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VeBetterDAO VISA Card Coming Soon—A Game Changer for VeChain Users
2025-04-03
To encourage early adoption, VeChain has allocated 1,000,000 B3TR tokens to reward the first 5,000 users who activate their cards.
Each will receive 200 B3TR, credited directly to their Visa card accounts, boosting engagement and increasing the usability of B3TR in daily transactions.
VeChain’s ecosystem is about to be revolutionized as it launches the VeBetterDAO Visa Card. This new venture is meant to complete the connection between blockchain-based assets and real-life financial transactions. This will enable users to easily use their digital assets in real-life situations.
All About VeChain’s Visa Revolution
VeBetterDAO Visa Card will allow users to load and use their B3TR tokens on any Visa network where Visa is accepted, solving one of the major adoption issues of Web3 assets. Providing a real-world method of transaction, the project will make Web3 assets more accessible and useful within the VeChain network.
Users will be charged an issuance fee of around $30 to obtain a VeBetterDAO Visa Card. Acknowledging that said fee may dissuade some prospective adopters, VeChain has launched a strategic incentive program aimed at fostering early adoption, as mentioned in our last news story. The VeChain Foundation has suggested an allocation of 1,000,000 B3TR from the treasury of the VeBetterDAO to motivate the initial 5,000 users to activate the card.
Under this initiative, the first 5,000 successful activations of their card will each be rewarded with 200 B3TR. Rewards will be credited directly to their Visa card accounts, offering an instant balance increase for spending or on-chain transfer. “This initiative is designed to encourage more users to onboard, increase B3TR’s usability, and drive real-world adoption,” said the VeChain Foundation in a blog post.
The rewards distribution will also be along a systematic timeline. The card issuer will check the number of new activations per month at the start of every month and dispense the appropriate rewards accordingly. With a systematic release, VeChain hopes to achieve steady engagement and long-term adoption.
The rollout of the VeBetterDAO Visa Card brings several advantages to the ecosystem. By using the card, users have an easy way to integrate B3TR into their everyday financial dealings, increasing the token’s usability. The move also aims to increase interaction within the VeChain community by providing explicit incentives for use. It also enhances the overall adoption of VeBetterDAO by making B3TR a suitable medium for daily transactions.
Importance Of Community Vote For The Proposal
In addition to instant rewards, the long-term dream for the VeBetterDAO Visa Card is to make B3TR a mass financial asset, as reported in our last new piece. With enabling spending on blockchain assets, VeChain continues to challenge the frontiers of decentralized finance and user control.
Thus, the community is encouraged to join the discussion and vote on the proposal. If approved, the incentive program will be put into effect as soon as after the card goes live, with reward distribution starting in the next cycle. “Your support and participation are essential in shaping the future of VeBetterDAO,” urged the VeChain Foundation team.
VeChain (VET) Faces Setback as US Tariff Concerns Hit, Will $0.018 Hold?
2025-04-03
VeChain’s price struggles amid macroeconomic pressure and U.S. tariff policies, with key support holding at $0.018.
Despite VET’s price dip, active accounts surged in Q1, and regulatory wins hint at long-term bullish potential.
VeChain (VET) token struggled all weekend as concerns related to the macroeconomic and market situation came to a head, making it difficult. On April 3, the VET token experienced a huge fall of 8.10% amid a 3% fall in the entire crypto market, stirred by a new US presidential order introducing additional tariff policies. Now, $0.018 support remains the important level for a sustainable VET rally.
Source: TradingView
The VET token is currently trading within a falling wedge — a pattern often associated with an eventual bullish breakout. But right now, the token is moving downward from an overhead resistance trendline inside that wedge. That pressure, combined with market sentiment, is testing the strength of its short-term support at $0.020.
While the daily chart shows VET hovering around $0.0212478 but the bigger picture is showing signs of strain. The S1 pivot point at $0.02096 is barely holding the price up. If selling pressure continues to climb, analysts expect a potential dip toward the S2 level at $0.01998, a crucial zone where buyers might return — or retreat.
Active Accounts Surge to 74K in Q1 Despite Price Dip
Beyond the charts, the VeChain network is telling a different story. In Q1 2025, active accounts on the blockchain surged from just 9,000 to a peak of 74,491. By April 2, 2025, that number settled at a still-impressive 37,114. This growth in user engagement signals growing traction and may offer some cushion against the ongoing price drop.
Source: VechainStats
Adding fuel to that momentum is VeChain’s regulatory win in Europe. The network recently secured a MiCAR license, opening the door to broader adoption among European companies. This move, if it translates to enterprise partnerships, could eventually support a rebound in VET’s valuation.
Michael van de Poppe, founder of MNConsultancy, said that VeChain’s upcoming ‘Renaissance‘ launch in July 2025 will bring a complete renovation to the tokenomics and add a new use case for VeChain. This change could constitute a restart, providing long-suffering investors with a reason to be positive.
– Renaissance going live in July '25. – MiCAR license obtained to service European enterprises. – Governance proposal updates throughout Q2.
Improved tokenomics and staking rewards for participants within the VeChain ecosystem. pic.twitter.com/mp6MTkzaMm
— Michaël van de Poppe (@CryptoMichNL) April 1, 2025
Tokenomics Overhaul Could Set Stage for Bullish Turn
The July 2025 “Renaissance” event is being closely watched. Not only does it include a tokenomics refresh, but VeChain is also preparing governance proposal updates in Q2. These changes are expected to improve ecosystem rewards — a potential catalyst for long-term holders.
Still, the path forward may not be smooth. VET remains stuck inside a falling wedge, with bullish momentum losing steam. The RSI on the daily chart hovers just above oversold territory, showing fading strength among buyers. The R1 resistance near $0.030 could become the next ceiling to test, but only if bulls can wrestle back control.
