DNV GL Buys Stake in VeChain and Announces Authority Masternode Status
DNV GL, the giant risk management and quality assurance company, recently announced (May 15th, 2018) that they have bought a stake in leading public blockchain service provider VeChain as it looks to use the technology to develop new digital assurance solutions. The acquisition builds on the strong relationship between the two firms and follows the recent launch of My Story™, a blockchain enabled digital assurance product which gives a new level of insight into supplier and product information.
DNV GL took the step to buy the minority stake as it recognises the growth potential in both the VeChain and the technology it is advancing.
DNV GL are the second heavyweight to make such a move into VeChain. Earlier in the month, audit giants both PwC Hong Kong and PwC Singapore announced they had acquired a small ownership investment in VeChain.
DNV GL Announces Authortiy Masternode Status
As well as acquiring a stake in VeChain, DNV GL also announced on Tuesday that they are expanding their blockchain capabilities thanks to extra privileges on the VeChainThor platform by becoming an Authority Masternode owner as an enterprise user.
The designation of Authority Masternodes will be given to organizations or individuals under five categories; enterprise users, blockchain development teams, business development ambassadors, community contributors and academic research partners.
Enterprise users
The adoption of enterprise users (such as DNV GL) is critical in industrialising the VeChainThor blockchain technology. They can leverage the Authority Masternodes to easily and quickly deploy their blockchain applications and lower the cost of using the platform to provide services to their customers. Authority Masternodes also provide the enterprise user with flexibility in the service fee scheme for their customers who may still prefer to pay in fiat currency, which is extremely important in the early stage of blockchain adoption. In addition, they can influence the technological and business development of the platform to suit their business needs.
Enterprise users MUST:
- Run significant applications and business activities on the platform..
- Use the VeChain blockchain platform to disrupt their business models and provide services to their customers.
- Collaborate and advise on building the use case that can benefit the enterprises of similar industry or size.
What is an Authority (Thrudheim) Masternode?
Authority Masternodes (also known as a Thrudheim Masternode) are the ‘holy grail’ within the VeChainThor Ecosystem. An Authority Masternode is a server connected to the network running the VeChainThor full node software and keeps a complete copy of the blockchain. They are the only full nodes on the VeChainThor blockchain that are authorized to validate and produce blocks. There is only 101 Authority Masternodes issued which makes them incredibly sort after. With the major benefits including; extremely high VeThor generation, highest weight per vote in the community voting based on the VeChain Governance Model, rewards of 30% of all VeThor consumed by transactions on the blockchain, and more… you can imagine the demand for these highest tier nodes are, and will, continue to be.
The deadline to apply for an Authority Masternode is now over and required the initial applicant to have locked up at least 250,000 VET tokens from December 21st, 2017 until the mainnet launch at the end of June, 2018.
250,000 VET was the absolute minimum requirement to apply for a Masternode but with benefits and rewards such as generating maximum amounts of VeThor (VTHO), receiving 30% of all the VeThor consumed on the network equally, plus holding the highest weight per vote in the community voting based on the VeChain Governance Model, Authority Masternodes are heavily incentivised to be holding much larger amounts of VET than the bare minimum of 250,000 VET!
As well as the minimum of VET holdings, the individual or institution applicant must
- Complete strict KYC verification in the VeVID portal to obtain a VeVID which represents the status of a verified user of the platform.
- A server or VPS running linux in a secure and performing node environment with a dedicated IP address.
Once the applicant submits the required information in the VeChain portal, the Foundation technical committee and public relation committee will review the application and determine whether the applicant is qualified.
If the applicant is deemed qualified, it will be submitted for approval by the Steering Committee.
It’s worth mentioning that the Foundation maintains a waiting list of all qualified Authority Masternode candidates. If a node owner fails to continuously fulfill the requirements of Authority Masternodes, they will be replaced by the candidate in the waiting list. The application process for Authority Masternodes will be ongoing to consistently add qualified parties.
The strict criteria is to encourage the adoption and full utilisation of the VeChainThor blockchain and to discourage large hoarders ‘whales’ of VET who do not contribute to the ecosystem.
A more in depth look at the VeThor & Masternode structure can be found in VeChain’s Apotheosis Part II release here:
DNV GL and VeChain
Luca Crisciotti, CEO of DNV GL — Business Assurance, says, “VeChain has helped us realise our digital assurance ambitions through the launch of new revolutionary assurance products in the market. The acquisition of a stake in VeChain is a natural progression of our relationship and the investment will allow us to transform our existing business model and bring Digital Assurance to a wider audience, including consumers.”
Using blockchain and other digital technologies, DNV GL worked with VeChain to develop its My Story™ digital assurance solution that tracks each stage of a product’s manufacturing cycle and gives purchasers greater insight into the characteristics and sustainability footprint of a particular item whilst guaranteeing the information is genuine. Italian wine makers are early adopters of My Story™ which means consumers will be able to scan a QR code or NFC chip on the bottle to find out information related to origin, quality, water usage and other product’s characteristics.
DNV GL in partnership with Deloitte EMEA Blockchain Lab took the bold move to put 90 000 of its management certificates on a secure, private blockchain after identifying the technology as a new way to guarantee their authenticity. By using blockchain, anyone can access the history of a particular certificate in the knowledge that it is authentic and valid.
“DNV GL has been in the business of building trust for more than 150 years and blockchain is the latest way we are using technology to further strengthen this position,” said Remi Eriksen, Group CEO & President of DNV GL. “This investment in VeChain is part of our multi-tiered approach of using digital solutions to improve quality, efficiency and transparency in our targeted markets.”
Sunny Lu, CEO of VeChain says, “blockchain is a transformative technology and DNV GL has been quick to not only recognise its potential but also implement real world solutions. This investment strengthens the ties between the two companies and will bring greater transparency to the tens of thousands of DNV GL customers.”
About DNV GL
DNV GL is a global quality assurance and risk management company. Driven by our purpose of safeguarding life, property and the environment, we enable our customers to advance the safety and sustainability of their business. Operating in more than 100 countries, our professionals are dedicated to helping customers in the maritime, oil & gas, power and renewables and other industries to make the world safer, smarter and greener.
About VeChain
The VeChain project started in June 2015. VeChain is connecting blockchain technology to the real world by providing a comprehensive governance structure, a robust economic model as well as advanced IoT integration, and pioneers in real world applications. VeChain has built a first-class Research and Development team over the past 3 years with over 90 employees including more than 50 professional blockchain application developers. Headquartered in Shanghai, the business now has 5 satellite offices.
VeChain has built the VeChainThor public blockchain platform as the underlying infrastructure for the blockchain applications.
