively lessen electromagnetic radiation emission, thus substantially reducing the possibility of Electromagnetic (EM) side-channel attacks.SystemConcealment tech is applied in the encryption algorithm to eliminate the correlation between power consumption, operation and the median being processed:Conceal time patternConceal amplitude patternThe encryption algorithm also supports masking technology, which can randomize the median processed by the device so that its power consumption does not depend on the median of the encryption algorithm executed by the device.Randomize the plaintext and secret key inputRandomize the medianApplicationThe confidential data, such as private keys and passwords, are stored encrypted and scrambled, the devices each have its own encryption code.The interfaces, such as debug interface, are closed to prevent external injection.Other countermeasures, such as remote authentication, are introduced to further enhance VeKey’s security.ConclusionWith ARM SC300, an advanced processor, perfectly integrated, VeKey is able to provide the high-level security and performance necessary for commercial adoption. Apart from that, VeKey combined hardware protection, encryption algorithm, and other methods to further improve its efficiency and provide bank-level security, it can defend against various attacks and enable perfect memory protection. Incorporating the firmware and algorithm VeChain specially designed for blockchain application scenarios, VeKey can provide the best secure storage solution for private keys in the market, freeing the customers from being worried that their data might be stolen.In this article, the first session of VeKey series, we had a brief introduction to the secure tech of VeKey, in the next session, we will take you to its current applications scenarios, including:On-chain ecosystem management: In Digital Carbon Ecosystem, VeKey is used by DNV GL, the independent third party, to perform parameter modification, data authentication, and credit issuing.On-chain KYC: In the case of VeVID, VeKey is used to validate, audit, and check system users, and each validated user will be assigned a unique ID on the blockchain.Digital Asset Management: In the case of off-chain threshold signature solution, private keys can be broken down into multiple encrypted parts and stored in separate VeKey devices to avoid misappropriation and reduce the possibility of economic loss caused by SPOF.Please stay tuned for more technical insights of VeChain’s software and hardware technology.A Brief Introduction to the Secure Tech of VeKey was originally published in VeChain Foundation on Medium, where people are continuing the conversation by highlighting and responding to this story.
19. 05. 10
Introducing the New Officia...
After months’ of preparation, we’re more than excited to unveil the upgraded Official Website of VeChain! The new website comes with a brand new look and enhanced features. We have completely upgraded the website for overall improved user experience, optimal service efficiency, and quality. With a cleaner layout, our partners, customers, and the interested parties can learn about who we are and what we do straight away.The new official website is composed of six sections, namely Home, Solutions, Products and Services, About Us, Join Us, and the VeChainThor Blockchain. In the above-mentioned sections, you find detailed introductions and demonstrations for the products, services, structure, and vision of VeChain while being able to locate the information that you’re interested in easily.HomeIn the Home section, you can quickly learn about the progress of VeChain, VeChain solutions, R&D results, breaking news about VeChain from mainstream media, and selected customers and partners. VeChain solutions have been adopted in major industries such as luxury goods, energy, FMCG, automobiles, new retail, and electronic document deposit, without the trust and support from our partners and customers, VeChain wouldn’t have been able to make such remarkable progress.SolutionsThe Solutions section was crafted to display what VeChain has built together with our partners. Here you can find multiple solutions VeChain developed for various industries. To help the potential enterprise customers quickly find the right solution and make appropriate deployment plans, empowering all the parties who care about the development of the blockchain industry, we arranged separate paragraphs to elaborate on the business pain points, demands, solution overview, advantages compared with traditional practices, and successful cases.Products and ServicesIn this section, you get an overall introduction to the products right away and have direct contact with VeChain official. Here you can also find a selected group of our partners who’re now using VeChain products and services, we’re more than glad to invite you to join the leading enterprises in promoting blockchain adoption, and empower the real economy together with us.About Us & Join UsWhile staying committed to empowering our customers and partners and building a platform where they can gain ever-increasing value, VeChain also attaches great importance to our employees, and spare no efforts to support their growth and career. In the “About Us” section, you can learn more about our team and development plan, and “Join Us” will provide you with up to date information about career opportunities at VeChain, come and join us!VeChainThor BlockchainHere you can learn about the structure, consensus mechanism, governance, and economic model of the VeChainThor Blockchain. More importantly, various VeChain-based applications, such as a blockchain browser, VeChainThor Wallet, and VeForge browser are also available here. By clicking on the tabs listed in the Resources section, users will be directed to VeChainWorld, the one-stop source of VeChain resources. For developers, we have prepared all sorts of development documents and resources, with which they can embark on the dApp development journey effortlessly.VeChain works hand-in-hand with partners from across the industries to explore best practices for empowering the real economy with blockchain technology. We’re willing to share our ideas and achievements with different parties, thus inspiring even more people and facilitating the process of turning our thoughts into reality. The new official website, with its abundant content and well-organized layout, will be the hub for VeChain to connect with all our partners, enterprise customers, and community members. We will continue to develop the website and fix the bugs to further improve its user experience.Come and try out our new website, it’s just a click away：https://www.vechain.com/Introducing the New Official VeChain Website was originally published in VeChain Foundation on Medium, where people are continuing the conversation by highlighting and responding to this story.
19. 05. 09
VeChain Launches HSM Based ...
Overcoming the Risks of Existing Private Key Escrow ServicesBlockchain technology has been adopted by numerous industries and is set to become a bigger influence over almost every aspect of our lives. From clothing to food to housing to transportation, the applications for blockchain seem limitless.However, that doesn’t mean the process is seamless or that development doesn’t have challenges. One of those is the complicated addresses and complex mnemonic phrases, which are difficult for users to memorize and manage. Thus, users need a practical solution to enable users to best manage and access digital assets, turning to private key escrow servicesExisting Private Key Escrow Services Have Innate WeaknessesThere are existing solutions as the market for third-party private key escrow services is emerging. These solutions do answer part of the problem — they reduce the intricacies related to access. This increased usage and scaling of transactions expanding also presents an overwhelming pressure for providers regarding costs.These existing systems fall short on security as well. Consider that those solutions only use software protection and store private keys in the form of digital files. Each transaction needs to call the file stored in the server to complete the decryption and signature transaction on a traditional server. This system is exposed to tampering, as it only holds low-level security barriers.Mt. Gox Is Stark Reminder of the Realities of a HackThis risk of compromised keys is illustrated with the example of Mt. Gox, once the world’s largest bitcoin exchange, suffered a devastating hack wherein approximately 850,000 of bitcoin, worth about $473 million in 2014, were stolen due to hacking of its faulty computer system. The hack is believed to have been carried out by compromising a computer belonging to a company auditor. This resulted in Mt. Gox filing for bankruptcy. There have been arrests in the hacking with charges of laundering.These vulnerabilities and the need to overcome the risks of private key escrows led VeChain to develop an HSM based key escrow turnkey solution.Improving Efficiency and Enhancing Security, VeChain Introduces HSM Based Key Escrow Turnkey SolutionEnterprises need a solution that solves the shortcomings of existing private key escrow services. Through heavy investments in R&D, VeChain has conceived a unique solution with an HSM based key escrow service. The new product officially launched at the 2019 VeChain Summit held at the Fort Mason’s Festival Pavilion in San Francisco on April 18, 2019.VeChain’s CTO Jianliang Gu introduced the HSM based Key Escrow Turnkey Solution at VeChain Summit 2019This new approach to key escrow represents a breakthrough in the current software protection practices in the industry. It combines software and hardware to improve transaction efficiency and exceed the security needs of enterprises.This solution is available for independent deployment, once authorized by VeChain, enterprises and developers can build their own key escrow services based on the HSM Based Key Escrow Turnkey Solution to better serve their customers.Watch Jianliang Gu, VeChain’s CTO, introduced HSM based Key Escrow Turnkey Solution at the VeChain Summit 2019.https://medium.com/media/7230fe7f18d0d7e522d50be1b539ccee/hrefA Look Inside: How Does the HSM Based Key Escrow Solution Work?HSM based key escrow turnkey solution, developed based on the hardware products from the world-leading HSM manufacturer Gemalto, incorporates VeChain Firmware with blockchain features. Suitable for blockchain applications, HSM based key escrow turnkey solution boasts a superior secure storage capability to prevent information leaks.What Happens if an Attack is Detected?Attacks are inevitable in the cybersecurity world. When the key escrow detects an attack, the memory self-destructs to prevent any leakage from the HSM hardware device. At the same time, the solution is equipped with backup cards, which can recover the information when an unexpected HSM malfunction occurs.Sign Transactions Via Algorithm Strengthening SecurityThis unique concept improves the level of security for private keys, transactions, and other applications. When signing a transaction, there is no need to call the KeyStore file. Transactions can be signed through algorithms for optimal efficiency. Since there is no need to export the private key, the possibility of leaking can be eliminated, making it even safer.Implementing the Solution: The Digital Carbon EcosystemCurrently, the HSM based key escrow turnkey solution has been implemented in the “Digital Carbon Ecosystem,” jointly developed by VeChain and DNV GL, a global quality assurance and risk management company. Other parties participating are BYD, PICC, Tsinghua University’s Sino US Relations Research Center, and Shanghai Xiandao Food.The goal of the “Digital Carbon Ecosystem” partnership is to advance consistency with the UN’s Sustainable Development Goals, relating to environmental practices. These companies are motivated to build a digital low carbon ecosystem to reduce global carbon emissions.During the VeChain Summit 2019, Sunny Lu announced that this Carbon Ecosystem has signed a deal with the United Nations Development Programme (UNDP), with further details to be released as the ecosystem develops.The effort uses the VeChainThor’s blockchain technology and the Internet of Things (IoT) to track ecologically beneficial behavior, providing rewards in carbon credits for those enterprises and individuals that adopt sustainable practices.Digital Carbon Ecosystem is responsible for providing key storage services for its customers, enabling vehicle owners to enjoy secure, reliable, and convenient blockchain services without recording complex account names.The Future of HSM Based Key Escrow: New Applications EmergingAs the digital asset ecology continues to mature, the solution will be further employed in the financial and insurance industries. Key escrow companies will also be able to use it as they develop various products, based on secure technology, to meet market demand. It could reduce development costs and improve development proficiency.Moving forward, VeChain will continue to use its security protection experience, accumulated in practice, to continuously optimize the HSM based key escrow turnkey solution in terms of risk control, algorithms, and strategies, meeting the increasing security protection needs of enterprise clients and enhance the user experience.Learn more about the HSM based key escrow turnkey solution by contacting us at firstname.lastname@example.org.About Turnkey SolutionsTurnkey Solutions are designed to further promote the development of blockchain applications on the VeChainThor Blockchain, and essentially eliminate the high technical threshold, substantially lower the costs, and significantly reduce the time to market for SMEs in blockchain integration. With the development tools provided by VeChain, such as general interfaces and API documents, the solution can integrate with the existing business of the enterprises immediately with zero development requirements. They’re also available as turnkey package for the enterprises and developers to deploy the solution independently and conduct custom development in accordance with their own management models and business demands, adding value to their business and meeting the diverse demands of the market.Turnkey Solutions include:VeChain ToolChain Turnkey SolutionVeChain Launches Revolutionary One-stop BaaS Platform — VeChain ToolChain, Now Anyone Around The…VeKey Based Threshold Signature Turnkey SolutionVeChain Launches VeKey Based Threshold Signature Turnkey SolutionHSM Based Key Escrow Turnkey Solution.
19. 05. 02
VeChain Launches VeKey Base...