Whether VET slides to $0.018 before bouncing or surprises with an early breakout remains to be seen. But with rising activity on-chain and big upgrades on the horizon, VeChain’s next chapter may hinge on whether its fundamentals can outweigh the weight of macro pressure.
GreenCart, Powered By VeChain, Joins Retail Institute Italy — An Association of Supermarket Leaders
2025-04-02
GreenCart, Powered By VeChain, Joins Retail Institute Italy — An Association of Supermarket Leaders
GreenCart, supported by VeChain and the VeBetter ecosystem, are pleased to share GreenCart’s accession to Retail Institute Italy — Italy’s premier retail authority.
Retail Institute Italy represents the majority of the country’s supermarket sector with over 200 members spanning retailers, brands, and service providers. The institution is dedicated to promoting culture, innovation and growth of the sector.
Leveraging the Institute’s influential network, including its seat on the National Retail Federation board, this development opens new pathways to advance the VeBetter ecosystem and Web3 adoption at-large, while helping ingrain sustainability within Italian retail.
Through this alliance, GreenCart, powered by the VeChainThor blockchain, gain exposure to Italy’s retail market and well established brands, with blockchain as the technological bridge.
The ultimate goal is delivering incentive-based loyalty initiatives that empower consumers and respond to growing demand for healthier, more sustainable consumption habits.
Empowering GreenCart’s Sustainable Future
Through the association, GreenCart is able to connect with retail across Italy’s supermarket sector, bridging sustainable consumption and consumer rewards.
As a popular VeBetter application, GreenCart transforms everyday shopping decisions into impact by offering incentives for eco-friendly purchases in the form of $B3TR tokens.
The power of incentivization has the potential to drive unprecedented levels of engagement — converting passive consumers into active participants. By rewarding healthier consumption choices, GreenCart creates a positive feedback loop that reinforces sustainable activity, all while accelerating Web3 adoption across the broader population.
To use the app, shoppers upload receipts from grocery shopping, earning rewards based on their purchases. The app actively rewards purchases of fresh fruits and vegetables, or for paying with card vs cash, recognising the lower carbon footprint of these actions, as well as their impact on overall health and wellbeing. Each transaction is recorded on the VeChainThor blockchain, tokenizing the user’s impact and materializing economic value that would otherwise go unrealized.
With 750,000kg of CO2 emissions already saved, GreenCart delivers environmental impact with quantifiable benefits, aligning economic incentives and creating mutual benefits for consumers, businesses, and the planet.
Building Tomorrow’s Retail Infrastructure
The VeChainThor blockchain, yet again, presents a powerful foundation for innovation. Supply chain applications have already proven themselves a significant opportunity, allowing retailers to demonstrate product origin, sustainable packaging initiatives and more.
Now, Italian retailers can once again gain a competitive edge by enhancing sustainability engagement through applications that incentivize consumers for engaging with more sustainable products, powered by GreenCart and the VeBetter ecosystem.
About Retail Institute Italy
Retail Institute Italy stands as the definitive authority for Italy’s retail sector, representing over 200 members from major supermarket chains to service innovators. As a board member of the National Retail Federation and partner to EHI — Retail Institute Germany, the organization wields significant influence across European markets.
For three decades, they’ve shaped Italy’s retail landscape through research, development programs, and industry events that advance their mission of promoting “culture, innovation and growth of the sector as a whole.
About VeChain
Founded in 2015, VeChain built a world-leading enterprise smart contract platform, VeChainThor, helping deliver blockchain adoption apps to hundreds of enterprise partners.
Building on this expertise, VeChain, in close partnership with Boston Consulting Group, launched the ‘Better’ ecosystem — comprised of sustainability apps that use tokenization and incentivization to reward users, businesses and other stakeholders for sustainable actions.
To learn more, including how you can build apps of your own, grants, documentation and more, visit vechain.org — or vebetter.com to explore.
As VeChain Renaissance introduces its game-changing protocol upgrades, one transformation stands out for its direct impact on every participant in the ecosystem — the supercharged reimagining of VTHO tokenomics!
The dual-token model has long been a cornerstone of VeChain’s design, enabling enterprises to forecast transaction costs even during periods of high demand. While this feature remains intact, VTHO is entering its next evolution — one that aligns network value with active participation.
Through the implementation of dynamic fee markets, enhanced burning mechanisms, NFT staking functionality, and a reimagined distribution model, we’re about to witness VTHO unlock its full potential as the supercharged lifeblood of VeChain. Let’s break it down.
VTHO Generation, Reimagined
Renaissance transforms how VTHO enters circulation. Rather than being generated uniformly at 0.000432 per VET daily regardless of network contribution, VTHO will be generated based on an issuance curve directly correlated with total VET staked across all Delegator and Validator Nodes — a change that puts a greater portion of network rewards in your wallet.
Under this updated framework, VTHO generation is directly tied to VET staked, reducing overall inflation and adding greater deflationary pressure to synchronize protocol growth with long-term value creation. This model better incentivizes those who actively contribute to network security by acting as Validators or Delegators.
Starting with a dramatic 72.2% reduction in initial inflation, VTHO issuance grows sustainably alongside network participation. Based on staking projections, the annual value inflation of VeChainThor, including VET/VTHO, will start from 0.6%, reaching 2.9% if the total VET stake reaches 60 billion VET (70% of total supply).
Fuelling Scarcity: 100% Burn and the Gas Fee Market
VeChain Renaissance introduces a powerful deflationary mechanism via the newly introduced gas fee market arriving with the Galactica upgrade — a 100% base fee burn. Every transaction on VeChainThor permanently burns all VTHO, removing it from circulation entirely.
This shift to complete fee burning helps better correlate network usage and VTHO scarcity. As transaction volumes increase through business adoption and growing dApp ecosystems, the burn rate will accelerate, and potentially exceed the controlled issuance rate, driving deflation.
