An open letter from Sunny Lu (CEO) on VeChainThor Platform
VeChainOfficial last edited by VeChainOfficial
Originally published on April 19th, 2018.
I do not say this lightly, you are the best community we could ask for. Your dedication and exuberance towards the cause is a constant reminder to us that our goals are not our own. You are a part of us and you drive us. I wanted to take the time and write to you about the coming releases. I wanted to firmly express that in three years, the public will be using VeChain every day and never even know it. I long to say to my daughter, “Everything you do everyday — I was a part of that.”
Many projects are attempting many ways to achieve mass adoption. We believe firmly that in the end blockchain will be used by everyone, knowingly or unknowingly. The world will use blockchain technology in the same way that they use TCP/IP when accessing the internet. The VeChainThor Platform is a public blockchain that is designed for mass adoption through enterprise adoption. As the leading enterprise level blockchain, at mainnet launch, the VeChainThor blockchain will be the public blockchain with the most business activity in the world, in turn creating the most real-world value through the use cases of these influential entities.
As such, this is how VeChain is aiming to empower the everyday person through blockchain technology. Blockchain technology enables those holding a token to hold onto their rights, and as such, can pioneer a world in which your rights can empower yourself in the world around you. Though unlike some suggested, the action plan of VeChain does not indicate that the world can be miraculously changed through the presence of blockchain technology. Blockchain technology has to be engineered for practical use, for present issues, before it could ever pioneer a new world. VeChain does, however, pioneer the thought that through enterprise adoption, decentralized rights and ecosystems can drastically shift the power in favor of individual data owners. It intends to serve as a solid foundation for implementing our novel governance, economic models, and to support a sustainable, scalable ecosystem. VeChain wishes to accomplish all of these tasks by building the VeChainThor Platform.
By utilizing the same rights, contracts, and privileges that can decentralize data streams of industries, VeChain can also offer individuals the rights to their own identity instead of it being controlled by larger players.
In current terms, we are in an era where much of the blockchain solutions have evolved from Ethereum. The idea of smart contract creation, and their execution has opened a new understanding for societies built on the blockchain, and as such has appropriately been deemed blockchain 2.0. Smart contracts represent a significant milestone; we are indebted to their progress. However, a future built on blockchain is not just the functionality of its smart contracts, or the scale of its TPS, it is also the way it governs itself, changes, and produces a healthy economy.
Despite being a significant technological milestone, Ethereum has not been made suitable for hosting large-scale commercial dApps that could engage our day-to-day activities. One of the main reasons for this is that there isn’t a sufficient governing structure to allow efficient and transparent transition (upgrade) adapting to new challenges. Secondly, there lacks a suitable economic model to enable enterprises to run their dApps with a controllable cost. Considering the level of volatility of the Ether price, it is almost impossible for companies to predict the future price of Ether nor the cost of running a dApp based on the platform for a specified period (e.g., one year).
VeChain has conducted interviews and surveys with hundreds of major corporations and government bodies around the world about the challenges of blockchain adoption through their eyes. The results of this work proved that there are three areas that blockchain technology must deliver:
- A healthy governance model that protects the low-level users while adapting for the high level
- An economic model that empowers day to day use and stability
- A proper development ecosystem, with accessible SDK, features and functions provided by public blockchains that enable individual use case and adoption
With this understanding, the VeChainThor Platform has utilized the minds, talents, and vision of some of the world’s brightest, to help orchestrate a protocol, governance, and economic model that fits both enterprise and governmental adoption. VeChain will continue to push forward the broader definition of blockchain adoption and use cases by creating ecosystems built on efficiency, collaboration, and community.
It is now time to unveil precisely what the VeChainThor Platform is.
The technical team of VeChain’s Blockchain Core will release a series of releases that will explain some of the features and functionalities of the VeChainThor Platform. This will include both patented and unpatented material that conveys the current scope of the VeChainThor Platform mainnet release while leaving a way for the future.
These series of releases will be fundamental to what the VeChainThor Platform is and how it is improving the world around you. The releases will cover the unique features of the VeChainThor blockchain such as payment model, transaction model and Proof of Authority (“PoA”) consensus.
It is important to note that the VeChainThor blockchain is not built from scratch. VeChain originated as a consortium chain that forked from Ethereum in 2015. The VeChainThor Platform is the public extension of the changes, additions, and features that we have added to Ethereum that are tailor-made for the current and future needs of enterprises, governments, and everyday user adoption. The design of the VeChainThor Blockchain is to be practical and applicable, its goal is to advance the world and not jump straight to creating a new one. The VeChainThor Platform is designed from the bottom up to bring new features and tools to developers, business managers, and governmental bodies to provide the flexibility needed to use the platform in the world that they understand.
We have proven that our business development logic is sound and adoption of blockchain technology is being seen through the VeChainThor Platform. Now we will show something that improves the fundamentals of VeChain.
Sunny Lu on behalf of VeChain Foundation’s Blockchain Core Team