Digital transformation and digital industrialization have become increasingly important to economic growth. According to the latest report released by the China Academy of Information and Communications Technology (CAICT), the volume of China’s digital economy reached 31 trillion RMB, or 34.8 percent of its GDP, in 2018, up over 20% from the previous year.With the continuous development of blockchain, further adoption of the technology is expected, leading to an increase in business investment in digital assets. To prepare for this, enterprises need to be more efficient and proficient in managing their own digital assets. Blockchain, after all, has ushered in incredible transparency and audibility. Enterprises also need to be aware of the risks associated, especially SPOF (single point of failure).With recent incidents in the world of crypto exchanges, it’s imperative that the industry looks to a Solution that offers an off-chain threshold for multi-signatures. This drive for a Solution has been a focus for VeChain.The Role of Blockchain in Digital Asset Management and the Risk of SPOFBlockchain is currently a tool that is being leveraged to reduce risks associated with existing digital asset management. While it has many key benefits, it can also be an Achilles heel, giving rise to the possibility of SPOF (single point of failure).When there are private keys used to manage digital assets, they are typically controlled by keyholders, which could mean a single individual. There is no centralized body supervising the process. If the single user loses access to that private key, recovering the assets could be impossible.There is no better example of such a colossal loss as the case of QuadrigaCX, a once healthy cryptocurrency exchange founded in Canada. Gerry Cotten, the CEO of QuadrigaCX, was the sole holder of all the digital assets, valued at $145 million. The assets were held in cold wallets, secured by digital security keys for protection from hacking and theft. Only Cotton had access to the wallets and corresponding keys.Because of this, his unexpected death in 2018 created a chaotic situation. According to a filing in the Nova Scotia Supreme Court, the firm has been unable to locate or access the funds since Cotton’s death on December 9, 2018. Because of this, the company filed for creditor protection on February 1st.At the time of the creditor protection filing, the company only has $286,000 in cash but owes over $195 million to its users. So, why can’t anyone access the digital assets?Cotton’s widow Jennifer Robertson has stated in an affidavit that the computer where her husband worked is encrypted and she or no other party has the password. A cybersecurity expert was hired to “hack” the computer to no avail.As of April 9, QuadrigaCX has officially filed for bankruptcy. This bankruptcy filing was in response to the recommendation of Ernst & Young, which had previously been attempting to restructure the company.This real-life example of SPOF should be a wake-up call to the industry about sole access to wallets and private keys. It also identifies a weakness and challenge in the use of blockchain to manage digital assets.To address this risk, VeChain has developed VeKey Based Threshold Signature Turnkey Solution.VeChain’s VeKey Based Threshold Signature Turnkey Solution — The Solution to Eliminating the Risk of SPOF with Off-Chain Multi-SignaturesThe unfortunate example of QuadrigaCX is not an isolated incident. At any moment, other exchanges could face a similar fate unless they have a better way to manage SPOF risk.VeChain has just launched its Solution that satisfies enterprises’ demands of internal risk control while also reducing the possibility of SPOF — VeKey Based Threshold Signature Turnkey Solution.The off-chain Threshold Signature Solution debuted at the 2019 VeChain Summit held on April 18, 2019, at Fort Mason Festival Pavilion. Designed for VeChain ecosystem members and the developers focused on providing secure private key management services, VeKey Based Threshold Signature Turnkey Solution combines secure hardware and software in one single Solution in an effort to support enterprises’ management of digital assets. The chips are constructed integrating independent secure coprocessor and multiple chip security technologies to ensure a shielded operating and storage environment for confidential data. Featuring hardware-based encryption, memory access control unit, attacks detection, random number generator, and SPA/DPA anti-attack, CG4Q series chips provide robust bank-level security protection and superb performance sufficient to meet the enterprise clients’ demands of security and are much more secure than current leading hardware wallet options.VeChain is excited to bring the Solution as a turnkey package to market. The launch of this new tool is in line with our commitment to remain focused on building an open ecosystem and improving Solutions for optimal security, compliance, and efficacy. VeChain’s vision is to empower the real economy and facilitate digital transformation. We will stay true to our mission and continue our journey with partners, enterprises, and developers in the ecosystem, enabling them to stay ahead of the changing market.How VeKey Based Threshold Signature Turnkey Solution Works to Deliver Unparalleled Security without Compromising AccessVeChain’s VeKey HardwareVeKey Based Threshold Signature Turnkey Solution is an easy-to-use, certified Solution for the secure storage of private keys and the management of digital signatures and identities. For the purpose of increasing its security and availability, VeChain designed VeKey, a security identity hardware, for the Solution, it features multiple complementary security layers, including:Compulsory double authentication (biometric identification via fingerprint + PIN)Software-based security mechanismBack-end verificationHardware Secure ElementTo provide the highest level of security and the best Solution on the market, VeChain equipped VeKey with CG4Q series chips developed by Datang Microelectronics, a holding subsidiary of public listed company Datang Telecom Technology Co., Ltd (stock ticker 600198)，whose asset totaled over 8.7 billion RMB and generated over 4.3 billion RMB revenue in 2017. The chips are constructed integrating independent secure coprocessor and multiple chip security technologies to ensure a shielded operating and storage environment for confidential data. Featuring hardware-based encryption, memory access control unit, attacks detection, random number generator, and SPA/DPA anti-attack, CG4Q series chips provide robust bank-level security protection and superb performance sufficient to meet the enterprise clients’ demands of security.With the above-mentioned hardware and software-based security measures in place, this Solution ensures the security of the private keys and enable secure identification of the private key holders.Through the Solution, private keys can be broken down into multiple encrypted parts and stored in separate VeKey devices. Enterprise users can predefine the number of VeKeys needed to recover the private key. In this way, no single VeKey holder will have absolute control over the assets, thus avoiding misappropriation.The solution can also be used to avoid economic damages caused by the loss of private keys, as it can always be recovered so long as the enterprise can provide the predefined number of VeKeys.More importantly, the Solution supports asynchronous operation, with which the VeKey holders are enabled to review the transaction applications from anywhere, at any time. In the event any VeKey holder wants to initiate a transaction, they would need only to log into the system and submit an application for review，the transaction will be signed and broadcasted to the blockchain when it is approved by the predefined number of VeKey holders. With this process, a remote threshold multi-signature can be achieved, thus increasing transaction efficiency and security.Last but not least, this solution is available as a turnkey package for the enterprises and developers to deploy independently and conduct custom development in accordance with their own management models and business demands should they be authorized with the Turnkey Solution provided by VeChain. VeKey Based Threshold Signature Turnkey Solution is the choice for enterprises to integrate with their business systems in terms of business expansion and scaling. Learn more about VeKey based threshold signature turnkey solution and how your business can implement this solution by contacting us at email@example.com. There is currently not a set retail launch date. As enterprises and SMEs implement the solution, a modified version for retail use will be released.In the coming month, VeChain will introduce a series of tech deep dive into the security features, application scenarios, and strengths of VeKey Based Threshold Signature Turnkey Solution, please stay tuned!About Turnkey Solutions:Turnkey Solutions are designed to further promote the development of blockchain applications on the VeChainThor Blockchain, and essentially eliminate the high technical threshold, substantially lower the costs, and significantly reduce the time to market for SMEs in blockchain integration. With the development tools provided by VeChain, such as general interfaces and API documents, the solution can integrate with the existing business of the enterprises immediately with zero development requirements. They’re also available as turnkey package for the enterprises and developers to deploy the solution independently and conduct custom development in accordance with their own management models and business demands, adding value to their business and meeting the diverse demands of the market.Turnkey Solutions include:VeChain ToolChain Turnkey SolutionVeChain Launches Revolutionary One-stop BaaS Platform — VeChain ToolChain, Now Anyone Around The…VeKey Based Threshold Signature Turnkey SolutionHSM Based Key Escrow Turnkey Solution;About Datang MicroelectronicsDatang Microelectronics Technology Co., Ltd. (hereafter referred to as DMT) is a holding subsidiary of Datang Telecom Technology Co., Ltd, whose assets totaled over 8.7 billion RMB and generated over 4.3 billion RMB revenue in 2017. As an enterprise that has undertaken multiple major scientific research projects assigned by the government, DMT has extensive experience in chip design, COS (Chip Operating System) development, system platform development, system application development, and terminal product design.With a seasoned team of brilliant minds, DMT pioneered various technological innovations and product innovation, and was selected by the government to design and manufacture the chips of the second-generation ID card. In the past years, DMT invested heavily in researching and developing chip security technology, processor technology, RF technology, COS technology, and more, and made superb achievements. DMT has nearly 200 technical patents and was granted the WIPO-CHIPA Award and the First Class Award of the State Science and Technology Progress Award.
19. 04. 30
VeChain Launches Revolution...
VeChain Launches Revolutionary One-stop BaaS Platform — VeChain ToolChain, Now Anyone Around The World Can Implement Blockchain TechnologyWith the advancement of 5G, IoT (The Internet of Things), AI (Artificial Intelligence), and the Internet of Value, data is set to play a more significant role in the future business world. For enterprises to realize the value of data, blockchain technology will be vital. The disruption of existing business models is on the horizon, which will compel businesses to embrace new technologies like blockchain, enabling them to stay ahead of the market.However, there are obstacles in feasibly employing blockchain technology into business models, especially for small and medium enterprises (SMEs). This failure is typically caused by one of three things (or all):High costComplexityLacking professionals or technical capabilities to implement the solutionBreaking Down the Barriers — VeChain Develops and Launches ToolChain so that Anyone Can Implement and Use Blockchain TechnologyVeChain officially launched ToolChain, the next generation of blockchain-as-a-service (BaaS) platform at the 2019 VeChain Summit — the first global developer conference of VeChain, held on April 18th at San Francisco’s historic Fort Mason Festival Pavilion. It is the first commercial BaaS platform built on top of a public blockchain.ToolChain Addresses Pain Points for SMEsVeChain ToolChain provides a variety of general interfaces to essentially eliminate the high technical threshold and substantially lower the costs for SMEs or even individuals in blockchain integration. VeChain ToolChain pioneered the concept of providing an “off-the-shelf” solution, with various standardized application modules.Mr. Sabotage shared his experience of using Toolchain at the VeChain Summit 2019Unlike the BaaS products on the market, ToolChain also includes a vertical blockchain application focusing on product life cycle management, which can be used as a SaaS solution or customized as a turnkey package. The solution can integrate with the existing business of the enterprises immediately with zero development requirements. In this way, companies without blockchain development capabilities can acquire a secure and mature blockchain solution at a reasonable cost. More importantly, eco-enterprises and channel partners are allowed to build their own applications on the VeChainThor blockchain BaaS platform, should they be authorized with the turnkey solution provided by VeChain.SMEs can further benefit from a comprehensive one-stop customized blockchain service, including product life-cycle management, supply chain management, data storage, data verification, and process verification, thereby improving their brand image and scaling their businesses.Meeting the Demands of the Market: ToolChain Releases with Three VersionsTo meet the diverse demands of the market, VeChain ToolChain solution is currently available in three versions: Standard Version, Developer Version, and Channel Partner VersionStandard VersionThe VeChain ToolChain Standard Version provides various standardized application modules, tools and IoT devices. This allows SMEs with no development capability to have their own blockchain-based lifecycle management solution.Developer VersionFor enterprise customers with strong technical capabilities, the developer version can provide a variety of API interfaces, SDK development kits, and detailed developer documentation. With these, enterprises can develop various applications based on the VeChainThor Blockchain according to their own needs and desired hardware solutions.Channel Partner VersionThe newly developed Channel Partner Version will support independent deployment and multi-dimensional customization of ToolChain based on the channel partner’s business strength. To become a channel partner, you only need to apply for authorization from VeChain before receiving the ToolChain Turnkey packages for customization and independent deployment. This version creates a win-win situation by allowing VeChain’s partners to build their own blockchain-based business ecology to serve their customers.Hardware Suggestions: What You Need to Fully Implement VeChain ToolChainTo realize VeChain ToolChain’s strengths and provide a one-stop solution to optimize supply-chain management, for SMEs and even individual users, by using a smartphone with NFC function and NFC tags ordered from VeChain (will be available soon), you can start using the ToolChain service. Moreover, VeChain has prepared a collection of suggested hardware devices to fully implement the solution and connect the software to the physical goods being managed. The hardware suite includes:QR code printer and application software for easy, immediate at the office, printing of QR codesNFC writer and related software to create digital labelsIoT devices, including RFID chips, sensor devices, and moreHandheld terminal devices to enable Toolchain apps to bond and activate NFC chips and collect and transfer chip ID and other core dataPhysical carriers for simple transport of the Toolchain Kit, including QR codes and NFC/RFID digital chipsToolChain Successfully Applied in Multiple IndustriesVeChain ToolChain has been successfully introduced into various industries such as energy, automobile, agriculture, wine, FMCG, art auction, insurance and more. In these industries, it has played a critical role in data verification, data sharing, anti-counterfeiting, and traceability.New business models based on the VeChain ToolChain have been developed to empower real economy and facilitate an enterprise’s digital transformation and brand image enhancement. In the future, VeChain will stay focused on building a blockchain-based ecosystem for its partners and developers, enabling them to provide customized ToolChain-based services for enterprise users, extend application scenarios, and further optimize relevant functions.To use VeChain ToolChain for business scaling, please contact the professional VeChain ToolChain consultant for personalized development advice at firstname.lastname@example.org and apply for a free trial of VeChain ToolChain Standard Version.About Turnkey Solutions:Turnkey Solutions are designed to further promote the development of blockchain applications on the VeChainThor Blockchain, and essentially eliminate the high technical threshold, substantially lower the costs, and significantly reduce the time to market for SMEs in blockchain integration. With the development tools provided by VeChain, such as general interfaces and API documents, the solution can integrate with the existing business of the enterprises immediately with zero development requirements. They’re also available as turnkey package for the enterprises and developers to deploy the solution independently and conduct custom development in accordance with their own management models and business demands, adding value to their business and meeting the diverse demand of the market.Turnkey Solutions include:VeKey Based Threshold Signature Turnkey Solution;HSM Based Key Escrow Turnkey Solution;VeChain ToolChain.
19. 04. 25
VeChain Summit 2019, the Fi...
