On the 8th of May 2018, the VeChain Foundation had published the third part of their technical papers that reveals more about the VeChainThor blockchain. The consensus algorithm was focused upon in the papers, which is an essential aspect of the upcoming VeChainThor blockchain. It is already known that the VeChain Foundation has selected the proof of authority (PoA) consensus model. The papers reveal the method that VeChainThor will apply to achieve consensus. According to the announcement by VeChain Foundation, the proof of authority consensus model will eliminate the issues faced in a Proof of Work (PoW), Proof of Stake (PoS), Designated Proof of Stake (DPoS), or Practical Byzantine Fault Tolerance (PBFT) model. The proof of authority has “low computational power requirements, no requirement for communication between nodes to reach consensus, and is optimized for system continuity.”
The philosophy of VeChain’s governance model, “Neither a total centralization nor a total decentralization would be the correct answer, but a comprise and balance of both would,” led to the PoA consensus algorithm for the VeChainThor blockchain. It is also expected to shrug off anonymous block producers. The user will have to reveal their identity voluntarily if they want to be an Authority Masternode (AM) of the VeChainThor blockchain. The team believes that all the AMs will work in favor of the network growth and security when their identity and reputation are at stake.
The proof of authority protocol of VeChainThor blockchain provides an equal opportunity to the Authority Masternodes to produce blocks. As there is no computational competition in PoA, the “longest chain” rule is no longer applicable here. The VeChainThor blockchain system prioritizes the branch that is viewed by more Authority Masternodes between the two. Unlike the practical Byzantine fault tolerance (PBFT) protocol, the PoA protocol does not need a certain number of genuine validations to be available. This ensures that the system can perform multiple rounds of inter-code communications to get consensus.
VeChain and PwC Partnership
The 4th of May 2018, saw a new partnership announcement between VeChain and the multi-national audit and consultancy firm PricewaterhouseCoopers (PwC). As of now, PwC holds a minority stake in the Chinese start-up. PwC is interested in VeChain Global Technology Holding Limited that specializes in supply chain management, the Internet of Things (IoT), and anti-counterfeiting. PricewaterhouseCoopers plans to incorporate VeChain’s service platform into its infrastructure. This means that VeChain tokens will be used to access and perform transactions. The platform of VeChain has been developed to apply IoT technology to build private keys for all the products and they can be traced throughout the distribution process.
“We are glad to establish a deeper relationship with VeChain, which aims to build a trusted and distributed business ecosystem to help address long-standing challenges in supply chain management, food trust and anti-counterfeiting areas. VeChain’s mission aligns with PwC’s purpose of solving important problems and building trust in society,”
- Raymund Chao, PwC Asia Pacific and Greater China Chairman
This partnership with VeChain will put PwC ahead of its competitors like Deloitte, EY, and KPMG. The discussions between PwC and VeChain concluded that the logistics and transport industry, government and pharmaceutical/medical industry could benefit most from blockchain technology. The multi-national audit firm may actually help in bringing out solutions to issues hereto undiscussed. The partnership between VeChain and PwC is thus expected to benefit not only to the ‘real-life’ sectors but also the blockchain industry. Sunny Lu, the CEO of VeChain also believes that the distributed data storage characteristics of the blockchain technology will be vital in improving traceability and transparency for the supply chain management and logistics. He hopes that “With people’s increasing awareness and knowledge of blockchain, ‘killer’ applications are sure to emerge, and initially these are most likely to occur outside of the financial sector.”
At the time of writing, according to coinmarketcap.com the price of VeChain (VET) shows $4.59 USD approximately. The market cap is approximately $2,415,132,754 USD while the volume (24h) is nearly $26,617,100 USD. (As of 14th May 2018) According to coinmarketcap.com, the crypto coin currently ranks 15. The partnership with VeChain and the proof of authority of the VeChainThor blockchain is hopefully going to see more investments in VET and thus increase the trading volume.
