VeChain is a blockchain project that focuses on supply chain management.
Their approach entails the use of RFID tags, which are included in the packaging of the product to be monitored. The tags take note of the conditions of the product and send the information to the blockchain. The blockchain is proof that the information remains unaltered and accurate, bringing transparency and assurance to supply chain management.
Beyond the supply chain use case, VeChain is also a platform for dapps.
VeChain is one of the earliest blockchain projects, founded in 2015. Some recent developments in VeChain include the rebranding to VeChain Thor, projects like Plair and Safe Haven launching on the VeChain Thor blockchain, their mainnet launch, and also the rollout of their mobile wallet.
The VeChain blockchain project is overseen by the VeChain Foundation. The VeChain Foundation is a non-profit venture established in Singapore.
Since Q4 2017, the Foundation has taken it upon itself to release a quarterly financial executive report. This is for the community to monitor funds usage and the development process of the platform.
The details of the previous financial reports can be seen in volume 1, volume 2, and volume 3. The rest of this article will focus on the key points from volume 4 of the financial report. This 4th financial report covers May 2018 through July 2018.
The VeChain mainnet launched during the period of this report, on June 30. The launch included the 1:100 split of VEN to VET.
The total supply of VET on the blockchain is 86,712,634,466.
The circulating supply of VET (as of the end of July 2018) is 65% of the total supply. The other 35% held by the VeChain Foundation is for enterprise investors (who have chosen to hold VET for the long term), co-founders and development team, ongoing operation and technological development, and business development.
The table below shows expenditures by the VeChain Foundation in ETH and their equivalent value in USD when the transactions happened.
The amount of ETH and USD spent is lesser compared to the previous quarterly report. This is because more partners and business providers are willing to receive VET directly as payment.
In Technological R&D, the preparation towards the launch of the mainnet (which was a successful launch) was the major source of expenditure. Third-party service providers such as Hosho Group, Securewell, and SlowMist were engaged to test the security of the VeChainThor mainnet source code, built-in smart contract, Authority Masternode, and wallet app.
Also, a public bug bounty for the VeChainThor mainnet and wallet app was launched. The technology team is currently preparing for the migration of previous consorting blockchains to the VeChainThor mainnet.
In Business Development, VeChain is promoting its blockchain solution to both high-tech and traditional industries. VeChain has been involved in various community and marketing events through the quarter.
During the period covered in this report, VeChain has announced partnerships with:
In Compliance and Legal, the services of professional legal and compliance firms were used to review service agreements and privacy policy and to assess products that are being developed. This is to ensure legal compliance across major regions.
In Ecosystem Development, VeChain has partnered to bring to life projects within the VeChain ecosystem. Some of the dapps that will be launched on the VeChain platform include Plair, Decent.bet, MustangChain, OceanEx, Safe Haven, Esprezzo, Cahrenheit.
More partnerships that pertain to the VeChain ecosystem will be announced with time. The team will continue to partner and invest in projects with good technicals and market approach.
VeChain will also invest in projects outside the VeChain ecosystem that will empower the VeChainThor blockchain, such as smart contract security and scalability solutions and interoperability solutions.
VeChain has taken a huge step in blockchain development to provide public quarterly reports for its operations. The report highlights how much of the budget was spent and what it was spent on. The purpose of this is for VeChain to achieve transparency, fairness, and openness with its community and investors.
The next financial report will be covering August through October 2018, and will likely be released in one of the first few days in December 2018.
Stay in touch with VeChain via Twitter and Telegram.
Related: VeChain CEO Sunny Lu Shares News and Updates During Recent Live Chat With the Community
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