VeChainThor
The public blockchain that derives its value from activities created by members within the ecosystem solving real world economic problems
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Sync
VeChainThor Desktop Application Browser Download Sync User Manual |
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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.
Fee Delegation
Flexible transaction fee delegation schemes (Multi-party Payment and Designated Gas Payer) enable a freemium model within a decentralized application to onboard users without friction.
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.
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
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 masternodes fail to upgrade
All Authority Masternode Operator identities are strictly verified by the Foundation
GOVERNANCE
A governance model with transparency and operational efficiency enables continual and rapid innovation, while resulting in consensus and decisions that balance the views of all stakeholders in the ecosystem. Community-elected Steering Committee facilitates decision making and execution supported by the on-chain governance mechanism.
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 5x10-8 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
STAKEHOLDERS BENEFIT FROM COLLECTIVE VALUE CREATION THROUGH THE DEVELOPMENT OF THE ECOSYSTEM
VeChain Foundation
Key enabler of the ecosystem, focusing on building the underlying technology, infrastructure utilities and services. The Foundation holds a significant reserve to support the ecosystem growth
Enterprise Users & Partners
Purchase blockchain services from VeChain’s partner network or leverage VeChain technologies to build enterprise applications to improve operational and capital efficiencies for existing businesses at a reasonably stable cost, which can be further offset by holding VETs
Community Investors
Investors as well as users of the platform and ecosystem projects stand to benefit as the aggregate value of the ecosystem increases
Developers / Start-ups
Develop applications and contribute to VeChain’s technologies in their specialized areas, and be supported with business leads, capital investment, incubation and technology from the ecosystem
Institutional Partners
“Blockchainization” of portfolio companies to create additional value for VC/PEs; additional co-investment opportunity in standalone blockchain project
Research Partners
As part of VeChain’s VeResearch program, contribute to the technological research & development endeavor to improve the underlying technologies to meet the growing business needs
STEERING COMMITTEE
A well governed foundation is the key to longevity, growth and stability. Making an actionable governance system, that matches the identity we envision for the VeChain ecosystem. 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.
Jim Breyer
Founder and CEO of Breyer Capital
CY Cheung
PwC Cybersecurity and Fintech Partner
James Gong
Founder of Longhash and CEO of chainb.com
Masanari Koike
Visiting Fellow of the Tsinghua University, Former Member of House of Representatives of Japan
Ning Nan
Co-Founder and CEO of OceanEx
Bo Shen
Founding Partner of gf.network and Fenbushi Capital
Roland Sun
General Counsel of gf.network, Partner at Broad&Bright, General Counsel of Fenbushi Capital
*Steering Committee and Advisory Board members are alphabetically sorted by surname