The blockchain is probably one of the world’s most disruptive technologies. It has the potential to change the way business work and it has the power to change the way the world transacts. Satoshi Nakamoto came up with the first blockchain in 2009 and the technology has been working perfectly ever since.
But as the cryptocurrency market picked up and the community created itself an industry around it, the use-cases changed. The requirements changed. But the blockchain remained the same. With no updates in the last decade of its existence. This is a problem that the blockchain faces because it is important for all technologies to be continuously bettered and iterated with newer functionalities.
The VeChain foundation is working on future proofing the blockchain technology. The foundation aims to do this by attacking the problems that all blockchains are facing, right at the root.
The VeChain Foundation
The VeChain Foundation has essentially identified four main problems that all blockchains in the industry are facing right now. Using these four problems, the company has implemented solutions in their product; the VeChainThor Blockchain.
The four main problems that the team at VeChain has identified and their solutions to it are:
- Lack of Governance A serious problem that the blockchain faces is the poor scalability of the technology. At not even half its projected capacities, the blockchains are fraying under network volume and stress. In order to be in a position to take over the financial sector’s loads, scalability is something the industry needs to work on and soon.
While most companies and experts blame it on the weight of the entire technology, the VeChain foundation’s view is that this is because there isn’t a proper governance system that is presiding over the functioning of the market. They believe that the scalability of any company or enterprise is directly connected to the governance and the top brass of the company.
In order to tackle this particular problem, the VeChainThor Blockchain aims to set up a governance system whose cornerstones are; visibility, inclusiveness, transparency, flexibility and efficiency. The lack of governance is something that is attributed to decentralisation, but in the VeChainThor Blockchain, the team has hit the sweet spot. They have found a balance between The VeChainThor Blockchain believes that with the implementation of a proper governance model, the entire blockchain scalability issue can be sorted.
- Economic Model The second problem that needs immediate rectification in the eyes of the VeChain Foundation, is the bad economic model in place. And the conflicts that arise because of it. Fluctuations in the market are more or less expected. Sometimes the fluctuations lead to major losses and is one of the most quoted reasons for people staying away.
There is a lot of conflict over whether or not fluctuations are good. The three main participants that are currently involved in the market are; a) business owners, b) blockchain experts and c) blockchain enthusiasts. The first of the three participants want stable or low values because it brings down their costs. The last two of the three, however, want their assets to appreciate. Which is a very clear conflict of interests. And since all three are interdependent, this conflict needs to be sorted out.
The VeChain Foundation in its product is trying to rectify this by putting in place an economic model that provides the entire ecosystem with a good deal of stability. To implement and ensure the proper functioning of the economic model, the VeChainThor blockchain has a dedicated economic node that presides over the distribution of power and authority.
- Accessibility The cryptocurrency market and the blockchain industry is a very exclusive setting at the moment. The market participants are either blockchain experts or cryptocurrency enthusiasts. And in the event of the blockchain actually being ready to take over the financial sector, it needs to desperately work on the inclusivity.
The inclusivity will only come when the non-experts, the non-believers, the average human knows enough about the blockchain to be comfortable to try it out. Another major thing the market needs to work on for mass adoption is making it easier to buy crypto, use exchanges and be involved.
This is a spot that the VeChain foundation is focussing on. To improve the accessibility and encourage inclusivity, the VeChainThor Blockchain is being made very user-friendly and intuitive. It is also using its community outlets to pool in more people.
- Regulation This is the most talked about topic in the cryptocurrency space. Initially because of a lack of understanding many governments and regulatory bodies slammed it with bans and refused to give it a second look. But over time regulation in the industry has picked up and the amount of attention has also increased.
But the thing is the blockchain and the cryptocurrency market do not have the room to comply with new regulations and changes. The network doesn’t have the capacity to adapt and is a serious cause of concern.
The VeChainThor Blockchain is working on building blockchain a capacity to adapt to iterations, regulations, and changes in the ecosystem.
The VeChain foundation’s VeChainThor Blockchain is representing the new generation of blockchains. The new generation of blockchains is being called Blockchain X.
The VeChain Foundation is to build a trust-free and distributed business ecosystem platform to enable transparent information flow, efficient collaboration and with high-speed value transfer.
Roadmap and Partnerships
The VeChain Foundation has been working on disruptive technologies and software for the success for three years now. Their entire moto is to make sure that they bring the dawn of the world’s new technology endeavors.
The things to look forward to over the rest of this year and the rest of the year are as follows.
The crux of every successful project in the cryptocurrency industry is powered and supported by partnerships that the company makes in its beginning stages. In this field too, VeChain does not disappoint.
The foundation has strategic partnerships with Renault, Printed Electronics, and Schenker, etc. These partnerships go a long way in showing that the community and the bigwigs of the cryptocurrency and FinTech industry support the VeChain Foundation in its endeavors towards making the world advance into the new era of technology.
The native token of the VeChain Foundation and the VeChainThor Blockchain is the VET. The trend of the coin has been moving gradually upwards. The coin has never crossed the $1 USD mark.
The current value of the coin is $0.018 USD. The VET prediction for 2018 is the coin going up to ~ $0.056 by the end of the year.
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