Discover and read the best of Twitter Threads about #vechainthor

Most recents (13)

1/ #VeChainThor primer: #VeChain vs private chains
One story I keep hearing over and over again is how companies can just use a private chain instead of VeChain and not use a token. This thread will attempt to dissect this narrative
2/ first up, just because a private chain has no crypto token doesn’t mean it’s free to use. There are ALWAYS expenses involved while using commercial solutions and the customer pays for them one way or the other. Let’s examine some of the costs involved in a private chain
3/ The chain itself may be free, but it’s only a base layer. To implement it for your workplace, the company behind will charge a one time cost plus an SLA for maintenance. Next you need to set up the nodes. Hardware, networking, peripherals...
Or just use the cloud instead?
Read 11 tweets
1/ @vechainofficial and #CBDC
Bear with me on this thread as it is a break from my usual norm and deals with a fair bit of speculation. I would like to start with the below quote from @jasonrockwood
2/ Research paper on Retail CBDCs published by @IMFNews on June 26 and co-authored by @PeterZh47977516 .…
Page 27:
3/Box 1: Synthetic CBDC (sCBDC)
"sCBDC is backed with central bank reserves, and thus differs from privately issued digital currencies such as e-money, stablecoins, or crypto-assets that are not backed by any asset."

Now refer to VeChain Whitepaper 2.0…
Read 9 tweets
1/#VeChainThor primer: What is ToolChain?

Before delving into this topic, let's look at PDF(Portable Document Format) for a second.Originally created by Adobe and since open sourced, this is a fantastic format to publish documents with text, embedded fontsimages, hyperlinks etc.
2/The PDF file format has specifications on how to handle all these elements & is maintained by the International Standards Organization (ISO)
Now imagine an author who wants to publish a book in the PDF format.Would it be helpful for him to have access to the PDF specifications?
3/No, because he will need a program that gives him a GUI with which he can author his book and publish as a PDF. It is impractical to expect him to develop this program himself, because his expertise lies with writing, not software development.
Read 12 tweets
1/ #VechainThor primer: Keeping Tx costs stable

When using a public blockchain, especially for enterprise use, it is imperative to implement a transaction fee (However small it is). The reason is that if transactions are truly free, the network will be spammed with useless Tx.
2/This dramatically increases hardware requirements in the long run. Ethereum for eg. uses "Gas" as network fee. "Gas" is an arbitrary unit, a subdivision of $ETH, the native token of Ethereum. The problem with this approach is that as ETH gets more expensive, so does GAS
3/To mitigate this, several Gen 3 blockchains such as #NEO, #Ontology and of course, #VeChain introduced a dual token system where the primary "Value" token generates the secondary "Fuel" token. This is better, but it still does not completely mitigate price volatility
Read 22 tweets
1/ #VechainThor primer: What makes VeChain enterprise ready?

Many people don’t know,before the launch of the mainnet in 2018,@vechainofficial operates a private network for select customers and test cases. At the end of 2017, VeChain, together with @PwC_China did a market survey
2/ To understand what corporates think of Blockchain technology,the areas of most promise and the challenges for adoption. The survey received 130 responses and the results can be found here…
Many learnings from the survey were incorporated into the Mainnet
3/As per the survey,2 of the biggest hurdles to adoption was that management is hesitant and that there are no industry standards. One of the key technical limitations in public blockchains causing this is that every time a transaction is to be done,the fee must be paid in crypto
Read 16 tweets
I did some digging into this topic, it really got me thinking. How could these tracked product lines being sold in @vechainofficial’s partner stores, not have any connection to #VeChain itself? Is that possible? Yes, Definitely! Hence, the true power and brilliance of #ToolChain.
Let’s take #Tyson for example, since we have been seeing it pop up. Their product is being tracked on #VeChain and is certainly responsible for burning $VTHO, yet they may not even realize that fact. In this scenario, it is more likely that the following takes place.
#SamsClub says to #Tyson, “Hey, we want to continue to buy and carry your product, but moving forward, we need you to roll with the punches and include all this other information about it, by means of this new app (ToolChain). Tyson agrees, though they may not know about $VET
Read 8 tweets
1/ #VeChainThor primer:
I am restarting this series because there’s still a lot of misinformation about @vechainofficial

Q: why would companies want to put their entire supply chain info on a public chain?

A: VeChain is a public chain in the sense that every Tx can be looked up
2/ However, the rich data contained within each Tx is cryptographically encoded and is not publicly readable. Only the end user interface authorized by the VeChain customer can decrypt this data. This means that companies can choose what data to show the end customer
3/ e.g. package date, origin info etc. while use other fields such as Supplier ID, employee ID etc. only for internal use. This is extremely powerful.