April 18, 2019 — San Francisco, VeChain Summit 2019, the first global developer conference by VeChain, was held at San Francisco’s historic landmark — Festival Pavilion, Fort Mason.Themed as “Creating Valuable Transactions”, the conference boasted over 350 developers and scholars, over 50 business decision makers, government officials, and investors from all over the world to witness the latest achievements in VeChain Tech and Innovations. In attendance were business service providers representing clients which amounted to over 100,000 globally, covering the vast majority of Fortune 2000 companies. A joint collective over $10 Billion in capital under management of investors was represented by attendees.https://medium.com/media/042e8898de137e448aeea3af36571dd9/hrefFeatured speakers included:Luca Crisciotti — CEO of DNV GL Business AssuranceDr. Dan Boneh — professor of Computer Science and Electrical Engineering of Stanford UniversityX. Eyeé — Senior Technical Account Manager & Blockchain Ambassador at Microsoft AzureSid Mofya — COO of Draper Venture NetworkParminder Parmar and Michael Burke, Blockchain architect at Deloitte EMEA Blockchain LabCihan Albay — acting leader of IT Tech Office Singapore, BMW GroupJackson Fu — Co-Founder of CREAMethod IncubatorDaniel Kelman — Co-Founder of OceanexBianca Chen — Executive ProducerAlongside the featured speakers were Next Blockchain, Fenbushi Capital, Bitrue, 8Hours — PlayTable, Plair, Safe Haven, DBET, Actiware Development and many other entrepreneurs from multiple industries in attendance sharing their insights into the status quo, achievements, and future of blockchain technology.We would like to extend our most sincere gratitude to all of the keynote speakers, panelists, projects, and attendees. The professionalism and passion displayed at every level made the event both productive and enjoyable. VeChain Summit 2019 would not have been as big of a success without their support and contribution.During the event, Sunny Lu — CEO and Co-founder of VeChain, announced Masanari Koike and Antonio Senatore as VeChain’s new advisory board members.Sunny Lu announced Masanari Koike as the new advisory board memberSunny Lu announced Antonio Senatore as the new advisory board memberAs the global CTO at Deloitte Blockchain EMEA Blockchain Lab, Antonio works closely with DNV GL to develop a blockchain solution securing the certificate issuance process for business assurance. This solution was originally built on Ethereum and Deloitte opted to migrate to the VeChainThor Blockchain. The Deloitte Blockchain team also announced that they have developed a VeChainThor Blockchain Explorer and ‘Truffle’ on VeChain named Loki. Loki allows multiple smart contracts deployment, configurations, transaction simulations, gas estimations, along with many other additional features.As the former member of House of Representatives of Japan, Masanari has extensive experience in business development, politics, legal and compliance, and will support VeChain’s Japan market expansion and business development. His involvement will surely help to enhance the presence of VeChainThor Blockchain on the global stage.Apart from the thought-inspiring speeches delivered, VeChain Summit 2019 also unveiled multiple one-stop enterprise-level blockchain solutions such as VeChain ToolChain, HSM Based Key Escrow Turnkey Solution, and VeKey Based Threshold Signature Turnkey Solution. The launch of these solutions will further VeChain’s effort to facilitate the digital transformation of the real economy.This revolutionary product that enables EVERYONE around the world to implement and use blockchain — VeChain ToolChainVeChain Toolchain SolutionBy providing one-stop blockchain services including life-cycle management, supply chain management, data storage, data verification, and process verification, VeChain ToolChain can essentially eliminate technical threshold and significantly reduce development cost for SMEs to integrate blockchain into existing business models, thus facilitating brand image enhancement and business scaling. VeChain also used ToolChain in the interactive portion of exploration challenge throughout the summit where attendees stepped into the shoes of a VeChainThor Developer and could experience blockchain technology for themselves.HSM Based Key Escrow Turnkey SolutionWhile enterprises are increasing the presence of digital assets in their portfolio, many lack the capabilities necessary to conduct proper management of such assets. To solve the problem of asset management, VeChain has developed the HSM Based Key Escrow Turnkey Solution. This tamper-proof private key management solution boasts superior security for private key storage, transactions, and other application scenarios, it can also be used for encryption, transaction signing, and identification. In addition to providing basic key escrow service for enterprises, VeChain enables independent deployment of HSM Based Key Escrow Turnkey Solution. The solution can be provided to key escrow companies to develop various products based on the mature and safe underlying technology to meet diversified market demand, reduce development costs, and improve development proficiency.VeKey Based Threshold Signature Turnkey SolutionWhile blockchain can be leveraged to empower the real economy and minimize risks posed by existing systems, it may also give rise to a single point of failure (SPOF) thus adding difficulty to risk control. To address this problem, VeChain introduced the VeKey threshold signature turnkey solution, which is the first of its kind combining software and hardware to provide robust security, integrating enhanced hardware security module and optimal algorithms. The VeKey greatly reduces the risk of SPOF, ensuring the security of users’ digital asset.VeChain VeKey Based Threshold Signature Turnkey SolutionIn the VeChain Tech Introduction session, core blockchain engineers from VeChain presented a detailed overview of Sync and Connex. Sync provides a seamless experience for users and developers and is designed to provide superior user experiences for dApps on the VeChainThor Blockchain.Connex serves as the dApp environment to provide the unlimited potential to developers and users. Connex is a standard interface to connect dApps with the VeChainThor Blockchain and users, comparable to web3.js, providing a set of well-designed APIs for developers. With an injected Connex Object into web applications, developers can easily build dApps. Comparing Connex to web3.js, Connex provides streamlined and lightweight methods for dApps.VeChain Summit 2019 enabled the attendees to form a deeper understanding of how blockchain empowers the real economy, and displayed what VeChain has achieved together with its partners from across the industries. VeChain Summit 2019 demonstrated four major application scenarios of VeChainThor Blockchain: New Retail, Digital Authentication, Automobile, and Digital Carbon Ecosystem, in the hope that more enterprises and individual users can be inspired and come up with intriguing ideas to further the application of blockchain.In the Hands-on Lab, VeChain built a unique exhibit, where attendees were allowed to explore how blockchain optimizes business management by combining software and hardware-based solutions.Hands-on Lab at the VeChain Summit 2019The year 2019 will witness the acceleration of blockchain adoption. To facilitate the processes required for that adoption, blockchain startups must work closely with established enterprises, scholars, and developers. Only in this way can we achieve steady and efficient growth. The VeChain Summit 2019 added to the impetus of bolstering the development of the blockchain industry and surrounding VeChain ecosystem. The summit encouraged participants from all stages of involvement and proficiency to adopt new technologies exploring the untapped areas that pave the way for new developments in the blockchain industry.To learn more, join us on:Twitter: vechainofficialWebsite: www.vechain.orgTelegram: VeChain OfficialEmail: email@example.com
19. 04. 23
A Revamped User Experience ...
In the first VeChain Application Development Challenge, we received 22 applications built on top of the VeChainThor Blockchain. We were blown away by the talent level of the developers and the value these applications could bring to the VeChain Ecosystem.The development challenge aids our desire to enable developers and startups in the ecosystem to create valuable transactions. We believe in that cause so much so that developer support and value creation are some of our key objectives in 2019. We have been using all of the effort we can muster to build tools and infrastructure services that help applications attract users.As a result of that effort, we are excited to announce VeChainWorld which includes an application hub, developer information center, and developer forum. With the launch of VeChainWorld, users and developers will have a one stop source to find applications and useful information relating to VeChain, and even communicate with other ecosystem builders. With this, you have a much needed revamp on the current user experience when accessing VeChain applications. If you have previously registered the user account on the VeChain portal, you would be able to use that account to login VeChainWorld directly.Application HubUsers are able to scroll through all applications built on VeChainThor based on their categories , and if you visit VeChainWorld via Chrome+Comet, Sync, or the VeChainThor Mobile Wallet you will be able to access and download applications right away.Please make sure you have the VeChainThor environment installed properly, check out this link if you haven’t.Developers, you can submit your developed application via “Submit application” in the application hub, and the VeChainWorld operation team will review the application before addition. The review mainly includes a click-through test to verify the main functions work properly and a general check to confirm the application does not contain any illegal contents to the best of our knowledge.In preparing the application hub, we have collected some of the existing applications on the VeChainThor Blockchain. But, we encourage the application creators to re-submit the applications developed so that users see the correct developer name and latest information related to your application.SyncIn addition to Chrome, users can access the VeChainWorld and listed applications via Sync, which is an open source Internet browser with all needed components of the VeChainThor Blockchain natively built-in such as wallet, Connex environment, node, transaction and activity history, signature panel, and it is available on MacOS, Windows, and Linux. Sync provides a seamless experience for you to use VeChainThor Applications compatible with Connex.When opening Sync, you will find the user interface quite familiar. But if you look closer, you will find many handy functions integrated with the VeChainThor Blockchain.Wallet menu: you can create and import VeChainThor wallets, and transfer VET within the Sync browserAddress bar: when accessing a website or dApp, you just need to type the URL into the address bar. And what’s cool is that you can directly input a VeChainThor Address, txID or block number, and it will take you directly to the blockchain explorerNetwork and node status: check the current blockchain network and node you are connecting to, and it will indicate if the node is not syncedActivity history: find the history of your operations interacting with the VeChainThor blockchain, you can see TxID and the wallet you used for the operationAs you are interacting with a VeChain application, the application sends the signing request to Sync which will automatically pop-up a signature panel and request you to sign the transaction/content. On the left side of the signature panel shows the transaction summary, number of clauses and the description of each clause. On the right side, you can select which wallet is going to sign the transaction and transaction priority. You should always check the transaction details before entering the wallet password for signature.Transaction signingIn addition to signing a transaction on the VeChainThor Blockchain, you may be requested by applications to sign a certificate through the same signature panel. These certificates are a message signing based mechanism which requests you to provide your wallet address or to agree to the terms of agreement for the application.Certificate signingVeChainThor Wallet Application BrowserMobile experience has become so dominating nowadays that most people prefer to access applications on their smartphones than desktops. In the VeChainThor Mobile Wallet 1.4 which is available for update, we have added the VeChain Application Browser so that users can access VeChain Applications on the go. Users will be able to access the applications on VeChainWorld if they are compatible with the specific mobile device. So if you are developer and submitting an application, please indicate if it is compatible with mobile device to get more user exposure.Developer Information CenterThe Developer Info Center is designed for developers to find documentation, tutorials, tools, and sample code they may need to build on the VeChainThor Blockchain. The Developer Info Center covers documentation related to the VeChainThor Blockchain, dApp development, smart contract development best practice, step-by-step guides, introduction of development tools, VeChain’s turnkey solutions, hardware, and more. Check it out now.We encourage developers to contribute new documentation, tutorials, tools through our developer academy bounty. You can also make corrections or enhancements to the existing documentation directly in the developer info center via the “suggest edits” button on the top right corner of each page.ForumIn order to make the VeChainWorld a one stop source of useful information relating to the VeChain Ecosystem, we are launching a ecosystem forum. The forum will consist of:Announcements — Stay update to date with latest VeChain official announcementsAccelerator and bounty program — Apply for the accelerator and bounty program to get support for your projects built on the VeChainThor blockchain or claim bounty tasks to win some rewardsVeResearch — Learn about VeChain’s VeResearch program and its outcomes, including research partners, research topics, academic papers, published articles and technical write-upsGeneral discussion — have constructive discussions relating to ecosystem building, share ideas and get support from other ecosystem buildersDevelopment and technical discussion — have discussions about the development on VeChainThor blockchain and VeChain technologies, share your development experiences and get support from other developersEnjoy exploring!
19. 04. 17
Sergio Mottola, Chairman, C...
Sergio Mottola, Chairman, CEO and Director of the Scientific Committee of San Marino Innovation, Featured at the 2019 VeChain SummitVeChain is delighted to announce that Sergio Mottola, Chairman, CEO and Director of the Scientific Committee of San Marino Innovation, will join the speaker lineup of VeChain Summit. Born in Milan with an Anglo-Saxon educational background, Mr. Mottola is an expert in business strategy, digital transformation, technology and open innovation with over fifteen years of experience abroad before his return to Italy taking a leadership role in San Marino Innovation, the Republic of San Marino Innovation Institute S.p.A.Sergio is responsible for coordinating and managing complex business transformation projects, with a clear vision and a concrete approach oriented towards the future. He holds a degree in International Business, a master degree in Finance and Strategy at Cass Business School in London, where he continues his research as an Executive PhD focusing on the role of the State in the growth and creation of innovation ecosystems, digital growth strategies, and corporate decision-making.As a government official from San Marino with a strong tech background, he’s the ideal speaker to introduce insights about what San Marino as a country is transforming into, how San Marino will provide legislative support for the adoption of blockchain technology, and how blockchain technology can thrive with the support of San Marino to create value for the real world, and how blockchain technology will reshape the world we know it.About San Marino InnovationSan Marino Innovation is a Government Company fully owned by the Republic of San Marino and it has the mission to drive economic development through open innovation initiatives, grow the tech ecosystem and the presence of San Marino as an Innovation Hub internationally. The Institutes prerogative is to advance legislative proposals to the Government achieving various objectives and act as an Authority in the Innovation and Blockchain Ecosystem.San Marino Innovation is also responsible for the Republic’s Digital Agenda and its implementation.
19. 04. 10
VeChain, DNV GL and Norway ...
To assist superior Norwegian products, such as seafood, supplements, water, or home furnishings enter into the Chinese market, VeChain, DNV GL and Norway In a Box are working together to build a trust platform enabling consumers from China to enjoy high-quality products produced in Norway, as well as other Northern Europe countries. In the collaboration, Norwegian seafood will be the first batch of products integrated into the shopping platform.https://medium.com/media/d91d0b03a71ad8cc850744cd3219863c/hrefGuaranteeing the safety of imported foods into China has been a major challenge, even in the digital age. Like with many products, validating and verifying the origin is complex using previously existing technology. For a product to have true traceability, the answer has come in the form of blockchain technology, enabling immutability of data and transparency in the supply chain with data collection assured by third-parties.It was once a complex challenge to ensure that government mandated guidelines for safety and efficiency were met. Three companies have now banded together to bring fresh food to the people of China from Norway, including VeChain, DNV GL, one of the largest business assurance companies in the world, and Norway In a Box, an aggregator and exporter of superior Norwegian products.DNV GL’s app My Story™ launched via the VeChainThor Blockchain platform in January of 2018 as a digital assurance solution for food and beverages. The partnership between DNV GL and VeChain allows brands to share the life of their products, allowing consumers to see a product’s origination and lifecycle transparently.By using this VeChainThor Blockchain powered platform from VeChain, consumers can scan a QR code attached to a product and experience that products story. With the VeChainThor Blockchain, each product has its own unique ID. Top Italian wine producers were the first to implement and use this new and unique innovation. The My Story™ implementation within the respective industries continues to take on new hardware, software, business processes, and safety measures as its users, brands, and suppliers adopt and become educated on blockchain technology as applied to their specialization.In November 2018, Bright Code, a localized version of My Story™ alongside Bright Foods, was introduced at CIIE. Bright Code utilizes the technology provided by VeChain to build a consumer confidence index. In April 2019, a batch of milk products produced by Bright Foods will be the first of many batches of products to be launched on Bright Code.So, why blockchain? With blockchain, verifiable facts related to the product are registered throughout its entire history. When those moments are captured on a public blockchain, it offers a ledger that cannot be changed. There are multiple points of information that can be captured in the product’s story, including product quality, authenticity, origin, workers’ rights, animal welfare, and ecological footprint. Furthermore, DNV GL audits product information, processes, and activities to validate the data capturing process.With this remarkable tool available, DNV GL and VeChain have teamed together to build a product that would answer the growing needs to import foods with transparency, not only into China, but across the world, with the unique ability to trace its every step, starting from its origin.With the technology built and the processes defined, the next step in the product’s creation is to find sourcing partners that are equally committed to transparency. In this venture, VeChain and DNV GL have partnered with Norway in a Box, which is a cutting-edge supplier of Norwegian foods to the rest of the world. Norway in a Box focuses primarily on sealing fresh food and preserving safety meeting the high expectations for their customers. They only sell products that have been caught, produced, packaged, and sealed in Norway.In the first release of My Story™, the three companies will work on primarily importing Norwegian salmon, among other seafood. Products will be shipped from Norway to China, then they will be available directly through restaurants, as well as through the online shopping platform built by Norway In a Box. Every product using My Story™ will have a blockchain entry marking each step in its journey from the moment the fish was caught all the way to the moment it was packaged. The solution will continue to evolve, adding new features, transparency steps, and products as it scales.With a simple scan, buyers and consumers will be assured of the product’s freshness by Norway in a Box, validated by DNV GL. This collaboration in product transparency is a new approach to battling food safety issues in China.Take a tour of Norway in a Box’s product page to see what other foods can be sourced.This VeChainThor Blockchain application is just one more way in which blockchain technology is able to solve real-life problems in modern supply chains. Whether it is fresh foods or wine, every product has a story to tell. Now every consumer can feel confident that these goods are fresh and safe with the VeChainThor Blockchain.
