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VeChain in the fast lane: developments of the last quarter

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

The VeChain Foundation shared the company report for the third quarter with the community . He explains 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, most of the available funds were put into the further development of VeChain technology.

Research and development receive the largest grant

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

The VeChain Foundation was able to divide capital of 641,379 USD into different areas. The research and development division received the largest grant with a cash injection of USD 456,135 to advance the further development of the VeChain Thor blockchain. In addition, $ 96,679 was invested in the research and development of VeChain-related applications. The following table gives an overview.

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The foundation has distributed a total of 225 million VETs as rewards to the development teams, which includes the portion of rewards paused in the most recent quarter. As of July 31, 2020, more than 3 billion VETs have been blocked and distributed for rewards. Furthermore, important technical updates could be initiated.

After Entropy (v1.3.0), the VeChainThor Mainnet code has received two important updates, which bring an improvement in performance for block processing as well as special handling for locally submitted transactions, which are not omitted in the event of an overload. In addition, on June 18, the VeChain Thor Devkit was updated in Python 3. The Python 3 (Python 3.6+) library is intended to improve the smooth development of applications on the VeChainThor blockchain.

On July 6th, the VeChain development team released the VeChain Thor Devkit in .NetCore, written in C #, to support the further development of VeChainThor Blockchain. In addition, new interfaces have been established in the VeChain ToolChain ™ area, so that the integration can be carried out even more quickly for company users and so that mass use can be further pushed.

VeChain supports the fight against COVID19

In cooperation with I-Dante, VeChain has developed an app that can archive data records on 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.

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

In addition, VeChain was the only blockchain company to become a member of the APAC Provenance Council. This consortium will take care of the further development of trade in the corridor between China and Australia, which last a volume of 76 billion USD reached . The VeChainThor Blockchain is used to verify the real time of products across national borders.

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