You are very welcome to our second Biweekly report on VeChain!
According to CEO & Co-founder of VeChain Sunny Lu, VeChain is the pioneer of real-world applications using public blockchain technology, with international operations in multiple cities! VeChain can offer their underlying blockchain technology and standard tools. Despite the current global crisis, VeChain’s business is maintained by the joint efforts of the cooperative and progressive team and their partners.
VeChain has recently announced that they will further collaborate with Shanghai Gas (Group) Co., Ltd to kick off the further blockchain-based energy project, which has moved to the next stage of implementation after a successful pilot. This partnership has become one of the catalysts to the price trend of VET/USD in the market. Over the last month, its value has made a constant gain despite a few fluctuations.
Let’s move on to the recap of the major latest development and other important events!
To begin with, VeChainThor has released a new version V1.3.3, which contains API updates for pending transaction checking and minor bug fixes of block producing. One of the main changes is that the VeChain customnet has been redesigned to accept bigint in hexadecimal string which will allow the blockchain network to support transactions that involve integer values larger than the range supported by the Number data type. Bigint allows programs to safely perform arithmetic operations on large integers, represent high-resolution timestamps, and use large integer IDs, among other things.
During the recent AMA with VeChain’s CEO Sunny Lu, Sunny disclosed that VeChain was working with DNV GL on a project with a “fast fashion brand” that they had previously partnered with. Following the successful pilot in Europe with H&M sister brand Arket back in 2018, COS, a high-end premium brand in the H&M family, is now moving ahead with adopting and launching the use of VeChain software and hardware through the application of VeChain Toolchain™. VeChain is able to enhance the brand’s profile by proving authenticity of purchased goods as well as demonstrating the sustainability of its raw materials with consumers.
Moreover, with the help of VET’s technology, Real Items, a San Francisco start-up, is making sure each box of KN95 masks are shipped with a two-factor authentication QR code that is recorded on VeChain’s blockchain. Retailers can then scan the code with a smartphone to verify the product before they’re used to protect health care workers and others which are trying to combat the virus.
All the details and more recent updates and useful links can be found in the report!
Stay tuned!
Development
Developer activity (from Coinlib.io):
VeChain Release VeChain Thor V1.3.3
VeChainThor has released a new version V1.3.3, which contains API updates for pending transaction checking and minor bug fixes of block producing.
Although the updates introduced in ThorV1.3.3 are only of maintenance nature, they promise to address and fix some of the issues that have, for long, bugged the VeChain blockchain. Among these, is the fix to tackle bugs encountered during the production of blocks on the blockchain.
The update brings a significant change to the network’s customnet, as, according to details shared on Github, the VeChain customnet has been redesigned to accept bigint in hexadecimal string.
Essentially, the support for bigint in hexadecimal string will allow the blockchain network to support transactions that involve integer values larger than the range supported by the Number data type. Bigint allows programs to safely perform arithmetic operations on large integers, represent high-resolution timestamps, and use large integer IDs, among other things.
Further, the updated Thor blockchain will bring improvement to the solo in on-demand mode. Additionally, it also fixes a minor bug that, although not frequently, forces the master node to ignore the better block when it receives two or more blocks with the same number almost at the same time.
Finally, the update also catapults the current API version of the Thor blockchain to V1.3.2 which significantly improves the application that accesses the data on the Thor network.
VeChainThor
VeChainThor is a public blockchain that is designed for mass adoption of blockchain technology by enterprise users of all sizes. VeChainThor is intended to serve as a foundation for a sustainable and scalable enterprise blockchain ecosystem, supported in part by the novel governance and economic models and unique protocol enhancements.
The VeChainThor Blockchain is not built from scratch; it expands upon some of the essential building blocks of Ethereum (e.g., the account model, the EVM, the modified Patricia tree, and the RLP encoding method) and provides innovative technical solutions VeChainThor is packed with technical features that are tailormade for the actual needs of enterprises, individuals, and developers.
Meta-transaction Features
Meta-transaction features native to VeChain Thor blockchain’s core protocol, such as multi-party payment, multi-task transaction, controllable transaction lifecycle, transaction dependency, make the development more user-friendly for enterprise adoption.
