WHITEPAPER 3.0
WEB3 FOR BETTER
Since the start, we have worked on building a transparent, efficient, scalable and adaptable blockchain platform. But these qualities were just the tip of the iceberg. Research, innovation, collaboration and a strategy aimed at long-term viability brought us to today as we seek to multiply individual impact to unleash our collective potential for sustainability.
In preparation for the Web3 era in which digital and physical worlds merge to create a phygital universe, we teamed up with Boston Consulting Group (BCG) to undertake an extensive analysis of the sector. The research performed has proven pivotal as we fine-tune our approach to bringing our vision for a more sustainable, inclusive and equitable world to life. Fostering trust, collaboration, holistic value and a thriving environment where everyone can participate in creating their own sustainable ecosystems is our priority. This is our Whitepaper 3.0.
Our society needs sustainability to flourish; and fortunately, the transition is near. But to gain traction, everyone must work together to combat society’s greatest threats. Technology and digital innovation are the key to our better future. We want to even out the playing field and empower everyone – individuals, businesses and institutions alike – to participate in the development of interconnected ecosystems where every single action is accounted for and its impact is multiplied to benefit all. The catalyst for participation is trust, granted by blockchain. That is in turn furthered by this safe, transparent system we are creating, called the Blockchain Biosphere for Sustainability.
WHERE TECH SUPPORTS SUSTAINABILITY
We intertwine parallel universes. Technology creates endless possibilities for inciting sustainable action.
Distinct but interconnected worlds – find out how we bridge the two for better.
VECHAINTHOR: THE LAYER 1 FOR SUSTAINABILITY
RESHAPING BUSINESS FOR SUSTAINABILITY
VECHAIN'S JOURNEY
When we began, it was rare to see major business applications running on public blockchains, and enthusiasm was still low. We endeavored to change that. Right from the start we aimed to differentiate ourselves from the many speculative crypto projects. We immediately saw the opportunity for enterprises to capitalize on blockchain technology, but even beyond the digital realm. As we developed new technological solutions, we also nurtured partnerships and sustainability, organically finding a way for these diverse realms to become synergistic. But just like many other technologies, we knew our VechainThor blockchain would pass through several stages of development. Intentionally and gradually we gathered the resources necessary to bring our vision to life.
Starting with Traceability, our offering was a trusted, distributed business ecosystem platform to enable transparent information flow, efficient collaboration and high-speed value transfers. After that came Enterprise Application, where we strove for greater ease of adoption and enabled established businesses to leverage blockchain technology to create value and solve real-world economic problems.
In the course of development though, we grew our ambition. We believe our scope of impact can expand far beyond enterprises, to all levels of society, tackling issues far broader than mere economic problems. This led us to the Sustainability phase we are in today. Collective global action is the only means to address humanity’s greatest challenges. Blockchain has the power to transform individual actions into collective steps to incentivize cooperation and change our perception of value for the better. Along our journey, we’ve developed the tech infrastructure and the needed cross-industry partnerships to build momentum and empower everyone to join the movement, protecting our shared world and unleashing our collective potential.
GOVERNANCE
The scalability of a blockchain is directly linked to its governance model. Our adaptable and efficient platform is made possible by our governance structure that models this behavior and is being continuously fine-tuned. We are implementing principles derived from unconventional models – such as DAOs – successfully utilized in other fields to progressively decentralize the VechainThor platform and render ecosystems more efficient. As one of the most open and transparent public blockchains, another of our differentiating qualities is our commitment to regular reporting and compliance. Just like the transition to a more sustainable world is a journey, so is the improvement of our governance model. Our goal: to enable rapid innovation and development, while meeting the needs of users, the community, fast-growing enterprises, and serving sustainability.
THE STEERING COMMITTEE
Transitioning towards sustainable governance is imperative to our mission and oversight is provided by the Steering Committee, which is elected publicly by nodeholders. The governing body of vechain, our Steering Committee, oversees various functional committees and represents the balanced interests of all VechainThor blockchain stakeholders. Through the election process, we strive to promote member diversity, and thus to benefit from their diverse perspectives. The Steering Committee constitutes a first step toward decentralization. As we progress, so will the decision-making process, becoming ever more distributed among Biosphere participants.
A senior executive with decades of business leadership experience in the Testing, Inspection, and Certification Industry. His experience includes hands-on involvement in global marketing and sales, global operations, supply chain management, ESG, sustainability and exponential technologies. He is most passionate about leveraging digital technologies to encourage, enable and empower more sustainable behaviors.
Over ten years of expertise in material chemistry and nanotechnologies. His research focuses on energy and environmental issues by developing novel solutions using advanced functional intelligent materials. A forerunner in merging smart materials and the Web 3.0 idea to promote sustainable development. He utilizes smart materials to automate waste management procedures and reduce the carbon footprint of waste disposal.