19. 04. 08
Sid Mofya, COO and Director...
The VeChain Summit 2019 is quickly approaching! On April 18th, be sure to be in attendance and experience our latest addition to our packed Featured Speaker list, Sid Mofya the COO and Director at the Draper Venture Network (DVN).Sid boasts extensive experience in investment and advisory services, formerly serving as Corporate Liaison at HJF Medical International Inc, a Member of Advisory Council at LIONS@FRICA, and the Board Chair at the Kalene Education Fund.Currently, Sid is working as the COO and Director at the Draper Venture Network. Initially formed in 1990, the Draper Venture Network is a one-of-a-kind alliance of twenty-two independent venture firms spreading across the world’s key technology innovation centers and the world’s largest economies. With a collective two-billion dollars in managed assets, Draper Venture Network boasts over eight hundred portfolio companies. Sid’s role, in part, is to oversee the coordination of funds and providing post-investment support to portfolio companies.Sid adds to the commitment of VeChain to inspire all that attend the Summit and achieve the 2019 mission “creating valuable transactions”. To that cause, we have gathered the best and brightest minds in blockchain development and enterprises crossing multiple industries. These are people making a difference in blockchain’s mass adoption through the VeChainThor Blockchain. Join them as they discuss what’s next in this evolving industry, how you can be involved, and how VeChain can support you as you build.With such added prestige, experience, and expertise in his craft, Sid brings an impactful voice to the topics presented at the Summit. Be sure to join Sid and countless others to dive deeper into the world of investment, global partnerships, and the VeChainThor Blockchain.If blockchain and its utilities are part of your present or future, this is a must-attend event, as it will be filled with insights from Sid and other experts in the field. Register to attend today and see the future of the VeChainThor Blockchain and how you can be involved!
19. 04. 03
VeChain, DNV GL, and Haier ...
Empowering the clothing lifecycle management system with blockchain and IoT TechnologyOn April 1st, 2019, the “Global Release of the Achievements of COSMOPlat Industrial Internet Eco Brand Platform” event was held (by Haier) at the Hannover Exhibition Center to showcase the latest technological achievements of Haier and introduce newly formed ecosystem partners through their COSMOPlat Platform. COSMOPlat is the ecological backbone of Haier, operating as an open industrial internet platform with independent intellectual property rights making it the first ever platform for third parties to participate in the entire industrial process.Mr. Tao Bailiang, Counsellor of the Chinese Embassy in Germany, Mr. Eicke R Weber, Academician of the German Academy of Engineering and Director of the Fraunhofer Institute for Solar Energy Systems, Mr. Francisco Betti, Head of WEF Future of Production, and Mr. Chen Lucheng, Vice President of Haier Home Appliances Group, were in attendance.Mr. Zhang Weijie, Executive Director of Haier Institute of Industrial Intelligence and General Manager of Intelligent Manufacturing of Haier Electrical Appliance Industry Group, Mr. Luca Crisciotti, CEO of DNV GL Business Assurance, and Mr. Jerome Grilleres, General Manager of VeChain Europe presented the Signing Ceremony of the Tripartite Strategic Partnership on behalf of Qingdao Haier Washing Machine Co. Ltd, DNV GL, and VeChain. The three parties will join hands in integrating the VeChainThor Blockchain-based clothing traceability solution into Haier IoC facilitating the Digital Carbon Ecosystem (DCE). The VeChainThor Blockchain will become a core technology in which the COSMOPlat open platform members operate with.The partnership is created to facilitate the deployment of My Story™, which is co-developed by DNV GL and VeChain, into the clothing industry. The partnership also integrates DCE with Haier IoC platform, the first apparel lifecycle management platform in the world. The breadth of the Tripartite Strategic Partnership looks to utilize public blockchain technology in all applicable use cases within the lifecycle of clothing and clothing management. The next noted use cases include smart shopping, smart inventory management, and tracking using the VeChainThor Blockchain.Signing Ceremony at Hannover Messe 2019. On the left: Luca Crisciotti; in the middle: Mr. Zhang Weijie; on the right: Mr. Jerome GrilleresIn the introduced partnership, Haier is responsible for coordinating its user resources, facilitating the deployment of VeChainThor Blockchain-based My Story™ in the clothing industry through Haier IoC, applying the carbon reduction model created for the Digital Carbon Ecosystem (DCE) to Haier Washing Machines, thus enriching DCE and promoting a carbon-efficient lifestyle. Haier Group is one of the largest collective multinational consumer electronics and home appliances company in the world with approximately $40 billion in annual revenue. Among its brands, Haier also owns GE Consumer & Industrial, Fisher & Paykel, Hotpoint and Candy Group. Haier IoC, or Internet of Clothing, is a platform which can potentially generate billions of business transactions a year for their users.As an independent third party, DNV GL will be responsible for providing verification and consulting services to Haier and VeChain regarding business model, process control, and technical interfaces. All the data stored on the blockchain will be verified by DNV GL, thus ensuring its authenticity. DNV GL will also be responsible for the verification and distribution of the carbon credits in DCE.VeChain is responsible for providing blockchain tech support and consulting services, facilitating the development of Haier’s IoC platform, developing carbon reduction and carbon credits applications that can integrate with DCE for Haier Energy Efficient Washing Machines, and providing VeChainThor Blockchain-based or traceability/anti-counterfeiting solutions for the apparel enterprises within Haier IoC Ecosystem.Haier Internet of Clothing Area at Hannover Messe 2019“Haier is committed to promoting the development of apparel-related industries by leveraging advanced technologies, the strategic partnership between Haier, DNV GL and VeChain will add impetus to the development of Haier’s business.”Mr. Zhang Weijie, Executive Director of Haier Institute of Industrial Intelligence“Thanks to Haier and DNV GL, we were able to bring blockchain technology to the enormous market of clothing and laundry without the joint efforts of the three parties, we wouldn’t be able to make such a remarkable achievement. Together with our partners, VeChain will continue to explore application scenarios for blockchain technology, and empower the real economy.”Jerome Grilleres, General Manager of VeChain EuropeAs of now, MyStory™ has been deployed in multiple projects within Haier IoC by scanning the QR code attached to the clothes, consumers can get detailed information about the product from provenance to store, such as raw materials, manufacturing process, design, and brands. The Tripartite Strategic Partnership will continue to expand upon the integration and use cases of the Haier IoC system utilizing the VeChainThor Blockchain.Numerous world-class enterprises are now operating on Haier IoC platform empowered by VeChainThor Blockchain, IoT technology, and MyStory™, thus integrating the network of farmlands, factories, stores, and consumers seamlessly, expanding blockchain adoption to industries such as clothing, household textile, laundry, printing and dyeing, and the Internet of Clothing. On top of that, by deploying the carbon efficient model, Haier has, for a second time, given full play to its strength and further promoted a greener lifestyle. With the VeChainThor Blockchain, which features security and efficiency, and the support from third-party certification body DNV GL, Haier IoC will pioneer the disruption of the industry and the development of a win-win ecosystem.
19. 04. 02
Dr. Dan Boneh, Professor an...
Need one more reason to register for the 2019 VeChain Summit? Then, the addition of Dr. Dan Boneh of Stanford University should be all you need to save your spot. In just a few weeks, community members, developers, enthusiasts, and enterprises will gather at VeChain’s first summit in Fort Mason, San Francisco. So, you don’t want to miss your opportunity to hear from Dan Boneh.Dan has had an illustrious career as a professor of computer science and cryptography at Stanford University. He’s been a pivotal figure in security and cryptography industries, working on many high-profile projects. As co-director of the Stanford Computer Security Lab, he leads the Applied Cryptography Group within the Computer Science department. His efforts have focused on applications of cryptography in computer security. He earned his Ph.D. from Princeton University before joining Stanford in 1997.Dan’s work in the industry includes an impressive list of awards and publications. He was elected to the U.S. National Academy of Engineering in 2016 along with being named a Fellow of the Association for Computing Machinery the same year. In 2014, he was honored with a ACM-Infosys Foundation award as well as a ACM Prize in Computing. For his work on the Boneh-Franklin scheme, an identity-based encryption system, he won the Gödel Prize in 2013. He received an RSA Award in 2005.Dan has authored hundreds of articles in the field, including publications on privacy-preserving proofs of solvency for Bitcoin exchanges and efficient identity-based encryption. He was named a Packard and Alfred P. Sloan fellow.His prestige in the industry is unparalleled, so if you want to hear from one of the most prominent and distinguished professionals in the industry, then the opportunity awaits you at the Summit.VeChain is excited to inspire all that attend the Summit, helping us to achieve our 2019 mission to create valuable transactions. To accomplish this, we want to support and build our developer community. That’s why we’ve put together the Summit. We’re gathering the best and brightest minds in crypto and blockchain, and the people making a difference in blockchain’s mass adoption through VeChainThor Blockchain to discuss what’s next in this involving industry.If blockchain and crypto-assets are part of your present or future, this is must-attend event, as it will be filled with insights from Dan and other experts in the field. All you need to do now is get your hands on those tickets by registering to attend today, and see where the future of VeChainThor Blockchain is heading!
19. 03. 28
VeChain Financial Executive...
