- VeChain is a proof of authority (POA) based public blockchain protocol with a balanced governance model and Economic model designed to boost adoption.
- VeChain is the enabler of a trust-free and distributed ecosystem where its members including enterprises startups and community create business value with Blockchain technologies.
- VeChain is a Technology provider that makes development tools, supports, enterprise solutions, Turnkey solutions available to empower ecosystem builders.
VeChain foundation presented its Financial executive report containing from the period May 2019 to July 2019.
VeChainThor Blockchain was adopted by the San Marino Republic to make it the first country in Carbon Neutral Group. VeChain Thor Blockchain is the most trusted Platform for DApp development and Data Regulation. “DApp Radar” has provided additional support for DApps running on Thor Blockchain.
— DappRadar (@DappRadar) September 27, 2019
VeChain Foundations brainchild ‘VeChainThor’ is an enterprise-friendly public blockchain platform designed with a comprehensive structure, a solid economic model with Integration of ‘Internet of Things’. The VeChain Thor blockchain is developed with the highest security, completely integrated for business applications.
Its design of state of the art consensus model, transaction structure, governance, and economic model makes it the best platform for industry-related applications.
As quoted in the recent report by VeChain Foundation.
“ VeChain is a proof of authority (POA) based public blockchain protocol with a balanced governance model and Economic model designed to boost adoption”
“VeChain is the enabler of a trust-free and distributed ecosystem where its members including enterprises startups and community create business value with Blockchain technologies”
“VeChain is a Technology provider that makes development tools, supports, enterprise solutions, Turnkey solutions available to empower ecosystem builders.”
VeChain has developed most of its platform on technological criteria.
16th of July, 2019 marked the day for VeChainTHOR Blockchain for the highest number of transaction clauses since its launch. It counted a total of over 1.1 million transaction clauses by consuming 35 million VTHO’s. VeChain also reported of their new plans to tackle the economic problem and also compound their user base using VeChain Thor blockchain technology.
The Report from VeChain foundation contained the following segments:
- VET supply Overview.
- VeChain Foundation Expenditure
VET Supply Overview
The circulating supply of VET was around 72.7% (63,030,429,892) reported at the end of July, In which 20,930,516,127 VETs of the VET circulating supply are described to be in lockups which accounts for 24.1% of the total supply and as a conclusion 48.6% of the VET total supply is included as free to trade in open market.
VeChain Foundation Expenditure.
This section of the report contained the use of USD for BTC/ETH or Fiat fro the reporting period. The USD value was locked during the transaction, during this transaction many services accepted VET as direct payment compared to BTC or ETH. The expenditure was for various sectors, Technological R & D had a USD value of $536,045, Business development stood at $152,990 USD, Compliance and Legal at $48,383 USD, Ecosystem development at $112,847 USD.
In this column, the report divided into the following segments.
- Enterprise Investor Pool
- Co-Founders development team
- The operation, Technological research, and development.
- Business Development
- Compliance and legal
- Ecosystem development
VeChain further aims in creating and expanding its Blockchain technology to make a global Impact and also benefit its users.