A senior executive with expertise in business assurance and digital transformation. Throughout his leadership roles, most recently as former Senior Vice President and Global Director of Growth and Innovation at DNV, Renato spearheaded the implementation of blockchain technology for digital assurance. He serves the Scientific Committee of San Marino Innovation and the Blockchain Panel of experts for the Italian Government.
One of the pioneers who started exploring blockchain business applications. He launched the vechain project in 2015. Prior to vechain, Sunny was an IT Executive in Fortune 500 companies for nearly 20 years and was the former CIO of Louis Vuitton China. He has accumulated extensive experience in information systems technology strategy and management, enterprise digital revolution and digital innovation.
Vechain’s Chief Technology officer. Antonio brings technical expertise around Blockchain, Big Data, Analytics, Cloud and Innovation. He previously served as the Head of Technology for SDGs initiatives at vechain where he worked to enable the technical infrastructure for the SDGs ecosystem. Prior to vechain, he was Deloitte Global Blockchain CTO & Head of the Deloitte EMEA Blockchain Lab.
ECONOMIC MODEL
The sustainable two-token economic model (VET and VTHO) behind vechain has been designed to develop a non-volatile trading environment, different from most single-token economic models, where the vechain governance mechanism also serves to stabilize token costs.
This model is unique and significant in helping separate the cost of using blockchain from market speculation: incentive and utility are distinct concepts, facilitating upgrades and greater functionalities. What’s more, the differentiation between VET – our utility token – and VTHO – the token used for incentive and payment – also permits straightforward costs, which takes out the guesswork. This mechanism facilitates enterprise adoption and generates user acceptance. Maintaining a balance between the two tokens is important, and we are working to calibrate their functionalities in the better interest of all users.
TASK FORCE
As we endeavor to address such a broad range of societal and industry needs, we’ve developed specific task forces to allocate resources where they are needed most, and in turn capacitate expedited growth. By focusing our efforts and leveraging resources scattered around the globe, we are building momentum through a common passion in carrying out our mission for a better world.
Our main task forces are dedicated to Technical, Business Development and Governance. They provide specific expertise, yet they all work closely together to benefit both their individual areas and as a whole. Our efforts are always catapulted thanks to our ever-growing community’s contribution.
FACTS & FIGURES
VechainThor is the preferred Layer-1 blockchain for Web3 and enterprises.
Join us in leading the sustainability revolution with our low-carbon, highly scalable infrastructure.
HIGHLY SCALABLE
• 0
Active Wallet Addresses
• 0
Number of Clauses to Date
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Number of Transactions to Date
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Number of Clauses in the Past 24 hrs
• LIVE DATA
LOW CARBON
$0.0015
Cost per Transaction
min 0.21 VTHO
0.000216
Average kWh
per Transaction
100% ONLINE ZERO OUTAGE
Since 2018
Scalability is intrinsically designed into the platform.
In order to promote scalability and facilitate complex transactions, the VechainThor blockchain allows a single transaction to carry out multiple tasks, or “Clauses”, as we call them.
Clauses provide a much more in-depth view of the tasks processed by VechainThor, beyond the transaction volume.
DID YOU KNOW?
Vechain’s energy consumption is equal to just 0.04% of other blockchains.
The 2022 carbon footprint of Vechain’s core network of 101 authorities’ nodes was calculated to be 4.46 t CO2e/year. That is equivalent to almost one gasoline-powered passenger vehicle driven for one year.
Speed and security but made sustainable and scalable, for a digital sustainability revolution.
Vechain’s core research team has 11 registered patents which span our Proof of Authority consensus mechanism, IoT and Blockchain, Zero Knowledge Proof, Supply Chains and Carbon Recording Across Supply Chains.
ENTERPRISE PARTNERS
Vechain and its affiliates have developed solid cross-industry partnerships that will facilitate ecosystem adoption and collaboration.
PURPOSE
BLOCKCHAIN
FOR OUR BETTER WORLD
We want a sustainable, inclusive and equitable world, where everyone plays their part in making this vision a reality. To get there, transparency and trust are fundamental. Technology is the key to fostering trust between individuals, organizations and governments, and substantiating the promises of all in a public and secure way.
In this new paradigm, actions and their impacts are quantified and validated, with each individual person or institution gaining ownership of their personal data and control of its use. Here there are secure, trustworthy, and transparent transfers, information and value. In short, actions speak for words. This is Web3, where all are owners and co-creators, no longer mere users.
To tackle sustainability challenges and cultivate trust, we have to break down barriers, nurture collaboration and promote joint efforts.
Technology like Blockchain facilitates the creation of resilient and interconnected digital ecosystems, where every individual effort is multiplied to generate impactful change.
To fuel these changes, we need a fast, secure and decentralized tech infrastructure. This is where we at vechain step in, to provide the framework necessary in evening out the playing field and empowering everyone to become a valid contributor to our global mission.