Controllable Transaction Lifecycle — With BlockRef and Expiration transaction fields, users can set the time when transaction is processed or expired if not being included in a block
Multi-task Transaction (MTT) — Multi-function atomic transactions allow developers to batch payments, add multiple calls to different contract functions into one transaction and determine their sequence.
Multi-party payment (MPP) — Flexible transaction fee delegation schemes enable a freemium model within a decentralized application to onboard users without friction
Transaction Dependency — Set dependencies to ensure the execution order meets the business need, transactions that specify a dependency will not be executed until the required transaction is processed.
Proof of Authority (PoA)
Authority Masternode Operators, with the aligned interest in the development of VeChain ecosystem, maintain the VeChainThor protocol according to the Foundation’s governance policy. PoA addresses enterprise’ common concerns of inefficient upgrade and waste of energy.
Low computation power required to achieve the network security and consensus integrity
Controlled via the built-in smart contract, hard forks can be avoided in case authority mastemodes fail to upgrade
All Authority Masternode Operator identities are strictly verified by the Foundation
Governance
The balance between decentralization and centralization ensures efficiency and transparency. Community-elected Steering Committee, as the governing body of the ecosystem, facilitates decision making and execution supported by the on-chain governance mechanism.
Role-based voting reduces the uncertainty in the platform’s technical and organizational development
On-chain governance mechanism which is divided into three phases — propose, approve, and execute, is designed to support the governance model
Economic Model
The unique two token system (VET+VTHO) significantly helps separate the cost of using blockchain from market speculation. Due to the correlation with the blockchain resource utilization, the cost is more predictable with the monitoring of the VTHO supply and demand. In addition, Foundation’s governance mechanism further stabilizes the cost.
- VTHO generation from any address holding VET at the predetermined velocity of 5×8¯8 per VET per block (10s)
- 70% of VTHO paid in each transaction is destroyed and the rest is awarded to the Authority Masternode Operator
- Adjustment to variables (e.g. gas price, velocity) can be made to maintain the equilibrium of VTHO demand and supply
VeChain Docs
Everything you need to know about VeChainThor
VeChain Whitepaper 2.0
Social encounters
Recap of Live AMA with CEO & Co-founder of VeChain Sunny Lu
On 23rd of April 2020, Crypto.com’s Community Manager Dahee had a Live AMA session with CEO & Co-founder of VeChain, Sunny Lu on Crypto.com’s Official Telegram Channel.
We’ll focuse on the main highlights of the interview:
Sunny: “I believe that VeChain is the pioneer of real-world applications using public blockchain technology, with international operations in multiple cities — Luxembourg, Paris, Milan, Cyprus, Tokyo, Shanghai/Beijing, Singapore, HK, USA(Bay Area).
Together with our strategic partners DNV GL, PwC, and many others, we have been enabling different builders to build up real business blockchain applications in different industries, including Walmart China, BMW, BYD Auto, LVMH, H&M, etc.
We have been focusing on two major parts in terms of responsive actions to that:
1. Continue to build up enabler toolset for every builder — VeChain ToolChainTM
2. Take this time to improve internal management to be fully ready for the next big roll-up
With our operations in China have come back to normal and the overseas team working remotely from home in response to the local government requirements, VeChain’s business is maintained by the joint efforts of our team and our partners.
With the pandemic, everyone in the world will somehow change their behavior. In my opinion, it will be a new normal for us to not see each other as much as before and have more online types of social meetings. Therefore, VeChain’s Toolchain can take a major role in helping certification issuers such as DNV GL, and PwC, or thousands of other issuers, auditors, inspectors to do DISTANT process via our Toolchain’s blockchain solution which can be easily integrated to other tools/platforms with a maturity of readiness level.
We recently finished a new project together with DNV GL for the fast-fashion brand which we have partnered before. More than 4000 sustainability products were traced by MyStoryTM in this further collaboration.