The dynamic fee market amplifies this effect by optimizing transaction pricing based on network demand. During periods of high activity, base fees automatically adjust upward, increasing both the amount of VTHO consumed per transaction and the total amount permanently burned.
Complementing this burn mechanism is the new priority fee system. Users can now pay a “tip” to prioritize their transactions by block producers. Unlike base fees, 100% of these priority fees are distributed directly to Validators and their Delegators as additional rewards, further incentivizing network participation.
The VTHO/VeBetter Flywheel: Compounding Growth and Deflation
This supercharged VTHO model creates a powerful flywheel effect that accelerates with each new transaction. As more applications launch on VeChainThor, VTHO demand increases to create a self-reinforcing growth cycle.
VeBetter, in this scenario, operates as a powerful interplay — a new application layer driving VeChainThor’s economic engine. Every sustainability application built on the VeBetter platform generates transactions that consume and burn VTHO. The B3TR token, VeBetter’s native incentive token, drives user engagement across these applications, indirectly fuelling VTHO demand.
This creates a multi-token synergy where B3TR incentivizes sustainability actions, which generate VeChainThor transactions, which burn VTHO, which increases demand for VET stakers who secure the network. Each component strengthens the others in an elegant economic design.
Rewarding Network Contribution
VeChain Renaissance reshapes how VTHO flows through the ecosystem. Previously, passive holders and exchange wallets accumulated VTHO without contributing to network security, contributing to excessive inflation. The new model eliminates this inefficiency, ensuring only active participants — Validators and Delegators — are rewarded with VTHO.
We will publish an article with much greater detail on Validator/Delegators next week.
Validators: Securing the Network
Validators run the infrastructure that secures VeChainThor, processing transactions and producing blocks. 101 Validators will operate at launch, earning 30% of all VTHO block rewards. They can stake between 25M to 600M VET, with higher stakes increasing governance influence and block production probability.
Delegators: Powering Decentralization and Economic Stability
Delegators play a key role in decentralization and economic stability. X-Node and Economic Node holders mint Staking NFTs that represent VET collateral, which is then delegated to their chosen Validator for a share of 70% of VTHO block rewards.
To enhance accessibility, Renaissance introduces three new Economic Node tiers:
Dawn Node (10,000 VET): An entry-level opportunity with a 1.0x reward multiplier
Lightning Node (50,000 VET): A mid-tier option with an enhanced 1.15x multiplier
Flash Node (200,000 VET): A premium tier with a 1.3x multiplier
These new tiers create a clear pathway for broader participation in the VTHO economy while maintaining proportional rewards based on contribution level.
Early Bird Staking Program: First Movers Advantage
The Early Bird Staking Program, launching summer 2025, provides enhanced incentives for those who secure their position early in VeChainThor’s transformation. Early participants will be rewarded with higher base APYs and large bonuses, ensuring optimal returns from the outset.
TL;DR: The sooner you stake, the greater your rewards. Stay tuned for further announcements and details as we approach the launch! Details will be shared, worry not.
Your Role in Supercharging VTHO
The VeChain Renaissance is underway, and now is the time to help shape its future. The Galactica phase has introduced the first set of VeChain Improvement Proposals (VIPs) open for an all-stakeholder vote until March 4th.
Renaissance isn’t just an upgrade — it’s the beginning of VeChain’s next chapter in mass adoption. By casting your vote on VeVote, you directly influence the network’s tokenomics, scalability, and interoperability, ensuring VeChainThor remains a leader in real-world blockchain adoption.
Join us in building a more efficient, sustainable, and valuable blockchain ecosystem — powered by a supercharged VTHO that rewards active participation, drives network growth, and builds long-term value for all VeChain stakeholders.
Venus GM NFT Now Live: The Fourth Tier in VeBetterDAO’s Cosmic Voyage
2025-04-01
It’s official: Venus GM NFTs are now live!
Following the launch of the first three GM NFTs on VeBetterDAO, we’ve watched ecosystem pioneers eagerly adopt the platform’s new reward mechanics, with many of you quickly ascending through Earth, Moon, and Mercury tiers to maximize $B3TR rewards potentia
Since then, the community has been buzzing with curiosity and excitement about what comes next on our shared cosmic voyage.
Well, the wait is over — Venus GM NFTs have officially landed on VeBetterDAO!
As the fourth tier in our progression system, Venus represents a powerful opportunity for ecosystem participants to increase rewards further. By ascending to the Venus tier, you’ll unlock:
Increased reward ratios — Venus tier boosts your governance rewards, accelerating your B3TR earnings after voting events
Greater ecosystem participation — Expand your influence in VeBetterDAO’s development and future direction
Exclusive Venus status — Join the ranks of early Venus tier adopters in the VeBetter community
Unique cosmic artwork — Distinctive Venus tier artwork that celebrates your achievement
Thunder and StrengthX node holders can upgrade to Venus Tier GM NFTs for free, instantly accessing enhanced reward ratios and ecosystem benefits. All other B3TR explorers can reach the Venus tier with a 50,000 B3TR Treasury donation.
GM NFT Release Schedule: The Voyage to Galaxy Tier
Venus marks just the beginning of our 2025 tier expansion. As VeChain Renaissance unfolds across its Galactica, Hayabusa, and Intergalactic phases, VeBetter GM NFT tiers will continue to unlock across our cosmic calendar:
Mars (March, Level 4) — 100,000 B3TR donation | Free for Mjolnir & ThunderX nodes
Starting from Saturn in May, we transition to bi-monthly unlocks for higher tiers, reflecting the increasing commitment required to reach these prestigious levels. This carefully designed release schedule creates a year-long progression journey with ample engagement opportunities throughout 2025.
VeBetter’s active engagement model aligns perfectly with the VeChain Renaissance philosophy of rewarding active ecosystem participation. As enhanced tokenomics, Staking NFTs, new Economic Node tiers, and numerous other upgrades roll out through 2025, staying active in the ecosystem has never been more rewarding.
