The VeChain is a public blockchain that is designed for mass adoption of blockchain technology by enterprise users of all sizes. VeChainThor is intended to serve as a foundation for a sustainable and scalable enterprise blockchain ecosystem, supported in part by our novel governance and economic models and unique protocol enhancements.
Ethereum has represented the state-of-the-art in public blockchains since 2014. Some of Ethereum’s important innovations included the introduction of an account model that can store information other than balance information; the concept of a smart contract that allows blockchain to describe more complicated objects and activities in the real world; and the consensus-based computations and the invention of the Ethereum Virtual Machine (EVM) that enables smart contracts accordingly.
Despite being a major technological milestone, Ethereum has proven to be unsuitable for hosting large-scale commercial decentralized applications (dApps). One of the main reasons for this is that there hasn’t been an effective governance structure set up from Ethereum’s very beginning that would allow efficient and transparent transitions (upgrades) of the protocol to adapt to new challenges or innovations. Secondly, Ethereum lacks a suitable economic model to allow enterprises to run their dApps with a controllable and predictable cost. Considering the level of volatility of the ether price, it is almost impossible for companies to predict the future price of Ether or the cost of running a dApp based on Ethereum for a given period of time.
The VeChainThor Blockchain is designed to tackle the above problems. It is not built from scratch; it expands upon some of the essential building blocks of Ethereum (e.g., the account model, the EVM, the modified Patricia tree, and the RLP encoding method) and provides innovative technical solutions that are powered by our novel governance and economic models, which, we believe, will push forward broader blockchain adoption and the creation of new business ecosystems with more efficiency and trust. VeChainThor is packed with technical features that are tailormade for the actual needs of enterprises, individuals, and developers.
VeChainThor Code is provided by VeChain Foundation https://www.vechain.org/
VeChainThor blockchain was designed with business friendly in mind. While we kept EVM which lowers the barrier for developers, we built many business friendly features into the core from ground up
- Multi-party payment – flexible usership and sponsorship schemes for transaction fee payment, and breakthrough the barrier for end consumers to interact with blockchain applications
- Restructured transaction structure – the VeChainThor transaction structure enables unique features such as Multi-task transaction, Controllable Transaction Lifecycle and Transaction Dependency
- 101 Authority Masternodes in an on-chain whitelist are able to produce VeChainThor blocks. The whitelist is managed by a built-in smart contract and requires multi-signatures from 5 out of 7 Steering Committee members for modification
- Authority Masternodes are held mostly by enterprise users, blockchain developers, infrastructure service providers and institutional investors by staking VETs and contributing to the ecosystem
- PoA helps eliminate two key concerns for public blockchain from enterprises – inability to upgrade efficiently and effectively, and waste of energy
- A combination of corporate and community governance to balance decentralization and efficiency
Community elected Steering Committee, partially independent from the VeChain team, to facilitate the decision making and execution
*Role-based voting reduces the uncertainty in the platform’s technical and organizational development
- On-chain governance mechanism which is divided into three phases - propose, approve, and execute, is designed to support the governance model
- The unique dual-token system avoids the cost of using the blockchain being directly impacted by the volatility of the crypto market
- VETs constantly generate VTHO token to power the blockchain transactions. And the demand for VTHO token is driven by the amount of activities on the network
- Continuously monitor over the VTHO supply vs. demand and adjust blockchain parameters to stabilize the transaction cost translated in fiat
- Users could power their transactions with self-generated VTHO or purchase VTHO from the market based on the transaction forecast