We are excited to present the sixth VeChain Foundation Financial Executive Report. This financial report covers November 2018 through January 2019. In this period, we reflected on the achievements of 2018 and envisioned the exciting things down the line in 2019. The VeChainThor platform stayed vibrant and achieved significant progress in supporting the long-term growth of the ecosystem.As advised by our professional financial service provider, starting from 2019 we will restructure the contents of the quarterly financial executive report to make the information more clear and streamlined. As always, we sincerely welcome the community to hold us to the commitment of transparency, the rigorous monitoring and usage of funds, and the development process of all aspects within the VeChain Foundation.The new report structure is as follows:1. VET Supply Overview2. VeChain Foundation Expenditure (use of proceeds)3. Notesi) Enterprise Investor Poolii) Co-Founders, Development Teamiii) The Operation, Technological Research and Developmentiv) Business Developmentv) Compliance & Legalvi) Ecosystem Development1. VET Supply OverviewThe VET total supply on the VeChainThor Blockchain is 86,712,634,466. As of Jan 31, 2019, the VET circulating amount is 60,231,133,910 which accounts for roughly 69% of the total supply. The VET circulating supply increased by roughly 2% since the previous quarterly financial report.2. VeChain Foundation Expenditure (use of proceeds)We summarized below the USD value of the expenditure in fiat or BTC/ETH for the reporting period. For the spending in BTC or ETH, the USD value was booked based on the rate when the transaction occurred. We continue to see many situations where clients, and potential partners, inquire about the option to acquire goods services and the opportunity to fund/invest in technology with VET compared to using fiat or BTC/ETH. Therefore, the total expenditure for operation, technological and business development comprises a combination of direct VET payment and use of proceeds (fiat, BTC/ETH) depending on the associated parties’ preference.3. Notesi) Enterprise Investor PoolWhile during this reporting period the crypto market touched the lowest point since the hype at the end of 2017, quite a few venture capitals actually see this as a good entry point into this space. We continued evaluating the offerings on hand and are looking for institutional partners who could bring fundamental change, or value, to the long term development of the ecosystem. While most of our business partners acquire VETs on the open market, 50 million VET were purchased from this pool by our strategic institutional partners who are looking at holding the VET for their long term purposes.ii) Co-Founders, Development TeamIn this period, the Foundation distributed 627 million VET as sixth quarterly rewards to the team. While many projects shrank the team in the bear market, VeChain took this opportunity to recruit more talent to expand and optimize the team. During this reporting period, 11 full-time employees joined us in tech, operation, project management and product teams, including new official members in Europe and the USA. Same as previous periods, the executive team will continue locking up 100% of their rewards gained in this period for two years, starting from the moment of distribution.iii) The Operation, Technological Research and DevelopmentAs stated in the 2019 outlook, we have been focusing on enabling the developer community by promoting the VeChainThor Blockchain features and building tools to facilitate the application development in the ecosystem. The development team spent months developing the New Sync, a VeChain application browser and Connex, a newly defined standard interface connecting dApps with the VeChainThor Blockchain and users. With the New Sync and Connex, users can now seamlessly access applications built on the VeChainThor Blockchain. We are also delighted to see the contribution from community developers — the launch of Comet and CometVerse by Totient Labs set a good example of how developers could frictionlessly on-board users who were never involved in crypto.Also, following the VIP 180 — fungible token standard, we published VIP 181- non-fungible token standard for developers to follow and create non-fungible tokens on the VeChainThor Blockchain. As an ideal scenario to implement the VIP 181 NFT standard, we tokenized the status of VeChainThor Economic (X) Nodes and allowed any third party developer to integrate the VeChainThor Node tokens.Economic Nodes Reward Pool Change — as stipulated in the whitepaper section 3.6, the VTHO reward pool for economic nodes reduces by 2.5 billion VET every six months from the start of node monitoring (i.e. Sept 1 2018). The first reduction occurred at noon UTC+8, March 1, 2019 and returned to the Foundation’s reserved pool for business development, operations and R&D.iv) Business DevelopmentIn this period, the VeChain team managed to sign a few renowned partnerships which will lead to more enterprise blockchain applications on the mainnet. VeChain was invited to the first ever China International Import Expo alongside DNV GL, and showcased solutions such as cold-chain logistics, supply chain management and digital carbon ecosystem. We were also very excited to see the launch of MyStory, the first public blockchain based enterprise application launched by a 150-year-old professional service firm, DNV GL, to disrupt its third-party assurance service model.Announced partnerships and collaborations (Nov, 2018 — Jan 2019 )Invest Cyprus (Nov 2)Fuji MARUMO Tea Garden (Dec 5)MIT Media Lab (Dec 6)Baijieteng Technology Corporation（Dec 26）Highlights from the community and marketing events (Nov, 2018 — Jan 2019)VeChain released Technical Deep Dive Season 2 and 3 (Nov 3)VeChain showcased multiple blockchain solutions at the First Inaugural China International Import Expo alongside DNV GL (Nov 5)Sunny Lu attended the launch ceremony of “Bright Code” Platform (Nov 10)Sunny Lu attended the “blockchain technology” seminar with Dan Noneh, Stanford University professor, at the “2018 Future Science Awards Ceremony and F2 Science Summit” (Nov 17)Netease interviewed Sunny Lu on the blockchain development and community governance (Nov 19)VeChain General Counsel Scott Brisbin accepted the “Global Scaling Award” issued by Draper Dragon (Nov 20)Mike Zhuang attended the “P.O.D New Block Trend New Trends” Blockchain Summit, and participated in the round table on “how blockchain technology empower real economy” (Nov 28)Kevin Feng delivered a speech of “The future role and development trend of blockchain” at Hong Kong blockchain summit 2018 (Dec 12)VeChain was awarded as the top of the best performed blockchain apps jointly issued by 8BTC and TokenInsight (Jan 4)DNV GL launched MyStory on the VeChainThor blockchain, aiming to build digital trust in the origin of products. Three Italian winemakers are the first to use the blockchain-powered digital assurance solution (Jan 11)VeChain was selected as “the most valuable commercial application in 2018” by the Cointime (Jan 18）Sunny Lu attended the live show “Ask me anything” hosted by TokenGazer, and shared observation and opinions on VeChain ecosystem, governance model, blockchain technology development trend, etc (Jan 17)Renato Grottola, member of VeChain Foundation Steering Committee and senior vice president of DNV GL attended the blockchain expert group meeting held by the Italian Ministry of Economic Development to discuss Italy’s national blockchain strategy (Jan 21)General Manager of SE Asia & Australasia, Sarah Nabaa attended the first Binance blockchain week, and made a speech on “The next decade — driven by business value” (Jan 22)The Norwegian delegation visited VeChain for an in-depth look into VeChain progress on technology development, blockchain application (Jan 23)VeChain, together with Logsafer and PICC attended the Belt and Road logistics innovation seminar hosted by Chang Chun International Land Port (CCILP). VeChain Sales Director Yujie gave a speech on the brand new blockchain based insurance model for logistics industry (Jan 30)v) Compliance & LegalVeChain continued enhancing our enterprise blockchain solutions to make it ready for commercial usage. We engaged consultants and service providers to perform risk assessment from compliance and financial perspectives, which helped us polish the products. As usual, before releasing the VIP181 NFT standard and VeChainThor node smart contracts, we engaged SlowMist to audit the security of the source code.vi) Ecosystem DevelopmentVeChain focused on investing in infrastructure solutions and services to make the platform friendlier to the developers. At the same time, VeChain has been actively looking at more ecosystem projects running on the mainnet which choose to raise the majority of their funds in VET.
19. 03. 20
AWS Services Enable One-Cli...
Blockchain as a Service (BaaS) on AWS, coupled with compliance certification services from DNV GL, to facilitate quick, secure and compliant use of blockchain technology to support business processes and activities.VeChain, the world’s leading enterprise friendly public blockchain platform, announced they are launching an integrated one-click solution into AWS Cloud allowing a host of enterprises to deploy quick, secure, and compliant blockchain applications.Official announcement from AWS in Chinese, click the link below:唯链借助 AWS 平台，让企业一键部署区块链应用！VeChain’s Blockchain-as-a-Service (BaaS) solution was initially launched in 2016. The solution combines NFC+RFID chips, blockchain encryption, identity verification technology, Internet of Things (IoT), cloud computing, and traditional enterprise IT services to provide a comprehensive IT solution utilizing blockchain technology. Customers cover a range of industries, from producers of consumer goods to manufacturers in the automobile, transportation, food, and agriculture sectors. Notable users of the pre-existing services including BMW, BYD Auto, BrightFood, DB Schenker, and D.I.G.With this one-click solution, VeChain’s BaaS solution will use AWS CloudFormation to enable their customers to deploy in one click, eliminating the cumbersome manual deployment associated with the emerging industry. In this solution, VeChain is also adopting:Amazon Elastic Compute Cloud (Amazon EC2) to deploy the VeChainThor mainnet to allow data uploading and smart contract deployment.Amazon Relational Database Service (Amazon RDS) for data persistence and cost reduction. Deployment of Amazon Redshift will improve data analysis efficiency for enterprise customers, connecting the enterprise ERP system with the blockchain system to conveniently call smart contracts, and upload data through standardized APIs.Amazon EC2, Elastic Load Balancing, and Amazon CloudFront on the application front to collect raw data from systems such as ERPs. At the back end of the applications, Amazon RDS will store and upload data to the blockchain through the interface.As an AWS technology partner, VeChain joins the AWS Partner Network (APN) and will receive business operations, technology development, and marketing support.“We welcome VeChain to join the AWS Partner Network and deploy the leading-edge BaaS solution on AWS, AWS provides rich security capabilities and services, extensive compliance certification, and a global infrastructure. The AWS Blockchain Templates were introduced in 2018, allowing customers to quickly and easily create and deploy secure blockchain networks using popular Ethereum and Superbook open source frameworks while minimizing human error. We hope VeChain, and its customers, will accelerate the pace of innovation and continue to sharpen their competitive advantage with these features.”— Alex Yung, corporate vice-president and managing director of AWS Greater China.VeChain’s BaaS solution gains additional competitive advantages as they hone in on compliance and security through DNV GL’s compliance process and system architecture, as well as best practices in digital verification and information security. As VeChain’s strategic partner, DNV GL provides security and compliance certifications to VeChain customers. Founded in 1864, DNV GL is a global quality assurance and risk management company, providing the world’s leading third-party certification services.“AWS has achieved dozens of third-party certifications including ISO 27017 Cloud Security, ISO 27018 Cloud Privacy, SOC 1, SOC 2, SOC 3, and PCI DSS Level 1, providing strong and essential support for the secure certification of VeChain’s BaaS solution.”— Bo Huijie, marketing director, business assurance, DNV GL Greater China.VeChain cooperates with world-leading network security companies and third-party service organizations to conduct comprehensive security testing. VeChain refers to global security standards, including ISO27001, GDPR in the European Union, and China’s network security law, for product and internal control processes.“AWS is the world’s leading cloud service platform with extensive security compliance certifications, static and dynamic data encryption, hardware security modules, and strong physical security, we can provide compliant blockchain solutions based on AWS for customers around the world. We plan to deploy more services and industry solutions on AWS to help enterprises build safer and more convenient IT infrastructure.”— Gu Jianliang, VeChain CTO
19. 02. 18
VeChain Expands the Team in...
19. 02. 15
Announcing the VeChain Deve...
As VeChain’s mission for 2019 is creating valuable transactions, enabling and building the developer community is one of the critical tasks to achieve it. The VeChainThor public blockchain is designed with mass adoption in mind, which means it is designed for the developer and their users. On top of keeping the Ethereum Virtual Machine to lower the barrier for smart contract development, VeChainThor blockchain is packed with unique features such asProof of Authority (“PoA”) Consensus for scaling and increased securityDual-token economic model for projectable expensesMulti-party payment protocol (“MPP”) so anyone can get the full value of the technology without the need of a cryptocurrencyMulti-task transactions (“MTT”) to reduce cost and increase contract flexibilityTransaction dependency to sync a series of transactions that occur if conditions are met on chainOn-chain governance for verifiable votes and code is law action plansAll these features aim to ameliorate the blockchain industry and increase adoption by developers and their users. (For more details about VeChainThor blockchain features, please see the GitHub Wiki)Now users can choose to access VeChain applications (either Connex or web3.js) via the New Sync, an integrated VeChain application browser built by the official team or the Chrome extension — Comet built by Totient Labs, and more to be expected to come from community teams. With the release of Connex v1.0, the native standard interface connecting applications with the VeChainThor blockchain and users, we have already seen some good developments of VeChain applications.In order to boost the application development and make people aware of VeChainThor blockchain’s features, we are excited to announce three ongoing developer bounties and the Application Development Challenge. This challenge, entitled VeChain Application Development Challenge leading up to the VeChain developer conference — VeChain Summit 2019 scheduled on April 18 at Fort Mason, San Francisco, will have a total reward pool of 40M VETs. Teams will also be showcased by the Foundation and ecosystem builders to various enterprises and funds that are looking to bolster their influence within this space.1. Application Idea Hunt — let us know your application development idea and plan and be rewarded with 100K — 1M VTHO for an easier start for the development2. VeChainThor Supercharger — plug in your MPP-enabled application to the VeChainThor Supercharger, a program that sponsors the user transaction fee of your developed application for one month3. Developer Academy Bounty — share your experiences with application development on VeChainThor blockchain in documentation/scripts/tools that make life easier for the developers that follow4. Application Development Challenge — 5 favorite applications voted by the community by April 12th and 3 Connex compatible applications selected by the Foundation will be announced in the 1st VeChain developer conference and share a total reward pool of 40M VETsJoin our developer Gitter and Discord and start building now!DETAILS AND RULESDeveloper BountiesTo help developers who want to participate in the VeChain Application Development Challenge, we would like to introduce three developer bounties as follows. They will be available as ongoing bounties, even past the duration of the competition. We are currently working to add more bounties in the future.1. Application Idea HuntSubmit your idea and apply for the bounty HEREReady to make your creative ideas into applications running on the VeChainThor blockchain? Let us know your idea and plan, and get some VTHO for a boosted start. You could be granted between 100K and 1M VTHO upon on the Foundation Assessment Team’s judgment from the following perspectives.The originality of the ideaNativeness on VeChainThor blockchainDevelopment experience of the teamValue to the ecosystemPlan for product development, user acquisition and expansionThe VTHO granted in this bounty is intended to help with the development and attract initial users. Applications that have completed the development should apply for other bounties and the Application Development Challenge. A submission may not be accepted if it is determined by the Foundation Assessment Team to not contribute to any of the above criteria or is deemed as duplicated, abuse or fake information. The Foundation Assessment Team consists of VeChain’s key technical team and operation team.Submit your idea and apply for the bounty HERE. If accepted, you will receive an email and the granted VTHO on your submitted address within 5 business days.2. VeChainThor SuperchargerSubmit the information about your MPP-enabled application and apply for the bounty HEREWhen you design your application, don’t forget to integrate VeChainThor blockchain features to help you create smoother user experience. Among those features, Multi-party Payment is the most talked about one, as it allows application operator smart contracts or delegated 3rd party addresses to pay for transactions fees on behalf of their users. It significantly helps onboarding users to the application without friction. Exchange sign ups and transaction fees can deter those who have not yet fully engaged with the application or the blockchain protocol.MPP enables fee delegation at the meta-transaction level, making it secure and convenient for users, application operators, and 3rd party service providers to collaborate. Therefore, to set the example, VeChain Foundation will sponsor the transaction fee of MPP-enabled applications for one month (with the max cap of 3M