Ascend Today, Thrive Tomorrow
Venus tier awaits! Head to VeBetterDAO now to claim your place among the celestial pioneers. With VeChain Renaissance underway and ecosystem rewards expanding, there’s never been a better time to elevate your position in the VeBetterDAO.
For comprehensive details and technical specifications, check out the official whitepaper and be sure to follow our official X channel to stay updated!
VeChain (VET) Sets Sights on $16 Trillion Tokenization Industry
2025-03-22
VeChain is undergoing a full tokenomics adjustment through VeChain Renaissance to tap into the $16 trillion tokenization market.
Initiatives like the MaaS platform, and VeBetterDAO position it to be a significant contributor to transforming how assets are digitized in the digital economy.
VeChain, a Layer 1 platform for smart contracts, is positioning itself to capitalize on the burgeoning $16 trillion tokenization market projected for 2030. As revealed on an X post by Michaël van de Poppe, VeChain’s Renaissance initiative introduces two key upgrades aimed at driving sustainability and long-term value.
First, B3TR Token Incentives reward everyday eco-friendly actions with B3TR tokens, encouraging greater community engagement in sustainable practices. This aligns blockchain technology with real-world impact, promoting environmental responsibility through tokenized rewards.
Second, Deflationary Mechanics for VTHO enhance the platform’s utility token by introducing mechanisms that reduce its supply over time. This approach strengthens VTHO’s long-term value and sustainability, making it more attractive for holders. Additionally, VET stakers can expect higher annual percentage yields (APY), further incentivizing participation in the ecosystem.
Complementing these efforts, VeChain supports VeBetterDAO, a decentralized autonomous organization (DAO) focused on the tokenization of sustainable assets. By leveraging blockchain technology, VeBetterDAO fosters a community-driven ecosystem where individuals, businesses, and non-profits can collaborate on sustainability initiatives. Through B3TR rewards, it incentivizes participation and showcases the transformative power of tokenization in tackling global environmental challenges.
Simplifying Tokenization with MaaS
VeChain continues to push the boundaries of blockchain innovation with initiatives like its Marketplace-as-a-Service (MaaS) platform. As CNF reported in May 2024, VeChain launched its MaaS platform, a no-code solution designed to make creating, listing, and managing digital assets more accessible.
This platform encourages businesses and individuals to create “phygitals”, digital twins of physical items that bridge the gap between the physical and digital worlds. Additionally, it enables comprehensive tracking of product information throughout its entire lifecycle, ensuring greater transparency, authenticity, and trust.
By removing technical barriers and offering a user-friendly, no-code solution, MaaS democratizes blockchain technology, making it more accessible to a wider audience. This, in turn, speeds up adoption across multiple industries, from supply chain management and retail to art, collectibles, and beyond, paving the way for a more interconnected and efficient digital economy.
VeChain’s commitment to real-world applications is evident through its partnerships with major industry players. A notable example is Gresini Racing, a MotoGP champion team, which uses the MaaS platform to engage fans with exclusive digital collectibles. These include NFTs commemorating iconic moments and limited-edition merchandise, bridging the gap between sports and blockchain technology.
Beyond fan engagement, VeChain has made collaborations with Walmart China and BMW highlighting the platform’s role in enhancing traceability and trust in real-world asset (RWA) management.
Following the announcement of these initiatives, VET experienced a 2.7% drop in the past 24 hours, while gaining 4.8% over the past seven days, reaching $0.2531. Despite a 30% decline in trading volume, the overall surge in value from it’s all time low suggests growing investor confidence in VeChain’s strategic direction.
VeChain Renaissance: Going Galactic — Time To Vote On Your Future!
2025-03-13
VeChain Renaissance: Going Galactic — Time To Vote On Your Future!
Hey VeFam! We’re incredibly excited to announce the first concrete steps on our goal of delivering the VeChain Renaissance. The series of upgrades begins with the launch of Galactica — one of three major phases coming to VeChainThor in 2025 and beyond.
The initial four VIPs (VeChain Improvement Proposals) of Galactica mark the start of a journey that fundamentally reshapes the foundations of the VeChainThor blockchain, from technicals to tokenomics, delivering a suite of benefits and new capabilities.
But before we get to details — we have an important call to action!
Starting February 24th, we will commence an all-stakeholder vote to approve the following VIP upgrades.
Authority Masternodes, Economic Nodes and X Nodes — join the upcoming VeVote event and cast your support! Further details on voting will be shared shortly.
Join tonight’s X Space AMA with VeChain CEO, Sunny Lu, and Alec Burns, Head of R&D, later to learn about impacts on tokenomics and tech. If you’re reading after Feb 19th, please review the recording via our official X page.
Galactica VIPs introduce key foundational upgrades to the protocol. From the Dynamic Gas Fee Market and changes in the VTHO transaction model, to an EVM upgrade that introduces enhanced compatibility with common tools — Galactica VIPs ignite our evolution — and your vote gets us there!
This upgrade introduces a dynamic fee market for transactions, inspired by Ethereum EIP-1559. It replaces the fixed-fee model with two components: a base fee that adjusts with network demand, and an optional priority fee that users can use to incentivize validators for faster processing.
Additionally, under VIP-251, 100% of base fees are burned, accelerating VTHO’s path to deflation, increasing overall gas consumption, and optimizing network performance. The VIP reduces attack vectors by making spam prohibitively expensive, and delivers sustainable, long-term value for the protocol through adoption and usage.
This VIP introduces a standardized transaction envelope format that revolutionizes how VeChainThor processes blockchain operations, identifying and managing different types of blockchain transactions and making contract interactions easier.
