It is amazing how VeChain (VEN) has remained open and committed to its users; they uphold their self-regulation and compliance that is based on the vision to deliver a transparent ecosystem that is fair and embraces openness. According to the VeChain Foundation, users are free to scrutinize funds usage versus the development track record as from November 2017 to January 2018.
Brief Overview of VET Supply
The beginning of January was not in favor of many cryptocurrencies and Vechain (VEN) was not spared; however, VET closed the month with a ratio of total circulating supply of 59%. This is a growth of 6.4% from the last quarter of 2017. Currently the total coin supply of VET stands at 873,378,637.
According to the report, the growth has been due to widespread adoption, increased partnerships and support from a wide range of industries. The increased uptake is due to trust on their blockchain technology model. However, there is more space for partnerships and early adopters stand to benefit greatly.
During the last financial year quarter, more strategic partners have invested heavily on the platform. The vision of VeChain is to create a win-win situation for the investor and the Foundation. Once more corporate users come on board the Vechain Thor network and conducting business, the sky is the limit for all participating.
In order to achieve their vision, the report notes that the users, and more so, enterprises need to HODL on the VET coin so as to generate the much needed token to support the networks smart contracts and transactions as well. During the same period, the VeChain Foundation paid up to approximately 9.5 million tokens to its team members. To ensure the future is bright, the Foundation has announced its executive members have volunteered to lock in 100% of their rewards on the system for two years.
More funds have been allocated to move the blockchain to the next level. Much of these funds will go into operation, and general business development. However, emphasis has been put on enhancement of the blockchain, community engagement and marketing campaigns. This shows how the Vechain Thor Ecosystem values the user and reach.
Vechain (VEN) Thor is also focusing on securing their tokens. This will be achieved through the integration of the first of a kind Cryptocurrency Disaster Recovery Plan (CDRP). This move seeks to ensure digital wallets are not exposed to risks and helping financial institutions manage their digital currencies with ease. This move is compliant with set regulations and has been positively received by users and enterprises.
Financial Report on Supporting Blockchain Expenditure
VeChain rides on the Ethereum ecosystem and a core player in the deployment of smart contracts. The report touches on VeChain-ETH expenditure that focus on four (4) key areas without which the VeChain Thor ecosystem would not be where it is at the time of writing. VET and ETH collaborate on the technological development front. However there are other areas where VET growth is pegged as outlined below.
The key driver in any cryptocurrency platform is technological research and project implementation. The financial report puts more emphasis on research and development (R&D0 labor and bringing more developers with better skills onboard.
Some of the emphasized areas are the development of underlying technology including front and back end and business planning and implementation as well as IoT technology implementation. In line with their future goals, they are increasing their developer team and recruitment is ongoing.
Secondly, in order to achieve their goals as outlined in their whitepaper, business development is critical. This, according to the financial report, will result in more collaboration, increased partners and high number of adopters. For this to be achieved, market awareness is important.
Some of partners who include BitOcean, Sanxinbook, Milly (Healthcare co), NRCC and Gui’an these are the only disclosed partner and there are more onboarding. Some funds were spent on promoting the network especially through their Telegram channel and Reddit with over 18,000 and 40,000 subscribers respectively.
Their marketing ad awareness efforts have seen BMW, an automobile leader in Europe joining the network together with other luxury brands and players in the medical supply sector. There are also many plans to engage the community in an effort to increase adoption and speed up traction.
Thirdly, with its transparency, VeChain (VEN) has partnered with the best legal and compliance entities for advice and collaboration as well. This is aimed at creating the right environment for the network to operate in accordance with existing laws.
Lastly, the financial report touches on areas where a lot of financial support was required; ecosystem development and investing. There are several areas where the VeChain Foundation has supported in a bit to achieve the ultimate goal to make the project a success and giving the user more business opportunities and better was to do business.
Overall, VeChain (VEN) is become a household name in business and the political arenas. With the maturing of the ecosystem, the VET tokens are poised to be the beneficiaries; gain value, reward the investor and provide solution for future consumer demand. Early adopters are poised to a sound investment that that is not only supported by the VeChain Foundation but by chief executives.