100% transparency: VeChain publishes financial report

  • The VeChain Foundation has published a new financing plan, which shows the use of the available funds in detail.
  • Most of the capital will be used for research and development of the VeChain blockchain.

The VeChain Foundation has shared the current financing plan of the project with the community. VeChain had recently achieved an important step towards decentralization with the VeChain Whitepaper 2.0, so that transparency and regular reporting to the VeChain community has top priority.

Research and development receive largest grant

On 31 January 2020, the total number of VET tokens amounted to 85,985,041,177, with 64,423,896,728 VETs currently in circulation, representing 74.9% of the total supply. At the time of the evaluation, 22,181,253,627 VETs were in soft lockups, which corresponds to 25.8%. At the end of the reporting period, 49.1 % were available for free trade on the market.

The VeChain Foundation has a total capital of $806.118, which has been used for different purposes. The largest part, a total of $496.468, or 62% of the available funds, was invested in research and development to further support the development of the VeChainThor Blockchain. $168.247 was invested for activities that drive the development of the entire ecosystem. The following table provides an overall overview.

Source: https://medium.com/@vechainofficial/vechain-financial-executive-report-vol-10-c09bced0735

VeChain has evaluated further offers from large companies and has selected institutional partners who will make a significant contribution to the further development of the ecosystem in the long term. Within these processes, companies have purchased nearly 18 million VET, which have flowed directly into the investor pool. The funds of the investor pool are frozen in a lock-up and used for specifically defined goals.

Furthermore, the incentive program was revised to further strengthen and expand motivation among all stakeholders. In the process, 73 million VET was used for team members to reward their commitment and motivation accordingly. In recent months, several updates to the VeChainThor Mainnet code have been released to improve the performance and compatibility of the blockchain platform.

With the new VeChain Sync, ledger owners can use Sync to securely access their VETs and VIP180 tokens and sign transactions. The release of the VeChainThor Wallet v1.4.3 allows users to enter custom URLS on the Discover tab and switch between the Mainnet and Testnet. On December 19, 2019 the official VeChain Explorer was introduced.

The article cites as important partnerships the cooperation with the ASI group to introduce the first cross-quota logistics and trading solution on the public VeChainThor blockchain. Furthermore, VeChain has entered into a cooperation with the China-based General Council of Anhui Tea Industry Association to verify the authenticity of various teas from up to 670 companies.

VeChain has developed strongly in recent months despite the corona virus and looks positively into the future. The VET price follows the current market trend and has dropped by 3.71% within the last 24 hours to a price of $0.0029. With a market capitalization of $187 million, VeChain ranks 33rd among the largest cryptocurrencies worldwide.

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About Author

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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