This modular approach allows VeChainThor to integrate new features smoothly and continuously, letting the protocol evolve without disrupting network operations or fragmenting the ecosystem. These are important foundations for the future.
Aligning with Ethereum’s Shanghai release, this proposal brings VeChainThor up to date with recent Ethereum Virtual Machine (EVM) advancements.
The synchronization with industry standards creates a more seamless pathway for developers to bring their tools and applications to VeChainThor. By matching Ethereum’s EVM capabilities, we’re unlocking new opportunities for cross-chain innovation and deeper blockchain integration. The upgrade introduces PUSH0, and optimises gas costs.
The focus on industry standards also extends to JSON RPC support — a technical goal of VeChain Renaissance (not included in Galactica). The protocol stands to be a fundamental addition to our compatibility toolkit, enabling direct integration with Ethereum-native tools and wallets, and opening the door to ecosystem expansion at an entirely new scale.
The Extension Contract is one for the devs, introducing new functions for retrieving total clauses, as well as the current clause index in transactions. In a nutshell, it saves developer time and simplifies contract execution.
We would like to thank community Developer, DataB4Dishonor, for raising this topic, ultimately contributing to its inclusion as a Galactica VIP.
Your Role in Shaping VeChain’s Future
As prefaced — the voting period for these transformative VIPs begins Monday, February 24th.
As the first phase of the VeChain Renaissance, Galactica lays the technical foundation for the upcoming Hayabusa and Interstellar phases. Your participation in this vote directly shapes VeChainThor’s evolution toward a future of mass adoption.
These upgrades represent more than technical improvements — they mark the beginning of VeChainThor’s carefully planned evolution into a leading force of blockchain adoption.
Over to you…
Here’s how to become a champion of VeChainThor’s transformation:
Join the AMA with Sunny Lu on February 19that 19:00 GMT — Get insights into how these upgrades position VeChainThor for mass adoption and have your questions answered about this historic evolution.
Engage with the Community — Connect with the VeFam on Discord and Telegram to discuss these revolutionary changes and share your vision for VeChainThor’s future.
Vote from February 24th — Make your voice heard on the VeVote platform in this all-stakeholder vote that shapes the foundation of our future.
VeChain Renaissance marks the most ambitious series of upgrades since mainnet launch in 2018.
The Galactica VIPs outlined above pave the way for enhanced tokenomics, true decentralization, and seamless blockchain interoperability — positioning VeChainThor to lead the next wave of mass adoption.
Adoption Made Seamless with Privy: Social Logins & The VeChain Kit
2025-02-18
Building on the recent tokenomics announcements — we’re excited to deliver another major update for users and developers in the VeChain ecosystem — Privy powered social log ins are now integrated with the VeChain Kit - check it out!
The goal of VeChain Kit is to streamline application development on VeChainThor. The VeChain Kit is a gateway to deploying decentralized applications (dApps) faster and more efficiently, and, thanks to Privy, benefits from an abstracted wallet management environment.
With this feature, users can seamlessly log in using the familiar username and password interface as they would on a regular website, simplifying the onboarding experience for non-crypto natives.
What Is VeChain Kit?
VeChain Kit is an all-in-one library tailored for developers looking to simplify blockchain integration. Whether you’re building a brand-new dApp or enhancing an existing application, VeChain Kit delivers the tools to make the process seamless. Key features include:
Unified Wallet Integration: Effortlessly integrate VeChain embedded wallets using social logins, making wallet management a breeze.
Developer-Friendly React Hooks: Simplify blockchain interactions with intuitive hooks for reading and writing data on VeChainThor.
Pre-Built UI Components: Accelerate your UI development with ready-made components like ‘TransactionModal’ and harmonize the wallet experience across ecosystem dapps.
Token Operations Made Easy: Manage tokens, check balances, and oversee VET domains — all from a single library.
Multi-Language Support: Build applications for a global audience with built-in i18n.
VeChain Kit — Breaking Down Barriers
By integrating Privy, VeChain Kit makes onboarding frictionless. Users can access your dApp through familiar social logins, linking them all to one wallet. React Hooks, intuitive APIs, and pre-built components, drastically reduce development complexity. Focus on your app’s logic while the kit handles blockchain interactions.
Built-in i18n ensures your app can cater to diverse audiences. As the first public release, expect many new future updates and features!
Please note: We are still working to support multi-clause transactions, a feature unique to the VeChain Transaction model.
Time to BUIDL!
Our devs are working tirelessly to make the VeChain app development experience as simple as possible.
With VeChain Kit and Privy integration, it just became even easier. Whether you’re a seasoned blockchain developer or new to the ecosystem, this toolkit is designed to empower your creativity and simplify your workflow — so bookmark it >VeChain Kit<, and keep it handy as you develop your epic apps!
To get you more familiar, you can:
Explore our sample app to see in action the collection of gadgets you can integrate.
VeBetterDAO Dashboard Goes Live: Simplifying Your Participation in VeBetter Governance
2025-01-13
The VeBetterDAO Dashboard consolidates key tools, such as Pool2Earn actions, a snapshot countdown timer for governance voting, and liquidity management for the B3TR/VET pair.
The dashboard allows users to convert B3TR tokens to VOT3 for voting, manage liquidity, and track and claim rewards from previous rounds.
The VeBetterDAO Dashboard, said to improve governance and user involvement within the VeChain, has gone live. VeChain on X (previously Twitter) unveiled it as “your one-stop shop to participate in the VeBetter governance.” The firm also thanked the efforts of the Better Collection team toward developing this new platform. This is further evidence of the ethos followed by the community: “BUIDL BUIDL BUIDL.”
More About VeBetterDAO Dashboard
The Better Collection team, in their own post, described the launch as a “game-changing new release” and highlighted the dashboard’s features, which consolidate various Pool2Earn actions on a single page. Among the tools offered is a countdown timer, designed to inform users about the next snapshot for governance voting.
