We established vechain when it was still rare to see major business applications running on public blockchains and before public enthusiasm for blockchain’s potential was on the rise. We wanted to change that by providing enterprises with a trusted, distributed platform that could enable the transparent flow of information, efficient collaboration, and high-speed value transfers.
Whitepaper 1: Meeting basic requirements for adoption of blockchain technology
We released Whitepaper 1.0 in June 2017 to present this vision and our aspiration to become the platform of choice for blockchain-based business applications offering concrete economic, environmental, and societal value. As is the case with many technologies, we understood VechainThor blockchain would go through several sequential stages of development:
- Overcoming technical barriers
- Removing business obstacles to drive enterprise adoption
- Reaching scale
- Subdividing into new breakthroughs in specific fields
- Starting a new technology cycle
In Whitepaper 1.0, we argued we had entered the early phase of the second stage. Our VechainThor blockchain incorporated all the basic requirements for enterprise adoption of blockchain technology, including:
- A proper governance model with the transparency and operational efficiency necessary to enable continual and rapid innovation
- A sustainable economic model (two token model: VET and VTHO) designed to prevent transaction fees from being directly exposed to the volatility that afflicts most single-token economic models
- A flexible blockchain developed to comply with changing regulation and to be easily integrated with a variety of complementary technologies.
Whitepaper 2: Creating value and solving real-world economic problems
We published Whitepaper 2.0 in December 2019. In that whitepaper, we expanded upon our commitment to enable mass blockchain adoption by established businesses, with the long-term goal of creating value and solving real-world economic problems. With this in mind, we pinpointed the three major phases of blockchain evolution which would form the foundation of our strategy to become the world’s first choice for blockchain:
- Technical Consensus
- Business Consensus
- Governance consensus
Whitepaper 3: Fostering trust and collaboration to create sustainable ecosystems
In preparation for the Web3 era in which digital and physical worlds merge to create a phygital universe, we teamed up with Boston Consulting Group (BCG) to undertake an extensive analysis of the sector. The research performed has proven pivotal as we fine-tune our approach to bringing our vision for a more sustainable, inclusive and equitable world to life. Fostering trust, collaboration, holistic value and a thriving environment where everyone can participate in creating their own sustainable ecosystems is our priority. This is our Whitepaper 3.0.
Our society needs sustainability to flourish; and fortunately, the transition is near. But to gain traction, everyone must work together to combat society’s greatest threats. Technology and digital innovation are the key to our better future. We want to even out the playing field and empower everyone – individuals, businesses and institutions alike – to participate in the development of interconnected ecosystems where every single action is accounted for and its impact is multiplied to benefit all. The catalyst for participation is trust, granted by blockchain. That is in turn furthered by this safe, transparent system we are creating, called the Blockchain Biosphere for Sustainability.
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