Cryptocurrency #5. VeChain (VET)

 

Coin #5 : VeChain (VET)

 


What is VeChain

 

VeChain is a Singapore and China based blockchain company with operations in Europe, Asia and America. VeChain was Co-Founded by CEO Sunny Lu and Jay Zhang in 2015.

 

VeChain’s vision is to lower the barrier and enabling established business with blockchain technology to create value and solve real world economic problems. Since its inception, VeChain has managed to onboard an impressive list of enterprises building applications on top of the VeChainThor Blockchain.

 

The VeChain Foundation is responsible for maintaining the open source and public VeChainThor Blockchain. The Foundation is governed by the Steering Committee, which currently includes members from VeChain, DNV GL and PwC China. Important decisions that need to be made are voted upon by all stakeholders in the VeChain Ecosystem, making VeChain truly decentralized.

 

 

 

The VeChain Foundation


 

The VeChain Foundation, founded July 2017 in Singapore, is the overseeing body of the VeChainThor Blockchain and ecosystem. The Foundation acts as a governing body for real time decision making and is responsible for the growth of the platform. The VeChain Foundation envisions a trust-free and distributed business ecosystem to enable transparent information flow, efficient collaboration, and high-speed value transferring.

 

 

 

Governance Model

 

Even though decentralization is the cornerstone of Blockchain technology, complete decentralization has been proven to have obvious defects in every applied method, including Bitcoin and Ethereum. Idealized decentralization is an Utopia even to the crypto and Blockchain world. VeChain believes in the balance of decentralization and centralization on which the platform’s governance model is designed. The balance between centralization and decentralization will vary as

 

the ecosystem matures, with a more centralized structure at the start to enable rapid development and adoption, while slowly giving more and more power to the community as the ecosystem matures.


 

 

 

Stakeholders with voting Authority

 

The stakeholders of the VeChain Foundation are the owners of VET as well as Smart Contract Owners. The voting authority each stakeholder has depends on their role and VET holdings. Stakeholders vote on important decisions such as the election of the Steering Committee, or modifications to the VeChainThor blockchain, like its consensus mechanism or technical parameters. Voting is done on the VeVote platform. Learn more about VeChain’s Governance model by reading the VeChain Foundation Governance Charter (Dec, 2019).

 

 

 

The Board of Steering Committee

 

The Board of Steering Committee is the governing body of the VeChain foundation. It represents the interest of all of VeChain’s stakeholders. The Steering Committee defines the strategy of the Foundation and selects the team leads of the various operational teams. The Committee currently consists of 7 members including the Founders as well as members from PwC and DNV GL. Every two years all stakeholders can vote on who takes place in the Steering Committee.


 

 

 

The Advisory Board

 

The role of the Advisory Board is to give advice to the steering committee and help them with the design, implementation, and vision of VeChain. The Advisory Board is selected based upon their wisdom and experience they can offer to the Foundation. Current members include Partners from PwC, Deloitte and members from Breyer Capital as well as Fenbushi Capital.

The VeChain team

 

The VeChain team currently consists of over 100 full-time employees of which half are blockchain developers. VeChain currently has 8 offices located in Asia, Europe and the United States. The VeChain team is expected to hire an additional 100+ employee’s in 2019. You can read more about the VeChain team here.

 

 


 

The VeChainThor blockchain

 

On June 30th 2018, the VeChainThor Blockchain was officially launched. The VeChainThor Blockchain is compatible with dApps build on Ethereum, the VeChainThor codebase is build from scratch and offers unique features that are not available on Ethereum.

 

 

 

Proof of Authority

 

VeChainThor implements a Proof of Authority (PoA) consensus algorithm to create new blocks. PoA is an improvement on Proof of Stake, in which all nodes are validated and approved by a trusted central party (the Vechain Foundation) before allowed to add blocks. This eliminates the risks that come with having anonymous block producers, one of the key barriers given by enterprises.

 

Since all Nodes can be trusted, blocks can be validated faster and far more efficient compared to PoW and PoS, reducing costs for Blockchain users, while being safer and more energy friendly. To be an Authority Masternode (AM), the individual or entity voluntarily discloses who they are (identity and reputation by extension) in exchange for the right to validate and produce blocks. It is their identities and reputations placed at stake that give all the AMs additional incentives to behave and keep the network secure. Next to the 101 Authority Nodes, everyone is free to run a Thor Node and validate transactions.

 

In conclusion, although I am not giving financial advice, if I were to start investing in crypto these days as a beginner, these 5 coins would be my picks considering each of the coins have a utility. To me this means these coins will be around for the next 10-20 years at least. This then means if you hold these coins for a long time, you will see gains as years go by! The longer you will hold these coins, the more money you will make, that goes without saying!

टिप्पणियाँ

एक टिप्पणी भेजें

इस ब्लॉग से लोकप्रिय पोस्ट

आज, अभी नशे का सामान छोड़ दीजिए

चित्र
दिल होकर बीमार, जिसकी हालत तार तार कहता है कि आप धूम्रपान छोड़ दीजिए। लीवर है खराब, डॉक्टर देते हैं जवाब आप जाना दारू की दुकान छोड़ दीजिए। काले लाल दांत, नहीं होते है बर्दाश्त आप गुटखा, खैनी और पान छोड़ दीजिए। लग गई है लत, कैसे छूटेगी कमबख्त आप देना फालतू का ज्ञान छोड़ दीजिए। छोड़ो ये नशा और अपने मन को मना मजबूती से अपने दिल में ठान छोड़ दीजिए। नशे से बर्बाद, लोग करते हैं फरियाद आज, अभी नशे का सामान छोड़ दीजिए।
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सबके पास कुछ ना कुछ सुझाव होना चाहिए।

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