As the enabler in the ecosystem, VeChain can offer our underlying blockchain technology and standard tools. As a professional in the sustainability sector, DNV GL effectively helped the client verify the valuable data in their sustainable production process.
The mature and proven-track business model enables VeChain, DNV GL, and our client to collaborate smoothly even during this difficult time.
More mature of the business operations and tools offering, it’s indeed easier to go through this pandemic situation. All of the efforts in the past have contributed to that to make the current activities easier.
The good thing is VeChain is specializing in this area with continuous efforts to:
1) build up VeChain ToolChainTM to make the building process easy, fast and cost-effective
2) build up a strong partnership network to deliver what is must like DNVGL, PwC, Deloitte and etc.
The BRI (one belt one road initiative) is a global development strategy adopted by the Chinese government. VeChain has lots of opportunities to contribute, especially given the facts that VeChain has the most business partners (builders), business users, and real use cases focus on traceability, supply chain management, food safety, sustainabilities etc.
The essential basics of BRI are about global business collaborations. And VeChain has laid down some good foundations for that. In December 2019, VeChain became the co-founder of The Belt and Road Initiative Blockchain Alliance to provide underlying blockchain technology infrastructure and standard tools for multi-party partnerships among BRI members. For more information please refer to this article.”
The full interview can be found here !
From the “Report on Asia’s Blockchain Industry Weathering the Storm of COVID-19” by COINTELEGRAPH
With a focus on enterprise use cases, VeChain has acknowledged the challenge that COVID-19 is posing to many of its clients. The virus had an unavoidable impact on client development, allowing teams to turn resources toward other areas of growth. VeChain took the opportunity to focus on its core software offering, such as a new version of its ToolChain blockchain-as-a-service platform, which helps clients verify products and grant insight into a product’s data, manufacturing and supply chain processes. VeChain’s chief operating officer, Kevin Feng, told Cointelegraph that:
“The COVID-19 outbreak has raised public awareness on product authentication and transparency of the supply chain management especially on those products that are related to consumer daily life. We have observed a significant shift in consumer behavior, and people now have a greater appetite for buying products online and mobile applications.”
Feng also recognized that the COVID-19 crisis was exposing pain points in industries all over the world, especially in areas like management, digitalization and implementation. Even with the increasing awareness of blockchain adoption, Feng believes that the financial challenges of the pandemic will make pouring more investment into new technologies a tough decision for businesses to make. This operational freeze gives VeChain more time to secure its position in the market and prepare for when businesses decide to move on innovation. Feng concluded:
“Under the unprecedented demand for cloud-based services and IT services, the blockchain technology that serves as the underlying infrastructure powering digital transition has emerged as an advanced option for enterprise decision-makers.”
Upcoming events
VeChain Summit Update
Security and safety is always the top priority for the Foundation. With this in mind, the Board of Steering Committee has made the decision to postpone the VeChain Summit 2020 until the global pandemic is fully under control.
The VeChain Team will continue to closely follow the latest developments and disclose updates as soon as they are able in relation to the Summit.
Finance
VeChain Stats ( from https://vechainstats.com/)
VeChain (VET) Trades Stably Above $0.0038 After Registering 6.44% Gain Overnight
Official Wallets
It is a light mobile wallet app which provides users with a powerful, secure, simple, fully functional portal of the VeChainThor blockchain.
Main functions include: VET, VTHO and other crypto assets management, X Node transfer, wallet observation, reward claim, etc.
- The VeChainThor Wallet has been undergoing a series of security testing with trusted third party security firms, including functional test, source code review, smart contract audit, session management audit, input security audit, etc.
- VeChainThor wallet provide a secure and effective environment for cryptocurrency transactions. With the function of observe wallet, users can effectively perform VET token swap/node transfer and observe the balance of your crypto assets in a cold storage wallet.
- Node program participants with required VET lock period get a chance to be node holders with VeThor rewarded in VeChainThor wallet.
- Node holder can transfer its node via Designated Transfer or Public Auction;
- Non-Node holder can accept others’ Designated Transfer or purchase a node on the Trading Market.
- you can find tons of selected DApps within wallet. These DApps built on the VeChainThor blockchain，You can use it directly in your wallet.
