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 Overview
2. VeChain Foundation Expenditure (use of proceeds)
i) Enterprise Investor Pool
ii) Co-Founders, Development Team
iii) The Operation, Technological Research and Development
iv) Business Development
v) Compliance & Legal
vi) Ecosystem Development
The 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.
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.
While 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.
In 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.
As 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.
In 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 )
Highlights from the community and marketing events (Nov, 2018 — Jan 2019)
VeChain 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.
VeChain 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.
Community | 상장사 이름을 알려주세요
좋은정보 감사용 추천하고 갑니다 코로나 조심하시고 예수님 믿고 구원 받으세요
Community | [crypto cash] 크립토 캐시 그것이 알고싶다.
토큰뱅크 가입당시 휴대폰의 otp 를, 새로운 휴대폰으로 바꾼후 구글 otp다운로드후 사용 안되나요??? 지금 상황이 가입당시 휴대폰이 아니라서요;;
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opt앱의 시간을 동기화하라는데 아이폰에는 앱구동시키면 설정하는 란이 없어요 ;;
Community | otp인증
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