“With our handy countdown, you’ll know exactly when the snapshot for the next round is,” they said, urging users to prepare accordingly. The dashboard also allows users to manage liquidity effectively, allowing them to “add or remove liquidity of the B3TR/VET pair.” This functionality makes interactions within the ecosystem easier and fits in with VeChain’s emphasis on decentralization, per the CNF report.
Token conversion is another feature that allows users to convert their B3TR tokens into VOT3 tokens before snapshots and revert them afterward in order to participate in Pool2Earn initiatives. Voting is also streamlined because the user can simply allocate his VOT3 tokens to his preferred projects, including Pool2Earn by BetterSwap.
There is also a rewards system included in the dashboard, which displays expected rewards and allows users to claim rewards from previous rounds. “Happy surprise, you all,” concluded The Better Collection team, highlighting the advantages for active participants. Thus, the VeBetterDAO Dashboard will serve as the key tool to engage the VeChain community and continue decentralized governance efforts, reported CNF.
VET Token Price Action
Despite the latest dashboard launch, VeChain’s VET token is suffering from an extended downtrend. At press time, the VET price was down by 4.49% to $0.04259 on Monday, January 13. However, the 24-hour trading volume of VET skyrocketed 73.44% to $96.43M. This could mean increased interest among traders or could also signal a sell pressure in the market as they offload their positions, per the CNF report.
The derivatives market also shows a pessimistic picture for the token. According to Coinglass, VET open interest slumped 4.89% to $105.01 million today. Moreover, long liquidations surged to $503,820, nearly 10 times of short liquidations, indicating at a significant sell pressure. Nonetheless, with new advancements in the VeChain ecosystem, the VET token adoption could grow in the near future, potentially stabilizing its price.
VeChain Renaissance: EVM, JSON RPC & The Future of VeChainThor
2024-12-20
VeChainThor, our layer one public blockchain, was incepted from the Ethereum Virtual Machine (EVM) — the backbone of most smart contract platforms today.
When we launched our mainnet in 2018, we made intentional design choices to address certain shortcomings of Ethereum, in pursuit of our goal to deliver enterprise and real-world adoption.
Examples include:
Two-Token Model: Separating VET (utility) and VTHO (gas) to ensure predictable, adjustable network fees for enterprise users during times of market volatility.
Multi-Clause Transactions: Multiple data payloads executable a single transaction, significantly improving scalability, efficiency, and cost.
API-Based Integration: Instead of relying on JSON RPC, we opted to use APIs for more seamless integration with Web2 infrastructure.
These innovations allowed us to excel in our objectives, however, since that time, we recognise market expectations have evolved.
Alignment with the latest EVM versions, as well as JSON RPC, have become an expected element for apps or services looking to integrate with blockchains.
Accordingly, the core protocol team have made the upgrade and integration of these two components critical objectives for ‘VeChain Renaissance’, alongside the delivery of enhanced tokenomics and an updated consensus mechanism.
All told — these developments lead to tremendous potential for the future of VeChainThor.
EVM + JSON RPC — Keys to Accelerated Adoption
Our current EVM creates some restrictions:
Tool Compatibility: Many tools, wallets, and dApps opt for RPC-based standards, requiring adaptation to fully integrate into VeChain’s architecture.
Developer Onboarding: Builders accustomed to standard EVM chains must learn new methods to realize VeChain’s full potential, presenting a learning curve.
The qualities that set us apart — our tokenomics, fee delegation, multi-clause transactions make us incredibly attractive from an adoption perspective.
By updating our EVM to the latest version, and integrating JSON RPC, we deliver a robust, battle-tested environment for developers, enterprises, and community participants to build out their mainstream adoption aspirations.
Pillars of Technical Evolution
The VeChain Renaissance has two core pillars:
1. Reaching EVM Parity
Delivering full EVM compatibility via the latest EVM version ensures VeChain can seamlessly interact with the broader landscape of EVM-based networks. Once achieved, it becomes a key objective to continuously maintain the EVM version in line with the broader industry.
Where We Are: We are in the process of delivering the Shanghai upgrade, which significantly enhances VeChainThor’s capabilities by bringing us up to date with recent Ethereum Virtual Machine (EVM) advancements.
What’s Next: After Shanghai, we plan to develop and roll out the Cancun upgrade and subsequent EVM enhancements, ensuring VeChain remains competitive, modern, and attractive for developers building on EVM-compatible blockchains.
2. JSON RPC Integration
While APIs have anchored VeChain’s enterprise-grade integration, broadening our communication layer is key to enhancing interoperability
Why APIs Matter: APIs remain key to VeChain’s future success, especially with increasing interest in blockchain from Web2 enterprises that are accustomed to API-based solutions. This enterprise-friendly approach will continue to differentiate VeChain as blockchain adoption grows in the corporate world.
Why Add JSON RPC Support: At the same time, supporting RPC will enable seamless integration with Ethereum-native tools and wallets, like MetaMask, and unlock a wider range of development frameworks. This ensures that Web3 developers can work with VeChain using the familiar tools they already use.
Cross-Chain Interoperability and New Tools
We are moving toward a multi-chain future. EVM and RPC open many pathways to and from the VeChain ecosystem, allowing developers to add new tools and services.
Bridges: By integrating with existing, popular bridges, we connect VeChain assets to other prominent networks, opening up liquidity channels, as well as new utility, and global reach.
Stablecoins: Incorporating stablecoins, whether wrapped or native, becomes more feasible, fostering growth in financial applications, from DeFi products to cross-border payments.
Wallets, DeFi, Dapps and More: Integrations in all their forms become more seamless, from cross-chain protocols (eg. account abstraction, chain abstraction, oracles, IPFS, etc.) and more.
