VeChain (VET): Latest Updates For 2020


πŸ”₯ TOP Crypto TIPS In My Weekly Newsletter πŸ‘‰
β–Ί Complete Review πŸ‘‰
β–Ί Best VET Wallets:

BTC Tipjar πŸ™πŸ»: 35YDYtYAB999JxiXQXewzLvMGX4ki2d3WL


⏰ Time Stamps ⏰

1:15 Introduction
2:19 Whitepaper 2.0
4:04 CoinTelegraph Partnership
5:19 Anhui Tea Association Partnership
6:22 DNV GL & ASI Group Partnership
7:53 Governance Improvements
9:16 VeVote Platform
10:10 Other VeChain Updates
11:30 VET Hack
12:40 VeChain Response
14:34 Future Protections
16:30 Conclusion


⛓️ πŸ”— Helpful Links πŸ”— ⛓️

β–Ί Website:
β–Ί Whitepaper 2.0:
β–Ί GitHub:
β–Ί VET Hack Address:


πŸ“±οΈ Socials πŸ“±

β–Ί Official Blog:
β–Ί Twitter:
β–Ί Telegram:
β–Ί Reddit:


πŸ“° News Stories πŸ“°

β–Ί VeVote:
β–Ί Xi Jinping on Blockchain:
β–Ί VeChain Hack:
β–Ί Coin Telegraph Consulting:


πŸ“ WhitePaper 2.0 Changes πŸ“

One of the first items addressed in the VeChain whitepaper 2.0 is its consensus algorithm. VeChain uses Proof-of-Authority or POA. VeChain is not satisfied with its performance and insists it can do better.

As a result, the project is working on a next-generation PoA consensus model that will support high-volume, enterprise business solutions.

VeChain’s VeVote platform is a way for VeChain to provide transparent, immutable, and decentralized voting system to its stakeholders.

The governance model will be improved and the following changes will be made:

1. Redefined categories of VeChain stakeholders
2. Develop a streamlined voting process for these stakeholders
3. Make adjustments to the voting authority method
4. Narrow the scope of subjects which require voting

🀝️ Partnerships 🀝

VeChain has formed partnerships with a number of companies. These include the following:

– CoinTelegraph Consulting in an effort to facilitate blockchain adoption for the masses
– Anhui Tea Associatio to leverage the VeChainThor blockchain in an effort to accelerate the development and distribution of tea across the Anhui province.
– With DNV GL and ASI Group to kick off a cross-continental logistics and trade solution which will be powered by the VeChainThor blockchain.

πŸ–₯️ Tech Progress πŸ–₯

VeChain Sync was announced in January of 2019 to answer the call for a desktop user agent and wallet that allowed users to interact with dApps.

VeChain implemented their Blockchain Explorer solution. For now, it’s relatively simplistic. It displays all transactions on the block in real-time and you can search for transactions if you have an account, TxID, or block number.

πŸ‘¨β€πŸ’»οΈ VET Hack πŸ‘¨β€πŸ’»

An incident occurred in December of 2019 that resulted in the transferring of 1.1 billion VET tokens to a specific wallet address.

The project has gone to great lengths to investigate and address the incident, which it discovered was a result of a stolen private key due to negligence of a staff member.

Developers on the VeChain project created a blacklist in an effort to find the stolen funds.

After the hack a proposal was submitted to permanently blacklist 727 million VET involved in the hack. This proposal passed with 99% voting in favour of the proposal.

The head of the Foundation Operation Committee, Jay Zhang, has stepped down, citing he is responsible for the incident since it occurred during his tenure.

Jay Zhang and VeChain CEO Sunny Lu will both forego 50% of their compensation for the 2020 fiscal year as a result of the incident


πŸ“œ Disclaimer πŸ“œ

The information contained herein is for informational purposes only. Nothing herein shall be construed to be financial legal or tax advice. The content of this video is solely the opinions of the speaker who is not a licensed financial advisor or registered investment advisor. Trading Forex, cryptocurrencies and CFDs poses considerable risk of loss. The speaker does not guarantee any particular outcome.

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