VeChain Updates Whitepaper and Introduces VeChainThor’s Blockchain X
VeChain, one of the most prominent non-profit blockchain platforms has revealed an updated version of its whitepaper with its included development plan. The most notable development for the platform was its rebranding to VeChainThor, and its included ICO that will run on its own blockchain. Due to these developments, it has stirred a noticeable amount of controversy in the space of cryptocurrencies.
VeChain first announced the release of its whitepaper on Twitter, stating that it will include a “new governance structure, economic model and new use cases.” Additionally, the whitepaper will be continually updated throughout the existence of the project as new details come to light.
As per the whitepaper, the VeChainThor Blockchain is set to become ‘the next generation of public blockchains,’ with inference to its Blockchain X. This new blockchain standard incorporates new regulation and compliance standards, along with the VeChainThor Mainnet and its related infrastructure models.
The platform intends to create a distributed and trustless business platform that allows new information to flow efficiently and collaboratively, combined with high speed value transfers. Users of the platform are varied. They will include business owners, developers, service providers, and smart contract coders. And most importantly, the VeChain Community, who will be rewarded for building upon the VeChainThor platform and ecosystem.
The new governance structure intends to combine both decentralization and centralization processes for the planning of the network, along with a voting authority for its stakeholders.
The rebranding coincides with the platforms testing schedule of its Mainnet. Sunny Lu, CEO of VeChain tweeted about the release of its new schedule, with its development beginning in 2017 and opened its Public Alpha Test. The testing involved 100 volunteers, and submitted feedback on the performance of the platform for improved security.
The testing sill start in early June this year, with volunteers using compatible wallets to interact with the blockchain. The required improvements will be added to the codebase and made available to the public during the public test period.
The launch of the platform’s Mainnet is due for June 2018, which could present a new evolution in cryptocurrency and blockchain technology. While Bitcoin was considered Blockchain 1.0 and Ethereum Blockchain 2.0, the new VechainThor blockchain could be future as we know it, thanks to the introduction of Blockchain 3.0, or Blockchain X, as stated by the team.
More details about the whitepaper and launch of its whitepaper will be update on the platform’s social media accounts and Telegram groups.