To address all the above, VeChain has created the VeChainThor Blockchain. This is necessary as regulators and governments follow the massive adoption of blockchain knowledge and understanding by the general public and business owners. Last but not least, the capacity to comply with regulation and changes will be one of the key requirements for any utilized blockchain solutions. Therefore the common infrastructure services natively on blockchain must allow technical and business developers to assemble solutions to add value to their business. The current blockchain world lacks those who can connect the technology to business use cases by providing such solutions. Current blockchain ecosystems also require each business owner to be motivated, deeply involved and innovative to create new business values out of blockchain technology. Usually, they expect to see solutions require combinations of a number of technologies such as blockchain, IoT, Big Data and A.I. Third, an ecosystem will require many participants other than just technical blockchain experts.Īs a matter of fact, more business players than expected care about appropriate solutions other than merely technology. Token holders want the value of a token to increase, and enterprise users want it to be stable and/or low.Ī proper economic model has to be introduced to the next generation of public blockchains in order to resolve these conflicts. No business owners would accept running applications or generally running a new business on blockchain, or anywhere, at an unstable cost. In most public blockchains there exists a paradox: the greater the use of a blockchain, the higher the value of tokens, but additionally the higher the cost to use that blockchain, which discourages use and lowers total network value. Second, the economic model of almost every existing public blockchain directly or indirectly links the transaction costs to the total valuation of the respective blockchain, resulting in unpredictable and unnecessarily high transaction costs. A proper governance system, with transparency and operational efficiency, will enable continual and rapid innovation. But as the use cases for blockchain have evolved, and continue to evolve, changes to the features and functions of a blockchain are inevitable. Of course, Satoshi’s original vision was brilliant, and the Bitcoin blockchain functions as originally designed and intended. It is hard to imagine a world-wide used “software” or “system” like Bitcoin, with a valuation of more than 140 billion dollars, conduct very few upgrades in the past 10 years. We believe scalability issues relating to blockchain are not linked to technical problems but to consensus concerns of governance. Although decentralization is the well-known cornerstone of blockchain technology, it has obvious defects leading to inefficiency and poor capacity to conduct fast iterations. We’ve identified four key hurdles to enterprise adoption of blockchain.įirst, most public blockchains lack a proper governance model. The largest identified hurdles are NOT about the technology, but instead are related to other critical aspects of the blockchain’s operational design. VeChain aims to be THE PLATFORM to support blockchain-based business applications offering real economic and social value.Īfter a comprehensive study of existing public blockchain platforms (including Ethereum) and countless discussions and debates with multiple business partners, we identified reasons in which enterprise and large consumer-focused applications are not yet on blockchain. The vision stays the same but our various missions have been reshaped gradually along with the rapid development of the entire blockchain industry. Nine months have passed since the release of the VeChain ICO. The dream is still the same as before, that is: Building a trust-free and distributed business ecosystem platform to enable transparent information flow, efficient collaboration, and high-speed value transfers. We will continue defining the right path to take when implementing this “disruptive technology” that will change the world. Moreover, we have accumulated experience with use cases from different industries to adjust and resolve any necessary corrections during this process. Our business partners, both enterprises and individuals, dare to explore this new technology with passion, dreams, and strong beliefs. The VeChain team and the VeChain blockchain and platform has been running for more than two and half years.ĭuring our journey, we have met many people who share our goals.
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