Strong Foundations Need Open Pathways
EVM alignment and JSON RPC integration — in tandem with the recently announced tokenomics and consensus upgrades - represent a paradigm shift for the trajectory of VeChainThor, greatly enhancing our capabilities and attractiveness as an ecosystem.
VeChain’s distinctive architecture has already proven itself as a catalyst for real-world adoption, enterprise integration, and sustainable ecosystem growth. We remain fully dedicated to refining our core strengths, ensuring that every design choice and technological advancement aligns with our fundamental mission: to deliver meaningful, long-term value to our stakeholders.
At the same time, we embrace interoperability as a powerful accelerant, forging stronger connections with the global Web3 community. By advancing EVM compatibility, integrating RPC support, and enabling bridges and stablecoins, we create an environment where opportunities flourish — whether you’re a developer migrating from another chain, an enterprise seeking robust solutions, or a community member eager to participate in VeChain’s continual evolution.
We stand at the intersection of our pioneering spirit and the world’s expanding blockchain landscape. By taking these bold steps to forge a new path forward, we ensure VeChain remains a pillar of innovation, collaboration, and mainstream adoption, well in to the future.
About VeChain
Founded in 2015, VeChain built a world leading enterprise smart contract platform, VeChainThor, helping deliver blockchain adoption apps to hundreds of enterprise partners.
Building on this expertise, VeChain, in close partnership with Boston Consulting Group, launched the ‘Better’ ecosystem — comprised of sustainability apps that use tokenization and incentivization to reward users, businesses and other stakeholders for sustainable actions.
To learn more, including how you can build apps of your own, grants, documentation and more, visit vechain.org — or vebetter.com to explore.
VeChain, a global leader in blockchain-powered enterprise and sustainability applications, has announced a strategic partnership with Lukka, the leading provider of ESG compliance and analytics services in the blockchain industry. This collaboration highlights VeChain’s commitment to aligning its ecosystem with evolving global regulations and sustainability standards.
Patrick Corker, Head of Strategy of Lukka, commented “We are honored to collaborate with VeChain, a forward-thinking leader in blockchain-based sustainability. Lukka’s ESG solutions enable VeChain to proactively address regulatory challenges and ensure robust governance practices, setting a benchmark for transparency and accountability in blockchain.”
Lukka’s integration will empower VeChain with sophisticated ESG scoring methodologies tailored for blockchain ecosystems. This includes detailed environmental, social, and governance analysis of VeChain’s tokens (VET, VTHO, and B3TR), ensuring compliance with emerging regulatory frameworks across global markets. The integration underscores VeChain’s mission to utilize blockchain technology for meaningful environmental and social impact.
Sunny Lu, CEO of VeChain, stated: “Partnering with Lukka marks another significant step in our commitment to ensuring compliance across every aspect of our ecosystem. As global regulators place increasing emphasis on sustainability and governance, we are ensuring that VeChain remains at the forefront of compliance and innovation, as we push for mass adoption of our technology. Lukka’s expertise in ESG scoring strengthens our ability to meet these standards and further validates blockchain as a powerful tool for sustainability.”
The partnership also reflects the increasing focus on compliance within the blockchain industry. With regulatory developments worldwide driving demand for robust ESG reporting and accountability, Lukka’s solutions position VeChain to address these challenges effectively.
“As ESG considerations become central to regulatory and investor decisions, blockchain protocols must prioritize sustainability and governance,” added Patrick Corker. “Lukka’s ESG tools provide the transparency and reliability needed to meet these expectations, enabling organizations like VeChain to lead the way in setting industry standards.”
By adopting Lukka’s ESG solutions, VeChain strengthens its role as a global leader in sustainable blockchain practices and underscores its commitment to meeting the growing expectations of regulators, investors, and ecosystem participants.
About VeChain
Founded in 2015, VeChain built a world leading enterprise smart contract platform, VeChainThor, helping deliver blockchain adoption apps to hundreds of enterprise partners.
Building on this expertise, VeChain, in close partnership with Boston Consulting Group, launched the ‘Better’ ecosystem — comprised of sustainability apps that use tokenization and incentivization to reward users, businesses and other stakeholders for sustainable actions.
To learn more, including how you can build apps of your own, grants, documentation and more, visit vechain.org — or vebetter.com to explore.
About Lukka
Founded in 2014, Lukka serves risk-mature businesses worldwide with enterprise data and software solutions. As a global team, headquartered in the United States, Lukka solves financial, risk, compliance, and trade finance use cases that are complicated by the characteristics of blockchain data.
Lukka’s data and software products are award-winning, independently audited, and designed to exceed institutional standards, such as those issued by the AICPA, ISO, IOSCO, and other trusted organizations, that focus on data quality, financial calculation accuracy & completeness, and managing technology operational risks. Lukka has obtained AICPA SOC 1 Type II and SOC 2 Type II Audits, an ISO/IEC-27001 certification, NIST Cybersecurity Assessment, and continues to lead the industry with best in class technology risk governance.
Our global team is ready to partner with you to solve complex data challenges.
The VeChain Renaissance: An Updated Protocol for the Age of Mass Adoption
2024-12-06
VeChain was founded 8 years ago with a vision of delivering real world adoption for blockchain technology. After all these years, we’re incredibly proud of our achievements, having developed a growing ecosystem of retail and enterprise applications, with some of the world’s largest companies running products on our blockchain.
Today, and notably catalyzed by the incoming U.S administration, it is clear we have entered a new phase for blockchain adoption. We recognize this as a once-in-a-generation opportunity — one that demands bold action as we position VeChainThor for that future.
The VeChain Renaissance
The VeChain Renaissance is a technical roadmap designed by our core protocol team, set to deliver a holistic upgrade of VeChainThor. The core objective is to create an environment that better serves stakeholders, stays ahead of tech and regulatory trends, and enables network growth from a user, developer and integration perspective.