VTHO per application) starting from a preferred date of the application developer. By this way, an application can cover and delegate its user’s transaction fee to the VeChainThor Supercharger (i.e. sponsor address).Submit the information about your MPP-enabled application and apply for the bounty HERE. Please note a version of your application with MPP function enabled should be live on the VeChainThor mainnet before you apply for the bounty. The Foundation Assessment Team will verify whether the application has properly integrated MPP before getting in touch with your team.We reserve the rights not to accept an MPP application or terminate the sponsorship before the bounty ends, if, determined by the Foundation Assessment Team that the submission violates the rules or is deemed as duplicated, abuse or fake information.3. Developer Academy BountyNow that you have the experience with application development on the VeChainThor blockchain, we would like to sincerely invite community developers to help us create and optimize the developer documents, tool sets, and scripts related to your applications and the VeChainThor public blockchain. We see your collaboration as a way to share resources and ideas, and to achieve the developer-friendly ecosystem necessary for a widely used public blockchain.If you have something, including but not limited to: technical tutorials, technical description documents, self-developed tool/scripts and others, created during the development of application, that you think would be helpful to other community developers please submit HERE.Based on the quality of the submission, the Foundation Assessment Team will determine acceptance and grant at least 25,000 VET per successful submission. For similar submissions, we will reward those based on their added effort as deemed by the Foundation Assessment Team. Additive improvement submissions to content publicly visible as a result of the Developer Academy Bounty submission can also be submitted to receive a reward as deemed fit by the Foundation Assessment team, such as grammar fixes and general updates. Successful submissions may be incorporated into the upcoming developer portal.VeChain Application Development ChallengeJoin the Application Development Challenge and submit your application HEREWe hope that the above developer bounties provide the needed support that motivated and opportunistic developers are seeking. Our goal is to provide a boosted start to qualified application development and start using our resources to help you attract users and get exposure to investors and developers to further expand a potential application and business.We tailor fit our initial bounty programs with a development challenge in mind. As you plan, design, and document your applications, we want to support you along the way. When your application is live on the VeChainThor mainnet, we encourage you to submit it HERE. By doing so you join the Application Development Challenge and will further let more of our community members experience and contribute to your project on top of potentially winning some VET.In the VeChain Application Development Challenge, both the community and the Foundation Assessment Team will select their favorite applications which will share a total reward pool of 40M VET!On April 1, a list of submitted applications will be published for community voting. You can still submit the application after April 1, and it will be will added to the list within 24 hours if it does not violate the rules. The community voting will be concluded based on the result at 11:59pm UTC+8, April 12th. Applications submitted after this time will not be eligible for this challenge.Once the community voting is concluded, the Foundation Assessment Team will evaluate all eligible applications and select the top 3 applications to win the Foundation Awards. The focuses of the evaluation include value to the ecosystem, user experience, originality, nativeness on VeChainThor blockchain and the plan for further development. In addition, only Connex compatible applications are eligible for the Foundation Award and the winners are not eligible for Community Awards.1st prize: 12M VET2nd prize: 8M VET3rd prize: 5M VETApart from the Foundation Award winners, the top 5 favorite applications based on the community voting result will win the Community Awards.1st prize: 5M VET2nd prize: 4M VET3rd prize: 3M VET4th prize: 2M VET5th prize: 1M VETNote: Because the Foundation Award winners are not eligible for the Community Awards, if one of the applications in the top 5 community voting is picked by the Foundation Assessment Team, the next application on the list will be entitled for the Community Award.All the prizes will be announced during the VeChain Summit 2019 on April 18.Submitted applications will be added to the VeChain application store that will be launched soon.Once the Challenge is finalized, be sure to continue taking advantage of our bounty programs as you scale your applications.Overarching Rules for the Developer Bounty and Application Development ChallengeA qualified VeChainThor application could be an application, usually web-based or mobile app, that can be accessed by users to interact with the VeChainThor blockchain, e.g. dApps powered by smart contracts, tools or infrastructure useful to the developers, applications integrating VET / VIP180 token payment or VIP181 NFT transferThere is no limitation or preference on the category of the applications for the Developer Bounty or Application Development Challenge, the application categories may include but not limited to Business, Finance, Social Networking, Entertainment, Developer tool, Infrastructure ServiceApplications developed before this announcement are eligible, while applications that have previously raised funds through token issuance are not eligibleDevelopers own the applications developed and are solely responsible for the legality of the applications in relevant jurisdictions at every stage of the challenge and its completionThe Awards do not construct any endorsement from VeChain Foundation or the VeChain company to the developed application, its development team, or the security related to the use of the submitted applicationThe rewards will be paid in VET or VTHO only, and the participants should check the regulations surrounding the legality of ownership or compensation of digital tokens/ cryptocurrencies in your respective countries of residenceThe Developer Bounties and Application Development Challenge considers a number of variables in determining rewards. Determinations of eligibility, score, rewards and all terms related to an award are at sole and final discretion of the VeChain Foundation Assessment Team assigned by Steering Committee, featuring Sunny Lu (VeChain CEO), Bin Qian (VeChain Lead Blockchain Developer), Jiangliang Gu (VeChain CTO), Peter Zhou (VeChain Chief Scientist), and Kevin Feng (VeChain COO)VeChain reserves all rights to amend the conditions without any prior notice in writing and the VeChain’s decisions will be deemed finalWhile we do not limit the type of applications submitted, applications fitting the following attributes could be favored by the Foundation Assessment Team in the Developer Bounties and Application Development Challenge due to its value to the ecosystem and alignment with VeChain’s focus and strategyi) utilizing VeChainThor’s features such as multi-party payment, multi-task transaction, transaction dependencyii) integrated with Economic (X) Node smart contracts and benefiting X node holders e.g. Node status token management platform, market, or applications leveraging the node statusiii) compatible with Connexiv) providing infrastructure services which enable other developers or applicationsv) integrated with the applications or tokens of VeFam projectsFURTHER READING — VECHAIN DEVELOPER INFORMATION SUMMARYOverallOfficial VeChain GitHubVeChainThor blockchain GitHub repoVeChainThor Wiki & FAQDeveloper Communication ChannelOfficial Developer Discordhttps://discordapp.com/invite/HHvXvUX — for discussion about the dApp development on the VeChainThor blockchainOfficial VeChain Gitterhttps://gitter.im/vechain/thor — for questions / discussion related to projects in the VeChain official Github that you would like to address to the VeChain core dev teamVeChainThor Blockchain CoreVeChainThor blockchain source code and deployment guide — download and deploy a VeChainThor full nodeVeChainThor built-in smart contracts and documentation — introduction on the 6 built-in smart contracts in VeChainThor and how to use themVeChainThor transaction model — documentation on VeChainThor’s unique transaction structure, fields and featuresVeChainThor block structure — documentation on how VeChainThor defines a block in GolangVET/VTHO dual token design — introduction on the VET/VTHO dual token designMulti-party Payment (MPP) — introduction on the functions of the MPP which is an unique feature of VeChainThor (Because the transactions on VeChainThor only consume VTHO, when there is no VTHO in the user’s deposit address exchange could set the exchange system address as the payer for the transaction fee to move funds by leveraging the MPP function in VeChainThor)VeChainThor RESTful API in various presentation — swagger UI, Thorest, thor.yamlPublic VeChainThor Node — to facilitate developers to play around and test the VeChainThorDeveloper ToolsConnex — the newly defined standard interface to connect dApps with the VeChainThor blockchain and users, comparable to web3.js. Connex provides a set of well-designed APIs for developers, and with injected Connex Object in web applications they can easily build dApps. Comparing with web3.js, Connex provides streamlined and lightweight methods for dApps. Connex API referenceTool instruction — instruction on how to use Java Client SDK or Sync for private key management, building and signing transaction, sending transaction, using MPP function, querying blockchain info and confirming transactionThorify repo and API reference documentation — a Web3 adaptor for VeChainThor RESTful API, Thorify is an extended web3 that sends the request directly to VeChainThor’s RESTful API. So if you are writing applications or scripts executing in Node.js or Browser environment, you should use ThorifyWeb3 gear — a tool to proxy VeChainThor’s RESTful API to ETH JSON-RPC, so if you are writing smart contracts using Remix, Truffle or other tools that use original web3, you should use Web3 GearJava Client SDK — a collection of Java codes to interact with VeChainThor and access consoleThor-devkit — typescript library to aid dApp development on VeChainThorVeChainThor Development Environment Setup — This guide will cover the process of setting up your local environment for developing on the VeChainThor blockchain using the standard web3 stackThe New Sync — an integrated VeChainThor dApp browser on desktop, compatible with Connex, a newly defined standard interface connecting dApps with the VeChainThor blockchain and users. the New Sync User GuideVeForge Explore — explorer for VeChainThor mainnet and testnetComet Compatibility Guide — Comet is the Chrome plug-in that can be used by VeChain dApps. While Comet exposes the both standard (thorified) web3 and Connex API, there are few things to keep in mind. This guide includes requirements for Comet support as well as some best practicesMorpheus Lab BPaaS — Morpheus Lab provides an integrated development environment compatible with the VeChainThor blockchainVIP180 token contract addressVTHO: 0x0000000000000000000000000000456E65726779OCE: 0x0ce6661b4ba86a0ea7ca2bd86a0de87b0b860f14PLA: 0x89827f7bb951fd8a56f8ef13c5bfee38522f2e1fSHA: 0x5db3C8A942333f6468176a870dB36eEf120a34DCDBET:0x1b8EC6C2A45ccA481Da6F243Df0d7A5744aFc1f8TIC:0xa94a33f776073423e163088a5078feac31373990VIP 181 token contract addressVeChainThor Node token: https://github.com/vechain/ThorNode-contractsWallets supporting VET and VTHOOfficial VeChainThor Mobile WalletVeChain SyncLedger Hardware Wallet (VeForge Vault) by Totient LabsComet by Totient LabsTrust walletAtomic walletCobo walletArkane network
19. 02. 08
Introducing the New Sync an...
After launching the VeChainThor mainnet our team continued the development needed to enhance the user experience of VeChain dApps and wallets. During the mainnet launch, some of you may have noticed on GitHub a project called Sync. Sync is a desktop user agent and wallet. With Sync we realized that we needed something new that lets users interact with dApps as if they were using applications that were not running on the blockchain. To tackle this issue, our development team spent months building the New Sync. Now Sync is a dApp running environment and wallet for desktop, compatible with Connex, a newly defined standard interface connecting dApps with the VeChainThor blockchain and users. Today, we are so excited to share this with the world as it significantly enhances the dApp development and user experience.The New Sync v1.0The New Sync provides a seamless experience for users and developers. It enables developers and users to focus on the content itself, rather than understanding how blockchain works. e.g., users no longer need to synchronize blockchain data before using it and the transaction process is also simplified. Also, the certificate of identification and agreement functions provide an easy method for dApps to verify the user’s identity and collect user’s consent of dApp terms.The New Sync provides users with another option in addition to the Chrome+Comet method to access dApps on the VeChainThor blockchain. The New Sync encompasses a dApp browser, integrated VeChain wallet, and Connex APIs, which are designed to provide superior user experiences for dApps on the VeChainThor blockchain. It serves as the infrastructure to provide the unlimited potential to developers and their users with the apps that can be accessed in the New Sync. A few projects such as insight (a serverless VeChain explorer), inspector (a tool that allows you to deploy and interact with the contract) and Energy Station (an dApp allows you to exchange VTHO and VET — testnet only) are being developed for New Sync. We welcome developers to create your own apps and contribute to existing projects.Using the New Sync to manage VeChainThor wallets on desktopUsing the New Sync to review contents of the transaction initiated by dApps, set the priority and sign the transaction with the wallet passwordClick here to download the New Sync and check out the New Sync User Guide.Connex 1.0Connex is the newly defined standard interface to connect dApps with the VeChainThor blockchain and users, comparable to web3.js. Connex provides a set of well-designed APIs for developers. With an injected Connex Object into web applications, developers can easily build dApps. Comparing Connex to web3.js, Connex provides streamlined and lightweight methods for dApps. While we will continue the support for web3.js to lower the barrier for developers, we strongly recommend developers to try out Connex and provide us feedback. Comet will also add support for Connex soon.If you are a dApp developer, please check out Connex and the Connex API reference.VeChain Developer CommunityBuilding the developer community is one of the key missions of VeChain in 2019. We will launch a series of campaigns as well as our 1st DevCon to boost the dApp development on the VeChainThor blockchain. Here are channels that you can engage in discussion on development related topics.Official Developer Discord — for discussion about the dApp development on the VeChainThor blockchain with community developersOfficial VeChain Gitter Channel — for questions/discussion related to projects in the VeChain official GitHub that you would like to address to the VeChain core dev teamIf you find any issue or bug or would like to contribute to the GitHub projects, raising an issue or pull request is the best option.
19. 01. 17
A 2018 Reflection and 2019 ...
2018 was a phenomenal year for the development of the blockchain industry and the VeChainThor project. Despite the market condition, our plan of building the decentralized business ecosystem remains unchanged. Since the mainnet launch, we have witnessed the continuous growth of mainnet transactions as a result of increasing enterprise adoption and third party developers on the VeChainThor blockchain. After just recently celebrating the first decade of bitcoin/blockchain we are acutely aware that the next decade will be driven by professionals, enterprise adoption and business value which will be the key driving force for the development of regulatory environment and industry standard.Here is a sneak peek at the 2019 outlook.In 2019 VeChain’s mission is simple — grow the transactions with business value and build infrastructure services around the VeChainThor blockchain to facilitate mass adoption. VeChain has been pioneering small and large enterprises to run their business on the public blockchain infrastructure. Our processes have enabled us to gain a deep understanding of the building blocks needed for mass adoption. In 2019, we target to make these components available for both enterprises and individual developers to leverage.Firstly, we will focus on growing and enabling enterprise applications and dApps supporting real business activities. We will provide not only the developer documentation and tools but also smart contract templates, SDKs and turnkey package templates of those essential components needed for most blockchain application such as wallet, tokenized asset issuance, data storage, digital asset management. By this way developers, startups, and enterprises can plug in those components and focus the efforts on what they specialize in and realize their business ideas.Expanding our partners network including consulting and technology partners across globe and making them experts on VeChain’s technology and solutions is another key mission of ours in 2019. We have created blockchain solutions meeting the needs of enterprises and developers at different levels from zero development to full customization, which tremendously helped us on board enterprise users. In 2019, we will further open up these solutions to users and partners. By leveraging VeChain’s open and modular blockchain services, our partners will be able to reach a significantly broader scope of business owners who would like to use blockchain technology. We believe the real applications will inspire the development of the VeChainThor blockchain infrastructure which in turn enables new applications.In addition, through the collaboration with established enterprises we understand that mass adoption also requires an open and, often times, innovative regulatory and legal environment. Blockchain applications in real business environments would be the key driving force of regulation and legislation development. And VeChain is contributing to that through our collaboration with national governments across multiple regions.While looking into 2019, let’s take a few minutes to recap what we have achieved in 2018.