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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.
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Should Crypto Projects Devote Resources to Community Growth and Marketing?
2020 has been an incredible year for crypto as investors have generated windfall profits and crypto projects have seen their businesses gain the spotlight they’ve been looking for. While Bitcoin has received most of the attention after major institutional investors announced they were accumulating the increasingly scarce asset, many altcoins have also seen their fair share of glory. When looking at all the big winners of the past year, the first project that probably comes to mind is Chainlink, having appreciated by more than 550% YTD and now valued at over $4.5 billion. But, the actual biggest winner of the year is HEX with a YTD return of over 5,000%.
I mention both of the above projects as they have each taken slightly different paths to achieve greatness. Chainlink has devoted resources toward building a fundamentally sound business with many strategic partnerships while HEX has spent vast sums of money on marketing and promotion. Both approaches are valid, but one thing is certain, it is absolutely imperative for crypto projects to let the crypto community know what makes them special. Of course, one of the reasons that makes crypto so valuable is the powerful blockchain technology that most projects are utilizing.
Cryptocurrency vs. Blockchain Technology
It’s important to make a distinction between blockchain technology and cryptocurrency. Although they are often used interchangeably, they are different. Blockchain technology and crypto were both created after the 2008 financial crisis, but cryptocurrency…
XENO starts VIP NFT trading service and collaborates with contemporary artist Hiro Yamagata
Hong Kong, Hong Kong, 24th December, 2020, // ChainWire //
The XENO NFT Hub (https://xno.live) will provide a crypto-powered digital items and collectables trading platform allowing users to create, buy, and sell NFTs. Additionally it will support auction based listings, governance and voting mechanisms, trade history tracking, user rating and other advanced features.
As a first step towards its fully comprehensive service, XENO NFT Hub launched a recent VIP service to select users and early adopters in December 2020 with plans for a full Public Beta to open in June 2021.
“NFTs are extremely flexible in their usage, from digital event tickets to artwork, and while NFTs have a very wide spectrum of uses and categories XENO will initially focus its partnership efforts and its own item curation on three primary areas: gaming, sports & entertainment, and collectibles.”, said XENO NFT Hub president Anthony Di Franco.
He also added “This does not mean we will prohibit other types of NFTs from our ecosystem However, it simply means that XENO’s efforts as a company will be targeted into these verticals initially as a cohesive business approach.”
Development and Procurement Lead, Gabby Dizon explained, “Despite our initial focus, we found ourselves with a unique opportunity to host some of the works of Mr. Hiro Yamagata. We are collaborating with Japanese artist Hiro Yamagata to enshrine some of his artwork into NFTs.”
Mr. Yamagata has been…
My Crypto Heroes Announces Issuance of MCH Governance Token
Tokyo, Japan, 24th November, 2020, // ChainWire //
My Crypto Heroes is happy to announce the issuance of MCH Coin as an incentive to players in the My Crypto Heroes ecosystem, aiming to allow them to craft a “User-oriented world”. The MCH coin is available on Uniswap with a newly created pool with ETH.
My Crypto Heroes is a blockchain-based game for PC and Mobile. It allows users to collect historic heroes and raise them for battle in a Crypto World. Officially released on November 30th, 2018, MCH has recorded the most transactions and daily active users than any other blockchain game in the world.
What is MCH Coin?
MCH Coin is being issued as an ERC-20 Standard Governance Token. The issuance began on November 9th, 2020, with 50 million tokens issued.
Of the funds issued, 40% are allocated to a pay for on-going development and as rewards for advisors and early investors. 10% are allocated to marketing and the growth of the ecosystem, and 50% are allocated to the community. The Distribution Ratio of the MCH Coin is subject to change via a governance decision.
The MCH coin will be used as a voting right as part of the ecosystem’s governance, with 1 coin being 1 vote. It will also be used for in-game utilities and payments. Additional information can be found here:
During December 2020 the first governance…