Sync is the official desktop wallet firstly supports Connex. It provides seamless experience for users and developers. Which is designed to provide the superior user experiences for VeChain Apps, and serves as the dApp environment to provide unlimited potential for developers and users.
Third Party Wallets
VeChain Financial Executive Report Vol. 10
Roadmap
The Foundation is planning to further enhance blockchain integration.
With a focus on data quality, assurance and other innovative and user-friendly business tools, VeChain will deliver next generation digital infrastructure for wide ranging applications, from UN sustainable development goals to digital verification of goods, financial services, international logistics, government/financial infrastructure and more.
VeChain plans to continue with the VET buyback scheme, enhancing, developing and securing the future of VeChainThor as a prominent public blockchain. Updates will be announced in due course.
Partnerships and team members
VECHAIN’S PARTNERSHIP WITH H&M EXPANDS TO HIGH-END BRAND COS
During the recent AMA with VeChain’s CEO Sunny Lu, Sunny disclosed that VeChain was working with DNV GL on a project with a “fast fashion brand” that they had previously partnered with.
For COS, transparency and verification is a huge part of their brand image. Considering the Head of Global Sustainable Development at H&M has said that all products produced by the apparel giant will use more sustainable or recyclable materials by 2030, it should come as no surprise that they elected to continue their partnership with VeChain. The brand COS uses high-quality left-over materials to produce a low-carbon fashion product, a perfect use case for blockchain verification.
From the beginning, My Story™ has grown from an authentication platform for Italian red wine, to verifying other products like Norwegian Salmon, to other food products, and now clothing.
For public blockchain leader VeChain, this news helps to support the philosophy that open data solutions will be preferred by both consumers and brands. It’s becoming more and more indisputable that brands will seek a public solution when helping consumers realize the organic or high-quality processes that go into an authentic product.
From the article “Blockchain Innovations in the Energy Sector, Explained” published by COINTELEGRAPH:
“What’s next for blockchain in energy?
Despite the potential challenges, it’s clear that there is significant potential for blockchain in the energy industry. Research by Global Market Insights predicts the blockchain energy segment to grow from $200 million in 2018 to $3 billion in 2025.
While it’s uncertain exactly what those blockchain solutions will look like, research by Renewable & Sustainable Energy Reviews found that 60% of analyzed projects are currently based on Ethereum. This number perhaps distorts the number of projects that are being built on energy-use specific blockchains or private, permissioned systems.
One of the biggest questions is how these projects go from small-scale pilots to reach a critical mass, and we may see VeChain’s recent success with Shanghai Gas as a template. Shanghai Gas has the largest energy customer size, storage and transportation capacity in China. The joint project began in 2018 with a pilot handling quality assurance, including classification, order information, tanker IoT equipment information and transportation information. On March 31, it was announced that the project would be continued and expanded following the success of the pilot, with plans to incorporate a comprehensive Energy-as-a-Service ecosystem that includes logistics management, energy trading, and financial products for both upstream and downstream stakeholders. VeChain also aims to make its blockchain more attractive to enterprise operations than other public blockchains by utilizing a fee delegation feature as well as their VeChain ToolChainTM Blockchain-as-a-Service platform, which has helped over 50 corporate partners integrate blockchain solutions. This longer-term vision seems to encapsulate many of the opportunities presented by blockchain into one ecosystem.
What is abundantly clear is how well blockchain and energy mesh together to create a more efficient and transparent system, though only time will tell if the value proposition is strong enough for these systems to gain widespread adoption within the industry.”
VeChain Smart City Wallpapers
This 3D environment was painstakingly created by two brothers in the community, Aaron and Darron Smith. They built the models to give as a gesture of gratitude towards the VeChain community.
For more from the brothers, follower their Twitter or visit their websites at darronsmithart.com or aarontsmithart.com.
VeChain Makes Sure Covid-19 Masks Are Legit
Blockchain company uses technology to verify a variety of products are the real deal.
