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VeChain Financial Executiv ...

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-Cl ...

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 i ...

To match the overwhelming number of inquiries from enterprises and developers in North America and Europe, we are glad to introduce new members to the VeChain US and EU offices, Arnaud Bauer, Dimitrios Neocleous, and Jason Rockwood who officially joined the team in January 2019. As official VeChain team members, they will dedicate to serving VeChain ecosystem builders, including enterprise partners, developers, community contributors, with the connections and resources from VeChain. Europe and the U.S. are strategic markets for VeChain, so the official local team will significantly facilitate the adoption of VeChain’s enterprise solutions and development on the VeChainThor blockchain. In coordination with VeChain’s Chief Strategy Officer, Mike Zhuang, these team members will follow VeChain’s global strategy to create valuable transactions on the VeChainThor blockchain in their respective markets.Arnaud BauerArnaud has over five years experience in IT system implementation and management, specializing in database architecture, JavaScript programming, and business intelligence consultancy. Before joining VeChain, Arnaud worked as a senior blockchain technical consultant for a public blockchain project. Arnaud received his Master’s degree in computer science at SUPINFO.Arnaud will be closely working with the DNV GL team in Europe to facilitate the adoption of MyStory and other projects co-developed by VeChain and DNV GL. Additionally, he will support Jérôme Grillères, General Manager of VeChain Europe, to implement VeChain’s blockchain solutions, provide technical support to European enterprises and ecosystem developers, and keep in close communication with VeChain’s core technical team in Shanghai.LinkedIn: Arnaud BauerDimitrios NeocleousDimitrios graduated from the University of Nicosia and received a Bachelor’s degree in Law. Dimitrios has a strong background in legal consulting, mergers and acquisitions, corporate and commercial law. Before joining VeChain, Dimitrios was an active VeChain community member and assisted VeChain to expand their exposure within the UK and other European countries. Dimitrios has also worked with Safe Haven, providing legal advice and supporting in the compliance of Safe Havens solutions according to legislation and regulations. Joining the VeChain official team proves Dimitrios’ dedication to the development of VeChain ecosystem, the new role will enable him to better service VeChain’s ecosystem builders in Europe.Dimitrios will also work closely with the DNV GL team and Jerome in Europe to facilitate the adoption of VeChain enterprise solutions. With his legal expertise, Dimitrios will be able to contribute to VeChain’s collaboration with national governments in Europe creating a legislation environment where the VeChain ecosystem can grow organically. Also, Dimitrios will be the liaison between the ecosystem builders and the VeChain team to make sure they can get help and resources from the official company.Twitter: @_DiNeocleousLinkedIn: Dimitrios NeocleousJason RockwoodJason has over nine years of experience in IT strategy, digital customer experience design, application development, and digital transformation. Before joining VeChain, Jason worked as the Chief Information Officer at Oasis Collections, Vice President of Mobile Strategy and Innovation, and acting CIO at the Miami HEAT. His extensive experience in IT services and management skills, as well as his deep involvement in community communications and activities, will significantly benefit VeChain’s growth in North America. Also being a former active community member, the shift in Jason’s role means more responsibility and devotion to the entire VeChain community. Jason is committed to servicing the VeChain ecosystem and facilitating the cohesive growth of VeChainThor blockchain through the efforts of enterprises, developers, community contributors, and VeChain.Jason will be the official point of contact of the VeChain Official team for North America region. Jason is tasked with spearheading the growth of VeChain’s client and partner relationships in North America and facilitating the adoption of VeChain enterprise solutions. Jason will be working closely with the ecosystem builders to explore the new market, aiming to replicate VeChain’s success in Europe, China, and Southeast Asia.Twitter: @jasonrockwoodLinkedIn: Jason Rockwood


19. 02. 15

Announcing the VeChain Dev ...

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 a ...

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 Mo ...

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 Executiv ...

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 ...

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 Tokenizat ...

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

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