VeChain Technical AMA — Business Questions Part 2
VeChainOfficial last edited by VeChainOfficial
Originally published on March 16th, 2018.
Thank you for submitting your questions! VeChain Chief Technology Officer, Gu Jianliang, has taken the time to answer your questions throughout Chinese New Year and is excited to see the curiosity and dedication shown by the community.
Given the abundance of questions and length of Gu’s answers, we will be breaking this AMA into multiple parts. The order the AMA will be released is as follows:
- Hardware related questions (Part 1 | Part 2)
- Software related questions (Part 1 | Part 2)
- Business related questions (Part 1 | Part 2)
- Addressing the concerns of the community on perceived competitors and so-called competing projects.
Below are the links for Part 1 of the Business section and both parts for the Software section and the Hardware section.
Q16. What will the transaction fees be like on the mainnet? Will it be suitable for micro-payments?
A16: The entire purpose of our twin-token economic design is to stabilize the cost associated with transactions of payments, or executing smart contracts, on the VeChainThor blockchain. By the nature of our solution, transaction fees will be significantly lower than existing public blockchains, such as Ethereum, but the expected amount of transactions will be much higher. However, please wait for official details on this subject matter.
Q17. What are the best things that non-developer community members can do for VeChain to help promote growth? Thanks again.
A17: We welcome all community members to help raise the awareness of VeChain platform within their communities or regions. As you read the X Nodes release carefully, you should notice we have mentioned multiple times a “Community Entity”. Please stay tuned for announcement on this, there will be a ton of ways for non-technical community members to contribute, afterall, we are not just a technology development entity, but a lot more.
As matter of fact, we actually value business partners as much as developers. The future ecosystem cannot be up and running without the correct business cases.
Q18. Will you have a lower-cost chip, that is not as robust as your enterprise solution to target small business owners?
A18: Please list your requirement, and we will evaluate it for you.
One thing we would like to point out to our community is the following, and this is very important. There are MANY different types of hardware devices, chips, tags, sensors, etc. which are suitable for many different types of solutions. There is not a single chip that is end-all for every usecase we have invented. So please keep this in mind.
So yes, small businesses are already part of our scope. In fact, we are working on some solutions that combine the low cost of QR codes with the security of smart chips.
Q19. How soon could VeChain be able to let your product be used in real life situation by a company ?
A19: We really need to iterate this times and times again. We have heard many people still asking about this, which we believe we have spoken to very clearly in the past communications. Our solutions are already being used by companies NOW, as we speak. VeChain has already built a standalone consortium chain that these clients are running on, a permissioned blockchain. All these clients will be migrated to the VeChainThor public blockchain when it’s launched. These clients see the incredible benefits of using a public blockchain that offers them the same benefits their current consortium chain solutions provide. Our COO Kevin Feng’s Boxmining interview had stated the above as well. If you missed it, please go on to YouTube to watch it.
We can foresee the proper communications needed to be made by some of the businesses (who are under NDA with VeChain still) to their clients for these innovative offerings of products and services, whenever they are ready after the mainnet launches.
Q20. How do you plan to integrate with madeforgoods platform ? What would be the data exchanged between the platform and VeChainThor Blockchain ?
A20: Madeforgoods is a platform for product supply chain management. By collaborating with VeChain, they can integrate their current platform with the VeChainThor blockchain and provide more advanced solutions for product lifecycle management.
Q21. When will VeChain be marketed to companies in the United States?
A21: We have been. In fact we have signed several esteemed companies in the United States currently under NDA. We cannot say anymore than that at this time.
We have been very excited at the amount of interest there has been from the United States. Some very respectable companies have called us and some of the ones we reached out to knew of us. There are also a few companies that said they heard about us from you, the community, and for that we are very grateful.
We believe North America to be one of the most important markets in the world, and certainly one of the most influential. We will certainly be devoting a lot of resources in North America in the future.
Q22. Is VeChain forming any partnerships or investing in other cryptocurrencies?
A22: We do invest in other cryptocurrency projects where we see potential for collaboration in business and technology. But even though we have been quite cautious and selective, the risk of crypto investment generally is quite high, therefore the investment or involvement of VeChain Foundation shouldn’t be the reference or support to your own investment. We invest in things for many more reasons than the coins appreciation and often may not consider it at all.
