VeChainThor Updates Whitepaper, Tokens To Be Split in 1:100 Ratio
VeChain (VEN), a blockchain-based platform that is created to improvise product management in the supply chain, has published its updated white paper and roadmap. At the end of February, VeChain re-branded to VeChain Thor (VET). Last week, VeChain commenced the public alpha test of its mainnet, which is scheduled to be released in June. Furthermore, VeChain has also announced details regarding the Plair project, which will be built on its platform after raising funds through ICO beginning May 25.
VeChainThor blockchain is a public blockchain that is designed for mass business adoption of blockchain technology to business owners, both enterprises or individuals. Vechain and VeChainthor blockchain is working to build a trust-free and distributed business ecosystem platform to enable transparent information flow, efficient collaboration, and high-speed value transfers.
With its robust blockchain core infrastructure, matching infrastructure services, proper governance and economic design, and growing community and business engagement, the VeChainThor blockchain hopes to become the platform for future ecosystem.
Unveiling our “Development Plan and Whitepaper” with an updated governance structure, economic model, and new use cases. This piece will gradually be updated throughout its existence to reflect the goals and growth of the VeChainThor Blockchain.https://t.co/6tjZOaWIrK
— VeChain Foundation (@vechainofficial) May 20, 2018
Participants in the VeChainThor platform
- Business owners
- Application service providers
- Smart contract providers
- Infrastructure service providers
- VeChain Foundation
- VeChain Community
- Mjolnir (15,000,000 VET) and Mjolnir X Node (15,600,000 VET)
- Thunder (5,000,000 VET) and Thunder X Node (5,600,000 VET)
- Strength (1,000,000) and Strength X Node (1,600,000 VET)
- VeThor X Node (600,000 VET)
- normal token holders or application users
– The VeChain community is formed by all entities who are willing to participate and contribute to the development of the VeChainThor ecosystem, rewarded accordingly, and categorized by different level of token holding as below
After 1:100 token split when mainnet launches:
VeChain Token (VET)
VeChain Token (VET) is the “Smart Money” or “Smart Value” in VeChainThor Ecosystem which is programmable and executable in the smart contracts to carry on value transferring along with commercial activities running on the VeChainThor Blockchain.
In the VeChainThor Platform, the stakeholders are the VET holders. Some of them have specific roles such as Smart Contract Owners and Authority Masternode holders. Each of the stakeholders hold voting rights calculated by the voting authority model. The stakeholder voting mechanism ensures the inclusiveness of all designated stakeholders in the VeChainThor Blockchain ecosystem.
VeChainThor Blockchain X
VeChainThor calls its blockchain as blockchain X, instead of blockchain 3.0/4.0/… The team believes that VeChainThor blockchain is a complete, holistic blockchain with the governance structure, token economics, regulatory compliance, and community ecosystem to continually and incrementally evolve the blockchain protocol to absorb any innovation and satisfy the needs of the community, investors, enterprise clients, academic and governmental partners. For this reason, VeChainThor team calls its blockchain as Blockchain X.
Due to the expected rate of adoption and forecast of VeChainThor future, the developer team decided that VET would primarily be calculated using fractionals in smart payments. With the mainnet launch’s token swap, the team will conduct a 1:100 coin split to alleviate this concern. At that time, every 1 VET owned will be exchanged for 100. As a result of the coin split, the requirements for VET allocation in all nodes will also increase by a factor of 100.
VeChain commenced its public alpha test last week. As many as 100 community testers are participating in the test. Prominent cybersecurity companies will participate in the beta test, which is expected to begin in June.
The VeChainThor Alpha Test starts today! In addition to the testing by multiple professional security firms, we will host a private bug bounty program on the Hackproof platform. For those who applied, please lookout for the invitation email from @Hacken_io.Enjoy and earn rewards! https://t.co/oyGaMDv2z0
— VeChain Foundation (@vechainofficial) May 18, 2018
Plair, a blockchain based eSports and gaming project, is planned to be built on VeChainThor platform. In this regard, Plair will tap the market on May 25 with its ICO. The project, which would allow users to watch and discuss about gaming, aims at decentralizing streaming, cloud gaming solutions, and content management.
The CEO of the Plair foundation, Patrick Tang, said
“VeChain brings to the table a powerful combination of professional advice, resources and community backing that is needed as a premium blockchain partner. We are excited to work together to pioneer a way to better serve gaming enthusiasts.”