19. 01. 09
Introducing VeChainThor Mob...
After releasing the VeChainThor Wallet v1.3.0, we received a lot constructive feedback and recommendations. After the assessment, we decided to provide an update, in v1.3.1, to the wallet App and introduce the new “Instant Node Transfer” function as well as other enhancements to the VeChainThor Node tokenization function. The VeChainThor Wallet v1.3.1 will be available for download from Dec 25 UTC+8.Many VeChain node holders would like to transfer the node to Ledger hardware wallet. The Instant Node Transfer will enable users to transfer their node status token to any address in the same wallet app including observing wallet addresses. If you have the VeChain app installed on the Ledger hardware wallet, you can import the VeChainThor address displayed in the VeForge Vault onto the VeChainThor mobile wallet App via the “observe wallet” function.The key difference between “Instant Node Transfer” and “Designated Transfer” is that Instant Transfer DOES NOT require the receiving address to accept the node status token. As a result, the ownership is transferred instantly once the transfer transaction is executed. The receiving address still has to meet the VET holding requirement corresponding to the node type within approximately 4 hours after the transfer transaction is executed.We didn’t include this function in v1.3.0 as we recommend that you use “Designated Transfer” wherever possible so that the receiver knows the exact time window to fulfill the VET holding requirement corresponding to the node type. However, in v1.3.1 we added the support for this function which is a function of VeChainThor Node tokenization smart contracts so that it could work seamlessly with VeForge Vault by Totient Labs.The Instant Node Transfer works as follows:After entering the “Designated Transfer” menu, you can initiate an instant transfer by clicking “instant transfer to another address of your own” at the bottom. You will be shown with a Notice about the Instant Node Transfer function.2. You can select any address including observe wallet address in the wallet App which currently does not own any node status token. When selecting the wallet address, you will also be shown whether the target address currently meets the VET holding requirement corresponding to the node type. If you choose to transfer the node to an address without the required VET holding, you will have to fill the VET requirement within approximately 4 hours after the transfer.3. After you select the target address, you will be prompted with another reminder about the VET holding requirement before inputting the wallet password to sign off the smart contract transaction. The node status token ownership will be instantly transferred to the target address after the transaction is executed.VeForge Vault SupportThank you to Totient Labs for their great support of the VeChain ecosystem. With the Instant Node Transfer function, the VeForge Vault also added the “Collectibles” function which allows users to see their VeChainThor Node on the Ledger hardware wallet address as well as transfer the node status token on other addresses.If you hold a VeChain Economic X Node or VeChain Economic Node on the ledger address, it will be displayed in the “Collectibles” section in the VeForge Vault. Please note that the Node Upgrade function is not available in the VeForge Vault yet, please wait for further announcement on this.The transfer function in the VeForge Vault works the same way as the “Instant Node Transfer” function in the VeChainThor mobile wallet, except that VeForge Vault allows users to transfer the node status token to any address. To initiate a transfer, the node holder needs to input the receiving address, and VeForge Vault will indicate if the receiving address currently meets the VET holding requirement corresponding to the node type.After confirming the transaction on the Ledger, the user can confirm and send the transaction through the VeForge Vault. A notice will be shown to remind the user that the ownership of the node status token will be automatically transferred without the need to accept it.VeChainThor Wallet and VeForge Vault are two user interfaces utilizing the functions of the VeChainThor Node Tokenization Smart Contracts. We hope for more third-party developers to create interesting applications integrating these functions.
18. 12. 25
VeChain Financial Executive...
Transparency, Fairness, OpennessWe are excited to present the fifth VeChain Foundation Financial Executive Report. This financial report covers Aug. 2018 through Oct. 2018. In this period we saw a majority of the token swap activities, as well as system initialization and optimization to support the future growth of the platform and ecosystem. We sincerely welcome the community to hold us to this transparency commitment, monitor the use of funds, and development process of all aspects within the VeChain Foundation.VET Supply OverviewThe VET total supply on the VeChainThor Blockchain is 86,712,634,466. By the end of Oct. 2018, the ratio of the circulating VET supply is 67%, which is roughly 2% larger than what was reported in the previous quarterly financial report.Enterprise Investors — After the launch of the VeChainThor mainnet, more business players have learned about the comprehensive solutions we provide past our core technology. This has made many investors take a keen interest in VeChain. Adhering to our original vision — building a trust-free and distributed business ecosystem platform to enable transparent information flow, efficient collaboration, and high-speed value transfers, we are looking strictly for strategic enterprise partners who bring fundamental change, or value, to the ecosystem. Comparing with the last period, in which we had settled a few major agreements, the amount acquired in this period, ~166 million VETs is reduced because the team focused the effort on the VeChainThor mainnet launch and migration. Although the overall market had been bearish in this period, VeChain still received a multiple investment offers from renowned institutions and Venture Capitals which we will carefully evaluate and explore in the coming periods.Co-Founders, Development Team — In this period, 530 million VETs were distributed as fifth quarterly rewards to the team. The distribution percentage increased slightly in comparison to the last period as the team continues to grow. Eight full-time team members were employed, and five joined the tech team led by our CTO Jianliang Gu. We are also excited to have Flora Wang, Chief Human Resource Officer and Mike Zhuang Chief Strategy Officer join the management team in this period. Same as the previous periods, the executive team will continue locking up 100% of their rewards gained in this period for two years, starting from the moment of distribution.Operation, Technological and Business development — The focus of this period was to be laser-focused on the token swap and mainnet launch. During this period we conducted the largest official community reward program ever for our one year anniversary alongside our token swap and X Node binding. We appreciate the support from the community and were pleased to see the token swap and X Node binding progress. In addition to the community reward, the development work towards the VeChainThor Blockchain, documentation and tools, community building and academic and business collaboration did not slow down. We continue to see the situations where we have been presented the option to acquire goods, services and the opportunity to fund/invest in technology with VET compared to using fiat or BTC/ETH. Though we hold VET for situations in which favor its longevity, we value the opportunity to use it as a means to judge the outside markets sentiment. The overall budget for operation, technological and business development comprises a combination of VET, BTC/ETH, and fiat based on the situations in which funds were used. Please refer to the below sections for more detailed activities in this areas.Token swap update — As of the end of November 2018, approximately 97% of the ERC20 VEN tokens have been sent to an unspendable address and swapped for VET on the VeChainThor Mainnet. We will continue providing the token swap service for the ERC20 VEN token holders who have not swapped their tokens via the VeChainThor Wallet application.VeChain Foundation Expenditure DetailsIn the winter of the crypto market, our top priority is to stay stable and continue building. We are under no threat of instability and have both the current finances, and future investment options, to withstand any further downturn in the market. We are seeing incoming cash flow from the enterprise solutions we provide and expect to see an increase in incoming cash flow across different regions such as China, EU and South East Asia as those enterprise solutions are standardized and matured. In addition, we are carefully evaluating a few investment offers which we believe can bring additional funding to the project and at the same time benefit the VeChain Ecosystem.On the other hand, risk management has always been a critical part of the VeChain Foundation’s governance. Since founding, VeChain has been working with professional service providers to establish robust risk management and finance policies. Our finance and treasury team have been closely monitoring the market, fine-tuning the financial plan and practicing precautions in the management of the proceeds that we raised in the token sale.To faithfully reflect the expenditure, we internally decided that for this quarterly report we will only report the expenditure in USD due to the high volatility in ETH price.In general, the expenditure has dropped compared with the last period as the focus of this period was on internal projects around mainnet launch and system initialization. The majority of the ecosystem development investment has been shifted to VET as the new token issuances on the VeChainThor Blockchain raised in VET as funds.A summary of the expenditure in each category is as below:Technological Research and Development — In this period, after the secure launch of the VeChainThor mainnet, technological research and development expenditure moderated. The development team continuously improves the blockchain and wallet, creates documentation and tools for third parties such as exchange and wallet providers to integrate VET and VTHO. We kicked off a series of VeChain Technical Deep Dive to introduce the features of VeChainThor blockchain, IoT and encryption, and enterprise blockchain solutions. In addition, the beta version of the VeChain portal with VeVID and Authority Masternode application module was launched.Business Development — In this period, the VeChain team managed to sign a few renowned partnerships which will lead to more enterprise blockchain applications on the VeChainThor mainnet. During the BYD developer conference in Shenzhen, the Digital Carbon Ecosystem by VeChain and DNV GL was announced, and it was followed by the Signing Ceremony witnessed by His Majesty King Harald V and Her Majesty Queen Sonja of Norway Witnessed the Signing Ceremony in Beijing. As usual, the VeChain Team has been tirelessly engaging in business meetings, attending conferences and giving speeches to form partnerships and raise market awareness. With the mainnet launch, we hope to bring the VeChain Blockchain solutions to a broader audience beyond blockchain and crypto industry and showcase the real-life blockchain solutions on general high tech and industry stages.Announced partnerships and collaborations (Aug — Oct)NTT Docomo (Aug 5)People Insurance Company of China (Sept 2)BYD (Sept 5)Highlights from the community and marketing events (Aug — Oct)Dr. Peter Zhou was invited by SV Insight to share the concept of the VeChainThor Development Plan and Whitepaper (Aug 1)Sarah attended “Open Innovation Platform” event which hosted by Singapore IMDA Info-communications Media Development Authority (Aug 3)Sunny Lu presented at BYD’s World Wide Development Conference and the live stream was broadcast on National Brand Program CCTV (Sept 5)VeChain and PwC co-organized the blockchain stage at World’s leading startup event — Slush 2018 (Sept 7)VeChain official meetup in Amsterdam (Sep 19) and Paris (Sept 21)VeChain project director Xinli Tian was invited to BYD Qin Pro new car launch conference (Sept 20)VeChain was featured in one of the episodes of “Advancements” with Ted Danson on CNBC (Sept 24)VeChain was selected and displayed on the partnership display wall of the DHL APAC innovation center (Oct 10)Kevin was invited to “EHS in Supply Chain” conference which hosted by Ministry of Emergency Management of the People’s Republic of China and General Electric Company (Oct 15)Introducing the VeChain Technical Deep Dive Series (Oct 15)VeChain was invited to Digital Transformation World Forum (Oct 16)His Majesty King Harald V and Her Majesty Queen Sonja of Norway Witnessed the Signing Ceremony of “DNV GL — VeChain Digital Carbon Ecosystem” in Beijing (Oct 17)Sarah was invited to BMW Executive Innovation Conference (Oct 18)VeChain was invited to BMW IT conference 2018 which hosted at BMW headquarters (Oct 24)VeChain showcased its traceability solution with the influential Singapore sneaker artist — SBTG (Oct 26)VeChain Partners with Shanghai Gas and ENN to Pilot Blockchain-enabled Liquified Natural Gas Solution (Oct 30)Compliance & Legal — VeChain engaged independent third party to inspect the completeness, accuracy and security controls of the entire token swap process. An independent inspection report with satisfactory results were submitted to the Steering Committee during its quarterly meeting. In addition, VeChain continues to work with service providers to enhance the security of the products such as VeChain Portal and VeChainThor wallet.Ecosystem Development — In this period, the ecosystem development expenditure in BTC/ETH/fiat has significantly reduced. Since the launch of the VeChainThor mainnet, VeChain has been focusing on investing the ecosystem projects running on the mainnet which raise the majority of their funds in VETs. Therefore, we expect more ecosystem development investment will be reflected in the VET category in the future periods.We are committed to transparency of the financial status to the community and follow what has been laid out in the VeChain Development Plan to maximize the use of the proceeds and VET holdings to grow the VeChainThor Ecosystem to be the most powerful blockchain platform.
18. 12. 17
VeChain Enables Customers t...
The history of Japanese tea culture dates back to the 9th century.The ceremonial way of preparing and serving tea to customers has become one of the most prevalent arts in Japan. To improve authenticity and traceability of tea products, VeChain is working with one of the most historic tea businesses in Japan run by the Fuji MARUMO Tea Garden. By utilizing an advanced traceability and IoT solution, Fuji MARUMO Tea’a customers are able to verify the origin of their tea products by using a smartphone to read the NFC chips embedded on the package.In this first trial batch, there are a total of 100 products embedded with VeChain’s NFC chips which serve as a memorable limited edition offering of Fuji Tea. This trial is the Proof of Concept for the larger partnership that will be implemented upon completion.For this solution, VeChain assigns every product a unique ID assuring the exclusiveness of the line. Through the NFC chip, customers can verify that the origin of their tea is from Fuji MARUMO Tea Garden, the unique environment for cultivating tea in Japan. Furthermore, when scanning the chips, the consumer can retrieve further information about the product, such as the history of the tea garden in a video and a verification certificate issued and stored on the VeChainThor Blockchain.https://medium.com/media/344875c299e25f20a92c91ef9ba78b5e/hrefLocated in Shizuoka, Japan, one of the most famous origins of Japanese tea, Fuji MARUMO Tea Garden has a history over 90 years. Shizuoka is richly endowed by nature, especially by the rich soil and dry wind around Mont. Fuji. Shizuoka is so well established and sought after that it has been a staple in Japanese tea gardens and tea culture as early as 1241.Fuji MARUMO Tea GardenBy starting the product from this wonderful environment for tea, the Honda family, founder of the Fuji MARUMO Tea Garden, has succeeded the title of tea master — Mohei Honda since 1920s. Tea masters know the skills of cultivation and blending, as well as tea business which is succeeded by family. As a result, the traditional way of making tea is retained while new technologies are applied to improve and expand the businesses.https://medium.com/media/0d1d0f8bd7415ff2cac9aeb8d922061e/hrefNow, the fifth Mohei Honda is in charge of the tea garden as well as inheriting tea method. His strong passion and rich experience of tea have led him to be the winner of the World Green Tea Contest Supreme Gold Award in 2013. He is also the president of Shizuoka’s 100-Tea Organization. Mr. Honda devotes himself into popularizing the culture of Japanese Tea overseas and has continuously been asked to travel to USA and Europe to hold tea parties that demonstrate his tea culture.With VeChain’s traceability solution, Fuji Tea products carry more detailed information related to the Japanese tea culture and is serviced in a way that is able to be shared with consumers in a brand new way. This is a the Mr. Honda has been searching for.On 7th of December, Fiji MARUMO Tea Garden will demonstrate tea products with VeChain’s technology and Japanese tea culture at Japan Classy Culture Experience & Party held in Singapore. For more information, please visit and sign up via the website:7 Dec | Japanese Classy Culture Experience & Cocktail Style PartyTogether with Fuji Tea, VeChain is bringing the cutting-edge technology solution to one of the most historical industries. By combining blockchain and traditional culture, VeChain assures trust in traditional industries and helps promote traditional culture to the world.Fuji MARUMO Tea Garden’s official website:富士山まる茂茶園株式会社 | 人生を、世界を変える、感動の一杯をあなたへ。
18. 12. 05
VeChainThor Node Tokenizati...