Q23. I have a brand of merezcan I want to use VeChain to track. (I’ve emailed you about this.) I need help. Any leads for me to follow up on?
A23: Please send us an email to firstname.lastname@example.org. Be sure to be as detailed as you are willing to be about your company, its size, its issues, and how you think VeChain can help. We will get back to you as soon as time permits or a solution is in place.
Q24. Do you have any working products, plans, or partnerships to address the wide scale issues with grey market/counterfeit enterprise electronics, such as networking switches and routers, etc.?
A24: For the secondary market and security needs, VeChain has a mature methodology. We believe that there are three requirements for digital security:
Digitized tags can not be tampered with
Tags and items can not be separated
Tag IDs are registered on the blockchain. The first step of the label can not be tampered I believe that is the foundation, the only chain of contactless NFC / rfid has been developed to the fourth generation, last year has been co-developed with the industry’s top manufacturers cos system to achieve mcu-based smart nfc , Supports nfc forum type4, ISO14443–1 / 2/3/4 and ISO7816–4 standards, at the same time, custom APDU and implantation of asymmetric encryption algorithm to achieve the card identity implantation, at the same time, the identity can be the current chain Blockchain signature algorithm is the same.
For the security of high value products such as network switches / routers, you can use one-time nfc / rfid to digitize these items and then register the corresponding nfc / rfid to the blockchain. The item’s information including the date of manufacture, the purchase Status, etc. binding, can be stored so that when you buy of off the second-hand market, the purchaser can clearly see the information.
Q25. Sunny mentioned the importance of Artificial Intelligence in the IoT blockchain solutions. What is the significance of AI in the VeChain Thor blockchain and how will it be used?
A25:To the VeChain Ecosystem, AI utilities would be a category of many ways to analyze data, along with other forms of machine learning. There are many different methods of running algorithms. VeChain sees AI as a function or a type of application running connected within our ecosystem. AI is to solve problems that humans are not able to solve in a quicker and more reliable fashion.
The most important thing for an AI application to be successful in is that the data is true, from reliable sources, not tampered with, and trustworthy. These requirements are guaranteed on our blockchain. We are not referring to any blockchain technology, but uniquely a data collection driven blockchain solution.
Internet of Things sensing technology, through the encryption algorithm and identity implementation, to ensure that the data source is accurate and reliable;
Connection technology, through the encrypted transmission channel and CA certificate, to ensure the reliability of data transmission;
VeChainTHOR blockchain technology to ensure that once the data recorded in the blockchain, can not be tampered with.
The above three technologies ensure that the data is reliable, but also ensure the basic requirements of big data and artificial intelligence are met.
Without true data, all AI and big data analysis are just dabbling around.
Again, most business partners and business owners would prefer solutions rather than technology. Actually, in most of cases, solutions are formalized by combinations of different technologies like IoT, Blockchain and AI.
Q26. What’s one of your upcoming innovations that really excites you?
A26: We have been thinking and working towards new types of innovations coming from the trust-free nature of Blockchain — new connections. If all of these current use cases from each business owner can be considered as dots in the ecosystem of VeChainThor, the new ones coming from the links of those dots will be the most inspiring innovations, like jewels on crowns, like our mission project — Carbon Bank. We believe that kind of application could be a “killer App” for the Blockchain. Along the same lines we see a very bright future for mobile edge computing, you will see a lot more details about this integration in the future.
Q27. Have you guys looked into using VeChain to authenticate software downloads like adobe illustrator? If yes, how would this work?
A27: We are working with our partners such as iTaotaoke on the blockchain solutions for the registration and distribution of contents with copyrights or intellectual properties. Content generators or developers will be able to register their work on the blockchain and claim their copyright. If anyone wants to download or look at the detailed contents, he/she would have to initiate a transaction on VeChainThor to purchase it. The fee would be automatically split between the copyright owner and the platform. The content / software downloaded will be authenticated with the hash on the blockchain as well.
This solution is targeting a huge market where platforms are currently stealing revenue from the content generator. We believe the blockchain can be the answer in preventing copyright abuse and give the control back to the content generator / developer.