GREATER SECURITY AND PRIVACY, GREATER TRANSPARENCY AND ACCOUNTABILITY
Web3 provides a basis for trust and collaboration among individual people, businesses and institutions. Sustainability commitments are upheld, claims are substantiated and user data is utilized as promised. The public, secure infrastructure means everyone is held accountable, but also recognized for their hard work and engaged to pursue similar passions and achieve common goals.
We are all in it together for a better, more sustainable world.
VALUE REDEFINED
Traditional forms of assessment and value fail to take environmental and societal factors into account. It’s time to redefine value to include these in addition to economic measurement. Value consequentially becomes comprehensive and absolute, a true representation of our societal wellbeing.
By leveraging Web3 and our vechain framework, we not only account for this complete definition of value, but also validate contributors’ actions toward our common goal.
THE FUTURE IS CLOSER THAN IT SEEMS
Blockchain is ushering in a new era, where people can unite around a common goal and combine their impact. Vechain is a bridge in connecting the physical and digital worlds. Data from the real world is applied in the digital world, enabling people to actively participate in shaping more sustainable value chains and to generate new ways of collaborating. Single actions, both big and small, are recognized, rewarded and fundamental in creating a healthier and fairer world for all.
You know there’s more.
You know there’s a world out there, where you can change our future’s trajectory.
At VeChain, we know it too.
As enablers of Web 3, we’re helping everyone engage in sustainability every day.
By redefining value based on your values, the power is in your hands,
And your belief in better will have immediate benefits.
Instead of just imagining a sustainable, inclusive, equitable world,
You can play an active role in bringing it to life.
But you won’t be acting alone.
Empowered by blockchain platforms,
We’re digitalizing collaboration in ways once impossible.
Alongside communities and companies,
Global leaders and every person around the world,
Together we’ll make food systems safer and fairer.
We’ll improve access to lifesaving medicines.
We’ll drive the auto industry forward with clean solutions,
Give our clothes a second life,
Accelerate diversity and elevate inclusion,
To shape a greener, bolder, better world that can sustain us all.
And this is just the beginning.
We’re building resilient, interconnected ecosystems,
Where everyone will be co-creators of societal-shaping solutions.
By transforming the way we work and live, we’ll transform generations beyond us.
We will multiply individual impact to influence entire industries.
In networks where sustainable decisions add up,
More is finally within reach.
VECHAINTHOR: THE LAYER 1
FOR SUSTAINABILITY
If it’s powered by VechainThor blockchain, then:
- Get ready to join the network driving the sustainability revolution with advanced blockchain technologies and an eco-friendly, low-carbon platform.
- Enter a world that empowers developers in building complex dApps by removing the need for end-users to own or spend crypto assets. We’re making real-world adoption as seamless as searching for a webpage.
VechainThor is built to scale. Its powerful features allow developers to build advanced dApps without worrying about variable gas prices or network congestion. We’re significantly lowering barriers to entry with a network built for sustainability – economically, environmentally and architecturally.
Anyone can use dApps built on VechainThor.
‘Fee Delegation’, a feature unique to VechainThor, removes the need for users to own and spend crypto. Build decentralized applications for the entire world and embrace a vast, untapped ocean of opportunity.
How do gas fees stay predictable on VechainThor? Thanks to our dual-token economic model (VET and VTHO) with an infrastructure that guarantees high scalability and throughput.
The first public blockchain to launch with a Proof of Authority(PoA) consensus mechanism. Transactions on VechainThor are validated by 101 whitelisted Authority Masternodes, distributed globally. The recently upgraded Proof of Authority 2.0 guarantees finality on blocks and transactions and enhances security even further.
VechainThor is designed for rapid innovation, boasting an on-chain governance model where node holders can vote on vechain improvement proposals quickly and efficiently, eliminating contentious hard-forks and streamlining network upgrades.
RESHAPING BUSINESS
FOR SUSTAINABILITY
SUSTAINABILITY ACTION IS IMPERATIVE
For our planet, our society and our businesses. We’ve pushed our system to a breaking point, and we must act for our wellbeing. Our current take-make-waste system must inevitably evolve.
Increasing planetary and regulatory pressure require change that may only be answered through the collective effort of all. We propose ecosystems that support and facilitate the sustainable transition across industries toward circularity, carbon reduction and more.
THIS IS WHERE TECHNOLOGY COMES INTO PLAY
To streamline processes in a public and secure way. Web3 technology powered by blockchain stimulates and facilitates collective action through our Blockchain Biosphere for Sustainability. Our low-carbon tech infrastructure empowers all to take action and reap benefits in the development of thriving, interconnected ecosystems.
Our Blockchain Biosphere for Sustainability creates a virtuous cycle of impact that benefits the platform, its users and stakeholders. As a consequence, healthy, sustainable approaches to business are driven forward, where there is power in numbers.
The road to sustainability is long, but we have an unprecedented opportunity to act on these pressing societal and environmental challenges, while creating additional value for all. Powered by our ever-changing infrastructure and interconnected digital communities, networks of impact will be unleashed.