Back in 2016, VeChain successfully implemented the first blockchain based anti-counterfeiting and traceability solution for luxury bags, in which we assign a cryptographically generated unique ID to each piece of bag, register it on the blockchain and trace the information of the product, logistics, and ownership throughout the supply chain. Does this concept sound familiar to you? Yes, by giving an item a unique ID on the blockchain the product becomes a non-fungible token which can be operated by multi-parties and be transferred between blockchain addresses.Following VIP180 — fungible token standard, we published VIP181 — non-fungible token standard for developers to follow and create non-fungible tokens on the VeChainThor Blockchain. In relation to the new standard, VeChain Foundation has tokenized the Status of VeChainThor Nodes including Economic Nodes and Economic X Nodes into VIP181 tokens. This is an ideal scenario to implement the standard and significantly enhance the user experience of the VeChainThor Node program. We hope more developers will follow and develop dApps based on VIP181 tokens.By tokenizing VeChainThor Nodes and open sourcing the smart contracts, node holders, third-party developers and the community in general can all benefit in different ways:Node addresses and tiers information is public on the blockchain available for inquiry or integration into third-party applications.Node holders are able to change the node address by transferring the node token.Node holders can eventually exchange the Node tokens for the liquidity which holders might have been looking for.Other Non-Node holders can potentially participate in node ownership, which will eventually move all nodes into the hands of the community members who want them the most.Node upgrade and transfer is now done through smart contract functions, which allow any third party developer to build applications and user interface to support these functions.The VeChainThor Node token smart contract is now open source and it has been independently audited by Slowmist with a satisfactory result. We welcome third-party developers to create dApps that support or leverage the new VeChainThor node token features, which we believe is one of the best ways to engage with the active VeChain community members.With the introduction of VeChainThor Node tokens, we also updated the VeChainThor Mobile Wallet to version 1.3.0. This version makes the Mobile Wallet the first application supporting the new functionality, which will be available for download on December 5th. Please note while the new version supports more functionality, all the rules in the VeChain Economic Node and Economic X Node remain unchanged.The new features are as follows:The Display of VeChainThor NodeOnce you upgrade to version 1.3.0, if you hold a VeChain Economic X Node or VeChain Economic Node, it will be displayed in the “Collectibles” section under your node address. Each address can only own one VeChainThor Node at a time.When clicking on the VeChainThor Node, you will be able to see detailed information about the node including node ID, node type, minimum VET requirement, VTHO reward rate, node activity history. You can initiate “Designated Transfer” or “Public Auction” operation to the Node or check the public node trading market.In the next version upgrade, same as VIP180 tokens, the VeChain Foundation may integrate third-party VIP181 non-fungible tokens in the VeChainThor wallet. More details will be announced as we get closer to the next version release.Node UpgradesAs seen in previous versions, users can apply to upgrade their node in the “Rewards” function when their address meets the minimum VET holding requirement. When the user does so, the node will upgrade to the next tier after the maturity period. In the latest release, the node upgrade is executed via a smart contract, so you will be prompted to input the wallet password and sign approval for the smart contract transactions. Your VeChainThor Node is not able to be transferred or put on auction during the maturity period.Node Downgrade or DropThis part works exactly as the previous version, if the user’s VET holding falls below the minimum requirement, the node will either be downgraded (Economic Nodes) or permanently dropped (Economic X Nodes). Since now the VeChainThor nodes are tokenized, when this happens the node token either has the type changed or is destroyed automatically by the smart contract.Collect VTHO rewardsThe VeChainThor wallet will continue to support the collection of VTHO rewards. However, instead of a weekly scripted distribution, the collection and distribution of VTHO rewards will be executed via the smart contract whenever a user triggers it.To claim your VTHO rewards in the new version, go to the ‘Rewards’ page, and your accumulated unclaimed VTHO orbs will be displayed. When you click ‘Collect Reward’, the VTHO reward distribution smart contract will be executed and the VTHO will be sent using MTT protocol within a few hours. A flat fee of 40 VTHO will be deducted by the smart contract every time you trigger the collection to pay for the transaction fee on the blockchain.VeChainThor Node ExchangeCommon Rules in Node ExchangeWhile users can choose from Designated Transfer and Public Auction, some common rules are applied to both methods:The node holder must keep the minimum VET corresponding to the node tier till the node ownership is successfully transferred, otherwise the order will be automatically canceled and the node will be downgraded or dropped depending on the node type listed.Once the recipient address successfully receives the node, there will be a 4 hours time window before the service resumes the monitoring of the minimum VET holding on the new node address. Therefore, the recipient must make sure the new node address meets the minimum VET holding. The actual time window might be slightly shorter than 4 hours depending on the blockchain and system condition, you are highly recommended to meet the minimum VET holding as soon as possible after receiving the node.Nodes cannot be transferred or put on public auction during the maturity period; also nodes are not available for upgrade during the process of transfer or auction.If the recipient address currently owns a VeChainThor Node, they will not be able to receive any additional node.After a node ownership is transferred to a new address, there will be a 24 hour cooldown period before another transfer can take place.Designated TransferThe node holder can transfer the ownership of the node token to any designated address. To initiate a transfer, the node holder needs to input the receiving address, set a sales price (the sales price can be set as 0, for example, when you transfer the node to another address of your own) and sign off on the smart contract transaction with the wallet’s password. The node transfer transaction will only be valid for 4 hours.The recipient wallet will see the node pending for payment (if the sale price is not 0) and claim. If the recipient wallet does not claim the node via the smart contract within 4 hours or rejects it, the transfer will be canceled.Public Auction (Fixed Price and Dutch Auction)The node holder can choose to put the node on the market for public auction. There are two types of public auction, Fixed Price and Dutch Auction.In the Fixed Price Auction, when initiating the order, the node holder needs to set a sales price greater than 0 and a valid period for the order from 1 to 7 days (default value is 3 days).If the node holder would like to sell the node using Dutch Auction, the node holder needs to set a starting price, the lowest price, and a valid order period between 1 and 7 days (default value is 3 days). When the node is put on Dutch Auction, the price will decrease every 5 minutes in a linear manner until the lowest price is reached.A user will be able to see the nodes available for purchase on the trading market. If the node is on Dutch Auction, the current price will be displayed.In both cases, the node purchase opportunity is based on the first come first serve principle. After the first user successfully purchases the node, the ownership will be transferred and it will no longer be shown on the trading market. If no one purchases the node, the order will be automatically canceled after the valid period.A few important notes, please read carefullyUpon this upgrade, the node management is done via open source smart contracts in the decentralized manner. All the information and operation is transparent on the blockchain. Therefore, VeChain will NOT be able to interfere any of the operations pertaining to node type, node transfer or auction. Users are responsible for any operation that is authorized by their private keys.The above transaction parameters are based on the Foundation’s recommended configuration. The VeChainThor Node token smart contract supports more flexible configuration for third-party developers to explore and build more applications to support the VeChainThor Node functions.For Node Upgrades, Designated Transfers and Public Auction functions, if the VeChainThor Node address is stored on a cold wallet, you must update the VeChainThor App on the cold wallet before you can sign off on the smart contract transaction initiated from the hot wallet using the observe wallet function.VeForge support for the VeChainThor Node token functionality will be available soon by Totient Labs.
18. 12. 04
VeChain Showcases Multiple ...
VeChain was invited to the first China International Import Expo that was held during November 5th to 10th, 2018 at the National Exhibition and Convention Center (Shanghai).With the slogan “New Era, Shared Future”, the CIIE is the brainchild of Xi and is set to become a platform for a win-win economic cooperation and a landmark project in the country’s higher-level opening up.In May 2017, Chinese President Xi Jinping announced that the Belt and Road Forum for International Cooperation would be the China International Import Expo (CIIE). CIIE actively opens the Chineses market to the world and proves China’s firm support for trade liberalization and economic globalization.The CIIE is “a major policy for China to push for a new round of opening-up at the highest level and a major measure for China to take the initiative to open the market to the world.” President Xi Jinping said when delivering a keynote speech at the opening ceremony.During the event, government officials, business communities, exhibitors and professional purchasers from 172 countries and regions participated in CIIE exploring solutions offered by the Chinese market.The inaugural expo came at an inflection point as China transitions to high-quality development and away from the world’s workshop to the world’s market. China is currently the world’s largest middle-income population demanding higher-quality consumer products. During the speech, Xi announced that China’s imported goods and services were estimated to exceed 30 trillion US dollars and 10 trillion US dollars, respectively, in the next 15 years.The event boasted 8 exhibition areas, including country pavilion for trade & investment, consumer electronics & appliances, automobiles, high-end intelligent equipment, food & agricultural products, medical equipments & health care products, apparel accessories & consumer goods, as well as trade in services.The area displayed solutions for cold-chain logistics, supply chain management, vaccine traceability, and carbon banking. During the exhibition, delegations and enterprises from multiple countries visited the booth. VeChain’s CEO Sunny Lu explained to the representatives the ‘My Story’ and cold chain logistics solutions co-developed with DNV GL, which can significantly protect the quality of imported seafood products and enhance the customer experience and food safety.Based on the figures given by the Norwegian Seafood Council, Norway exported 2.6 million tonnes of seafood worth NOK 94.5 billion in 2017. The export value increased by 3% and 539,000 tonners of seafood worth NOK 18.7 billion to Asia in 2017. The increased seafood consumption in Asia is driven by a growing middle class and improved distribution especially in China consuming nearly 12% of current salmon production in Norway.Delegations from Norway Embassy and Norway Fishery Trade visiting the boothDNV GL were specifically asked to demonstrate the ‘‘DNV GL-VeChain Digital Carbon Ecosystem Experience Event’’ and the Bright Code solution for an audience at 1.30 pm on 7th of November.The event started with a speech from Luca Crisciotti in which he stated: “DNV GL has committed to the word ‘sustainability’. Part of that mission is to improve the way we behave as a society. Over the last couple of years, we were able to take advantage of the new digital technology to fulfill our mission and in the same time, to improve the environment we live.”Luca Crisciotti, CEO Business Assurance of DNV GLSong Ke, Manager from DNV GL Business Sustainability Division, introduced the Carbon emission reduction model utilizing smart contracts on the VeChainThor Blockchain. The latest implementations of the digital carbon ecosystem were introduced by Tian Xinli, project manager at VeChain, “The Digital Carbon Ecosystem developed by VeChain and DNV GL is an open platform and BYD is one of the earliest participants in the ecosystem. The model of redeeming carbon credits is not new, but the reliability and transparency offered by the blockchain can let these companies, partners, and individuals trust the ecosystem as they join in together. This is a win-win cycle that both individuals and companies can be benefit from.”.Tian Xinli, project manager at VeChainBright Code, a localized version of My Story™ was also introduced by Xuzhe, General manager of Bright Food. Bright Code utilizes the technology provided by VeChain to build a consumer confidence index, generated by an independent third party organization, collecting data on events throughout the entire lifecycle of their products. This solution provides safety, confidence, and an open ecosystem to everyday consumers as well as Bright Foods’ clients, providers, and partners.As the first unveiling of this solution, Bright Foods provided the following media for Bright Code:https://medium.com/media/8b190d20005739bb587afbf626daf5e7/hrefhttps://medium.com/media/47b91271bf47cdc034773ff32419cdfe/hrefDuring the entirety of the event, Noah Huo, CMO at VeChain, introduced demos that allowed individuals to participate in collection of Carbon Credits by emission-reducing behavior that will be seen in the open market soon. At release users will be able to redeem products from PICC, iTaotaoke and other unannounced participants.Noah Huo, CMO at VeChain introduces cycling demo at CIIEIn the solution, activities such as driving electric vehicles, taking public transportation, using clean energy, etc. are behaviors that will be recorded by applications developed by various enterprise participants, and converted to carbon credits using smart contract defined and validated by DNV GL. Individuals then redeem the carbon credits to purchase or receive discounts on products and services offered by ecosystem services. This mission-reduction based reward mechanism is ideal for enterprises looking to enhance their customer relationship management programs and create new methods for driving business value. In addition, corporate social responsibility is a key pillar to any business’s strategy for success.https://medium.com/media/cd93620909bd569c03b468cfcb1462a0/href
18. 11. 09
|Transaction History||Market||Market||Transaction volume||Address|
|Huobi Global||VET/ETH||6.97||21,934,530.22||Short cut|
|Instant Bitex||VET/BTC||24.13||12,250,636.05||Short cut|
|Huobi Korea||VET/ETH||6.96||0.00||Short cut|
|Coinnest||To be provided later||To be provided later||To be provided later||Short cut|