However, there might still be use cases where the company might want to keep part of the supply chain info on a private chain
Read 8 tweets
#VeChainThor primer 2:
How are Tx costs kept stable on #VeChain
A major hurdle towards enterprise crypto adoption is the price volatility of crypto assets. As discussed earlier,@vechainofficial offers a #BaaS product called #ToolChain which enables enterprises to pay a flat fee.
2/ But how does the foundation manage this?

As we already know, the network fee is paid with $VTHO. However, the Tx costs are calculated in an arbitrary unit called $GAS. The ratio between GAS and #VTHO is 1000:1. So if a Tx costs 21000 GAS, you need 21 VTHO.
3/ So if VTHO price suddenly shoots up 10x, will Tx costs go up 10x too?

No. The beauty of VeChain is that the GAS:VTHO ratio can be adjusted on the fly without disrupting any services. So if VTHO becomes 10x more expensive, the ratio can be made 10000:1 to maintain the Tx costs
Read 8 tweets
#VeChainThor primer: How to understand utility on the chain:

#VeChain is different from other projects in the sense that you can specifically see what actions on the chain relate to utility and what’s not.
A lot of leading chains have high number of Txns, but the reality is that most of it is just coins moving from/ to exchanges and between wallets.

VeChain uses what’s called “Clauses” and every Tx can have multiple clauses. Here are the important ones:
1) #VET clause: This works like what we are used to seeing on other chains, a VET clause happens when the primary token of the chain, VET is moved around

2) #VTHO clause: This happens when the secondary token and network fuel, VTHO is moved around
Read 11 tweets
0/ Before the arrival of the weekend, we had a spate of news related to the #cryptocurrency and #blockchain ecosystem.

Keep reading to get up to speed on the latest goings-ons from the past day or so. You ready?
1/ 🆕 The team over at @ParityTech launched the alpha version of its Parity Fether wallet for the #Ethereum.

Fether uses the Parity Ethereum light client to access the #blockchain, as opposed to most #crypto wallets that are reliant on a centralized node.…
2/ 🌊 After 4 full source-code rewrites, @PerlinNetwork [ $PERL ] unveiled the pre-alpha version of Wavelet.

It's the *first* publicly available, open, permissionless ledger that makes use of a DAG-based consensus protocol. Check it!…
Read 31 tweets
0/ #Crypto ending the week with a full head of steam. Not ready for the weekend just yet!

Here's the latest from the #cryptocurrency/#blockchain space over the past 24 hours or so...
1/ 🔧 @POANetwork [ $POA ], @CompoundFinance, and @ConsenSys have teamed up to develop Mana, an open source, full node #Ethereum client written in Elixir, a programming language that runs on Erlang Virtual Machine (i.e., BEAM).

Read more:…
2/ 🤖 @Singularity_NET [ $AGI ] was chosen by @MaltaGov to help them fulfil their desire to explore #AI as an economic niche.

The #crypto startup - known for their work with @HansonRobotics' @RealSophiaRobot - will first help create the world's first 'Robot Citizenship Test'.
Read 25 tweets
0/ A weekend whip-around of the #crypto and #blockchain space to help you get up-to-date on all the latest...
1/ 🦖 @ConcourseOpen's @SettleFinance - a web-native OS for decentralized finance - announced November 12 as its launch date!

Learn more:
2/ 👀 @TimothyJCoulter's world-leading #Ethereum development framework - @TruffleSuite - is flirting with the 1,000,000 lifetime downloads milestone.

Will undoubtedly mark a symbolic moment for the @Ethereum ecosystem. Right as #Devcon4 approaches, too!
Read 24 tweets
0/ Having trouble staying on top of all the latest in the world of #crypto and #blockchain? I've got you covered. Well, at least for the last 24 hours or so 💁‍♂️

Let's get this thread going shall we.
1/ 📝 @DPRating published the September edition of its #GitHub Audit, rating more than 200 #crypto and #blockchain projects.

Teams that ranked disproportionately well included @Raiden_Network [ $RDN ], @NulsService [ $NULS ], @ParticlProject [ $PART ], and @POANetwork [ $POA ].
2/ ♻️ @PowerLedger_io [ $POWR ] introduced Asset Germination Events (AGEs), furthering the utility of its native #crypto token.

AGEs will allow people to invest in and co-own energy assets. More details to come via a Friday AMA.…
Read 24 tweets

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