phenomenal record in the blockchain application 

phenomenal record in the blockchain application

The Chinese President, Xi Jinping on October 24, 2019, announced that there would be full embracement of the blockchain technology in the country, also considering it as a triumphant breakthrough for the independent innovation of the significant core technologies.

The leading industrialists and the Leaders of the world are trying to adopt the blockchain technology in real working applications. In turn, VeChain has gained attention and interest all around the world due to the phenomenal record in the blockchain application as well as proper enterprise adoption and focus on real business value creation.

1.VET Supply Overview:

By the end of the month October, the supply of the VET circulation was 63, 439, 207, 106 which takes under account only 73.2 percent of the total amount as compared to the 72.7% of the previous quarter-end. In the VET circulating supply, the VETs that are at the soft lockup are 22, 161, 653, 627, and these VETs make 25.6% of the total VET supply. 1.5% of the increase seen over the past quarter. As the reporting period comes to an end, and 47.6% of the VET circulating supply is all free to be traded in the open market.

2.VeChain Foundation Expenditure(Use of proceeds):

for investing in the BTC, ETH, the USD value was set based on the very rate the transaction took place. Many such situations the service providers and partners of the company prefer to get VET as a direct payment or either it can be an investment as well. So the cumulative operational, developmental business and technological expenditure it contains the combination of the VET payments and use of the proceeds that are Fiats, BTC/ETH as per the preferences of the party that are associated.

3.Notes:

1. i) Enterprise Investor Pool: Even in the reporting period, the VeChain continued the evaluation of the contribution via directly on hand and are eyeing the ones who can be the institutional part and can help bring fundamental change or value towards the betterment and long term development of the ecosystem. And in about 30million VETs have been bought from the enterprise investor pool. And the partners always look up to hold the VETs for probably a purpose that can be a long one.
2. ii) Co-founder, development team: In this current period, the VeChain distributed 514 million of VET for as the ninth quarterly rewards are given to the team. Also, in the reporting period, three full-time employees joined the team of development and operation. It’s similar to that of the past periods, and the executive team will safeguard their 100% rewards that gained in the particular period. Also, some of the team members locked up their tokens that are being allocated to them to show their commitment off towards the VeChain’s long term prosperity.

iii) The Operation, Technological, Research Development: At this period of the VeChain, it underwent many significant changes and notable improvements. And there was much further public, technological achievements and developments and is as follows :

• The VeChainThor v1.1.3 and v1.1.4 came into being with specific alterations in the very system of the blockchain compatibility and execution.

• Sync desktop wallet and the dApp browser was released.

• The updated release of the VeChainThor wallet v1.4.3 has been done in this reporting period.

• VeChain Builders were announced, which help the users to navigate quickly and supports in the exploration of information related the blockchain and also toolsets to deal with the pain points as well as lowers the efforts of adoption.

21. iv) Business Development: In this period of business development, VeChain has been making the stern promotion of the VeChain ToolChainTM and the enterprise that use case built on the very top of it. Also, one of the significant Global Blockchain event that happened in Shanghai International blockchain week 2019 that took place on September 21.

The Vechain plays a very important as well as the leading role in the blockchain enterprise arena.

1. v) Compliance and Legal: The VeChain foundations hire and bring the professionals that will help in providing the proper and precise services in cybersecurity and legal to ensure the output as well as the solutions that will secure and will complain about the strict regulations. And in turn, it is the only prerequisite of adoption in abundance by all the global enterprises.
2. vi) Ecosystem Development: After the release of the Foundation Grant Program, the team of VeChain is working every day and night very covertly and closely with the community developers to discuss the plans and projects, and reach out to the market strategy and set a benchmark for the development. And VeChain’s projects are being accepted and motivated by all around grant programs that include the VeriArti, Realitems, Evercore have been taking forward the projects and the development process.