VeChain [VEN] unveils its upgraded whitepaper and development plan – Introduces Blockchain X

VeChain [VEN], a leading non-profit blockchain platform has unveiled its upgraded whitepaper and development plan. Recently, the platform had rebranded to VeChainThor [VET] and announced the first ICO which will be built on the VeChainThor Blockchain. With all this, the release of the whitepaper and the development plan has riled up the whole VeChain fam in the cryptoverse.

VeChain Foundation announced the release on Twitter:

“Unveiling our ‘Development Plan and Whitepaper’ with an updated governance structure, economic model, and new use cases. This piece will gradually be updated throughout its existence to reflect the goals and growth of the VeChainThor Blockchain.”

According to the upgraded whitepaper, VeChainThor Blockchain represents the ‘next generation of public blockchains’, Blockchain X which concentrates on a new governance model, new economic model, regulation and compliance capabilities and VeChainThor Mainnet and matching infrastructure services.

The non-profit blockchain platform envisions to build a trust-free and distributed business ecosystem platform which enables transparent information flow, efficient collaboration and high-speed value transfers. The participants of the VeChainThor blockchain would include Business Owners, Application Service Providers, Infrastructure Service Providers, Smart Contract Providers, the VeChain Foundation and the most important of them all, the VeChain Community who will be also be rewarded for their contribution for the development of the VeChainThor ecosystem.

In addition, the new governance model aims to have a perfect combination of both, Decentralization and Centralization process.

The foundation has also released the voting authority of the stakeholders.

Stakeholders voting authority

Stakeholders voting authority

Djatlantic, a Twitterati says:

“Omg. VechainThor is greater than the WP. This is to placate newbies and western investors. Who needs a WP when Vechain is the very best of the best. You don’t invest in VechainThor, you are doing this all wrong mates.”

Cameron McEwan, another Twitterati says:

“Here’s to making a better future!”

Uare, a Redditor says:

“30% of voting power to authority nodes is a lot. I don’t know if those numbers were already revealed before, but if they were I wasn’t paying attention and no one raised concerns about it. But 30% means if a change is beneficial or detrimental to authority node holders, they’re likely all going to come to a consensus on it, meaning only 21% of the non-authority node voting power needs to vote with them. This is assuming a simple majority is needed on all decisions. The other dangerous part of this voting structure is, voters are stupid. There’s bound to be 10%-20% of voters that vote against their own interest out of stupidity.”

According to CoinMarketCap, at press time, VeChain [VEN] was trading at $4.46 with a market cap of $2 billion and has seen a rise of more than 1% in the past 24 hours.

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