Hi everyone, I decided to write a medium article about my next serie because a twitter thread is not going to cut what I’m about to explain to you. I took the time to study the VeChain whitepaper to get a holistic view of the foundation. I’m writing this article to share my key takings and the things I learned from the 114 pages long paper.
I want to thank @cryptostevee for his stunning graphics.
Which problem are we tackling here?Through the history of technological development, the first 100 years concerned the technology of physical flows like transportation. The past 30–40 years advanced information flows over the Internet. Now, blockchain is considered and recognized as a technology improving value flows by solving the trust problem. VeChain foresees use cases and applications built on blockchain in the very near future influencing our daily lives, just like the Internet of the present. Blockchain technology can establish a new trust-free sharing business collaboration model. VeChainThor humbly stands on the previous discoveries of Ethereum (Blockchain 2.0) and Bitcoin (Blockchain 1.0). VeThor will be Blockchain 3.0, 4.0, 5.0, etc. For this reason, VeChain refers to VeThor not as Blockchain 3.0, but as Blockchain X. The technology puts data ownership and monetization in the hands of the people who generate that data.
“You pay the right for what you get and earn the right for what you share.” Renato Grottola, SVP Global Director M&A and Digital Transformation, DNV GL.
Governance model Idealized decentralization is Utopia, even to the crypto and blockchain world. Bitcoin & Ethereum became more centralized through large wallets holding significant portions of tokens. VeChain believes in the balance of decentralization and centralization on which VeChainThor platform’s governance is designed. The central foundation makes sure that large ‘stakeholders’ are enterprise users who will ...