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VeChain in the fast lane: Developments in the last quarter

  • The VeChain Foundation has invested the largest part of the funds in research and further development of the VeChain Thor blockchain.
  • In the last quarter VeChain was able to bring numerous innovations in the fight against the corona virus to the market.

The VeChain Foundation has shared the company report for the 3rd quarter with the community. It states that VeChain was able to establish numerous new partnerships with well-known companies in order to support the fight against the coronavirus worldwide. In addition, the majority of the available funds were invested in the further development of the VeChain blockchain.

Research and development receive largest grant

On 31 July 2020, the total number of VET tokens was 85,985,041,177, of which 64,315,576 are currently in circulation (75.4% of the total number). In addition, 21,833,053,627 VETs were in soft lockups at the time of writing (24.6% of the total offering). In total, 50.8% were available for free trading on stock exchanges at the end of the period under review.

The VeChain foundation was able to allocate capital in the amount of $641.379 to various areas. The largest grant was received by the Research and Development division with a cash injection of $456,135 to advance the further development of the VeChainThor blockchain. In addition, $96,679 was invested in research and development of VeChain-related applications. The following table provides an overview.

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Source: https://medium.com/vechain-foundation/vechain-financial-executive-report-vol-12-fa94bf28c0a9

The foundation has distributed a total of 225 million VET as a reward to the development teams, including the share of rewards that were paused in the last quarter. By July 31, 2020, more than 3 billion VET had been blocked and distributed for rewards. In addition, important technical updates have been released.

Following Entropy (v1.3.0), the VeChainThor Mainnet code has received two major updates that provide performance improvements for block processing and special handling for locally submitted transactions that do not drop out in the event of congestion. In addition, the VeChain Thor Devkit in Python 3 was updated on June 18. The Python 3 (Python 3.6+) library is designed to improve the smooth development of applications on the VeChain Thor blockchain.

On July 6th the VeChain development team released the VeChain Thor Devkit in .NetCore, written in C# to support further development on VeChainThor blockchain. In addition, new interfaces were established in the VeChain ToolChain™ area, so that the integration for enterprise users can be carried out even faster and thus the mass deployment can be pushed further.

VeChain supports the fight against COVID19

In cooperation with I-Dante, VeChain has developed an app that can archive data sets for COVID-19 RT-PCR (real-time polymerase chain reaction) and antibody tests (rapid test). The application is called E-HCert and is based on the VeChainThor blockchain and provides a secure data exchange to fight the coronavirus.

Furthermore, both companies have launched a digital health passport on the VeChain ToolChain™, which is already being used as standard equipment by some hospitals in Cyprus. The application stores all health-related data securely and unalterably on the blockchain and offers a secure way to quickly and easily check the health status of patients.

Furthermore, VeChain is the only block chain company to become a member of the APAC Provenance Council. This consortium takes care of the further development of trade on the corridor between China and Australia, which last reached a volume of 76 billion USD. The VeChainThor blockchain is used to verify the real time of products across national borders.

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About Author

Collin Brown

Collin is a Bitcoin investor of the early hour and a long-time trader in the crypto and forex market. He's fascinated by the complex possibilities of blockchain technology and tries to make matter accessible to everyone. His reports focus on developments about the technology for different cryptocurrencies.

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