Working directly with production factories in both China and Seattle, a San Francisco start-up called Real Items is making sure each box of KN95 masks are shipped with a two-factor authentication QR code that is recorded on VeChain’s blockchain. Retailers can then scan the code with a smartphone to verify the product before they’re used to protect health care workers and others.
Showing promise in this area, the technology can be used to even make sure products sold online are the real thing. In fact, Real Items’ Shopify (SHOP) — Get Report plugin generates a non-fungible record to be pegged to items for consumers to scan. It has infinite applicability in today’s booming e-commerce market. Access is also made as easy as possible, with the team removing the need for user wallets.
Users can send their digital assets to their wallets from the real items platform, according to CEO David Menard.
Verifiable Boost in Fundamental Data
VET FCAS has gone up 6-points in the past week (0.79%), with Developer Behavior increasing 4-points (0.53%), Market Maturity climbing 13-points (1.62%) and User Activity remaining stable.
Bureaucracy could slow the effort down. Old and inadequate regulations are slowing down adoption, as the Food and Drug Administration still requires a verification system to show that KN95 masks made in China are authenticated, and hasn’t accepted blockchain as the official solution.
Seeking to address obstacles with public blockchains like Ethereum and Bitcoin (namely alleged governance inefficiencies, economic model issues and design difficulties), VeChain is working to eclipse solutions like Hyperledger that have so far been the go-to platforms for business.
The FCAS Tracker provides institutional and sophisticated retail investors a top-down approach to tracking 500+ cryptocurrencies fundamentals. FCAS Tracker is currently free to a select group of new users as we continue to develop the product. Visit us here to gain access to Flipside Analytics.
Funding support for projects that benefit the VeChain ecosystem
STEERING COMMITTEE
At the core of its governance structure, VeChain Steering Committee, as the elected governing body, oversees various functional committees and represents the balanced interests of the VeChainThor blockchain stakeholders as a whole.
ADVISORY BOARD
VeChain has sought out a promising Advisory Board to be the backbone that the Foundation can lean on to provide immense wisdom and experience in the design, implementation, and vision of VeChain.
Visit the official site to learn more about the progressive team!
Projects
The Next Generation AI-powered Intelligent Digital Asset Exchange.
HackenAI — Personal Cyber Security App
HackenAI — a revolutionary, 360° cybersecurity companion that incentivizes users to learn good cybersecurity habits. Powered by the HAI token.
The world’s first blockchain-enabled tabletop game console, where physical pieces come to life. The platform offers a mechanism to interact with software features for tangible benefits.
8Hours Foundation’s mission is to create ways for people to connect and play, strengthen their social fabric through social interactions. They found that the best way to foster social bonds is simply by spending an average of 8 hours a week interacting with each other, and so they set out to the most meaningful experiences there is social play. By creating a new environment that blends physical board games and digital possibilities, they propel social play into the 21st century.
VeriArti is a digital art world and market creating unique tokens, empowering digital artists and collectors, all verified on the leading enterprise blockchain.
Plair is a decentralized global gaming ecosystem platform supporting the gamer’s life built on VeChainThor.
DECENT.bet
Blockchain gaming on the VeChain platform. Play your favorite esports and monetize your passion at http://play.decent.bet.
Please, go to VeChainLinks to learn about more projects built on VET
Other
A list of the major developments and important dates:
Introducing the VeChain Accelerator Program
VeChain Launches Revolutionary One-stop BaaS Platform — VeChain ToolChain
VeChain Launches HSM Based Key Escrow Turnkey Solution
VeChain Summit 2019 Recap Video
Walmart China Takes on Food Safety with VeChainThor Blockchain Technology
Cupids Farm Milk, First Product to Go Live On BrightCode, a VeChainThor Blockchain Solution
VeChain, DNV GL, and Haier IoC Enter Into Tripartite Strategic Partnership
VeChain Attended San Francisco Blockchain Week 2019 and Showcased The New VeChain Builders Website
Social media metrics
Social media activity:
Other official channels:
The graph above illustrates changes in the number of VeChain Reddit subscribers, Twitter followers and Facebook likes. The information is taken from Coingecko.com.
This report is not financial advice.
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