Shanghai Gas (Group) Co., Ltd, a wholly-owned subsidiary of Shenergy Group Company Limited with registered capital of RMB 4.2 billion, collaborates further with VeChain to develop a blockchain-enabled energy project. As the overseeing body of the pilot LNG management solution in the Zhoushan LNG Storage and Distribution Centre co-convened by VeChain and ENN Energy Holdings Limited, Shanghai Gas saw the reductions in transaction complexity and cost brought by blockchain technology, and decided to seize the opportunity for more investments.
With the purpose of fostering transparent communication on our accomplishments on creating tangible economic value by blockchain technology, we hereby present the tenth VeChain Foundation Financial Executive Report, covering the period from Nov 2019 through to Jan 2020.
February 25, 2020, Shanghai,China — Dr. Peter Zhou, the Chief Scientist at VeChain, and Dr. Zhijie Ren, the Senior Researcher on Blockchain at VeChain, recently published a preprint paper titled ‘SURFACE: A Practical Blockchain Consensus Algorithm for Real-World Networks’.
A proper blockchain governance system needs transparency and operational efficiency which enables continual and rapid innovation. In order to achieve the main goal of operating a decentralized public blockchain with the capacity to scale and at the same time complying with regulators, governments and to meet the needs of large enterprises, VeChain aims to improve its governance model with the ability for continuous iterations alongside rapid progression in ecosystem development.
Over the course of the week, the 2019 VeChain Community Contributor Awards were held. The inaugural awards were designed and planned to show our gratitude to the unsung heroes and individuals within the VeChain Ecosystem community, who are passionate, dedicated and relentless in building and spreading the word out about all things VeChain.
At the beginning of the new year, we would like to attribute our success to our numerous partners and advisors, as well as our community members for standing by our side throughout the entire year of 2019.
With the aim of transparent communication on our achievements in creating tangible economic value, we are excited to present the ninth VeChain Foundation Financial Executive Report. This financial report covers a fruitful quarter from August 2019 through to October 2019.