In 2025, we will deliver various tokenomics updates:
New consensus mechanism
Modified VTHO tokenomics
Aligned network participation <> VTHO distribution model
Revamped staking model
Creation of a developer fund
And new functionality for the EVM, to drive greater interoperability:
Ethereum Virtual Machine (EVM) parity and cross-chain compatibility, enabling new features, and a seamless developer experience.
JSON-RPC support, unlocking interoperability with a wide range of tools including wallets, bridges and on-chain apps, streamlining dApp integration for developers, enterprises and institutions.
A dynamic gas fee market modelled on EIP-1559, securing the network, combatting network congestion and delivering an enhanced user experience.
In the coming weeks, we will publish a detailed roadmap fully outlining our vision in phases named Galactica, Hayabusa and Interstellar.
Why Now?
From balancing present and future stakeholder needs, to creating a more attractive developer environment, these upgrades will help us secure the long-term health of VeChainThor, VeBetterDAO, and other application ecosystems running on the blockchain.
Emerging regulations, especially those in Europe such as Markets in Crypto-Assets (MiCA), create an impetus for change, as do the requirements of US institutional players with whom we are in ongoing discussions.
We have delivered some incredibly innovative tools to-date, from our unique two-token model to fee delegation that abstracts away the need for users to hold crypto assets. By opening our blockchain to other EVM-chains, we offer our unique selling points to the market, and benefit from innovations elsewhere.
The VeChain Renaissance consolidates our historical successes and learnings, repackaging them into a new era for the protocol.
VeChain Renaissance Goals
Reimagined Tokenomics
Tokenomics are the foundation of every public blockchain. Intelligent tokenomics create value from network engagement, activity and growth. Doing so in a sustainable manner is critical for attracting and retaining long term participants, driving expansion and development of the blockchain.
In our consensus upgrade, we deliver a bold reimagining of VeChain’s tokenomics model:
New Validator Opportunities: X-Nodes and Economic Nodes will be empowered to validate network transactions, earning VTHO rewards for securing the network.
Greater Decentralization: VeChainThor becomes more resilient, with community members becoming the backbone of its operations, better aligning with regulatory requirements.
Modified VTHO Tokenomics: A new VTHO distribution model to make VeChainThor more attractive to stake and secure, plus new opportunities for builders to support the growth of on-chain apps and the expansion of VeBetterDAO.
Please note: A detailed article on VeChain’s upgraded tokenomics will follow next week.
2. Technological Equivalence
Our goal is delivering VeChainThor to billions of users, thus, it is imperative we meet the standards of the industry to ensure our network can communicate easily with others. The Ethereum Virtual Machine (EVM) and JSON-RPC are the standard for inter-blockchain communication, and so, alignment is a critical objective.
Key benefits include:
Going Cross-chain: JSON-RPC allows seamless integration with Ethereum-compatible protocols and on-chain applications — opening new avenues for growth
Integration ease: Developers can port the most familiar tools, wallets, bridges and more, to and from VeChainThor
Developer Adoption: JSON-RPC is a universal interface, opening the network to the 100k+ blockchain developer familiar with it
Institutional/Enterprise Integration: JSON-RPC allows institutions and enterprise applications to integrate VeChainThor more easily, from exchanges to custodians to other products and services.
This list is by no means exhaustive, and we will be releasing additional content to explain these concepts in more detail, starting next week.
Old Dogs, New Tricks
The updates outlined today are non-exhaustive but represent the most significant changes coming to the VeChainThor network.
As we move forward, we will maintain clear and open communications with VeFam and the wider crypto community to seek input, feedback, and ultimately, gain consensus as we seek your support to allow us to deliver the transition through an all-stakeholder voting event.
We are incredibly confident in our core developer team’s expertise, their vision, and for the collective future of blockchain as an industry, whose adoption will be led by innovative applications delivering real world impact, such as VeBetterDAO.
We look forward to hearing your feedback, and hope you’ll join us in an X Space, to be announced soon, to discuss and digest what’s to come!
About VeChain
Founded in 2015, VeChain built a world leading enterprise smart contract platform, VeChainThor, helping deliver blockchain adoption apps to hundreds of enterprise partners.
Building on this expertise, VeChain, in close partnership with Boston Consulting Group, launched the ‘Better’ ecosystem — comprised of sustainability apps that use tokenization and incentivization to reward users, businesses and other stakeholders for sustainable actions.
To learn more, including how you can build apps of your own, grants, documentation and more, visit vechain.org — or vebetter.com to explore.
VeBetterDAO Updates: Introducing GM NFT Upgrades, B3MO — The VeBetter Mascot, and Node Delegation!
2024-12-02
VeBetterDAO Updates: Introducing GM NFT Upgrades, B3MO — The VeBetter Mascot, and Node Delegation!
Hey, VeFam! Another week has passed — another week of VeBetter devs working tirelessly on improving the VeBetterDAO user experience. Today, we’ve a slew of updates going live — it’s a VeBetter update bonanza!
Let’s not waste any time and hop straight in to what the team have been cooking!
Introducing B3MO — The VeBetter Mascot
First up — we’d like to give a special welcome to VeBetter’s new figurehead and mascot — B3MO!
Taking inspiration from the ‘B3’ prefix of the platform’s incentive token — B3TR — and ‘Mo’, meaning ‘young rice sprout’ in Korean, B3MO represents growth, vitality and optimism. B3MO serves as a playful guide and mascot within the VeBetter-verse and adorns the solar system themed graphics of GM NFTs.
In future iterations, B3MO will serve as an AI companion on vebetter.com, offering real time advice, information and feedback for participants, builders and anyone who might have a question about the ecosystem and its resources.
The Launch of GM NFT Upgrades: To Da Moon (And Beyond)
We are excited to announce the launch of the long-awaited GM NFT Upgrade feature — a system that rewards long-term stakeholders and engaged VeBetterDAO users with an enhanced governance reward ratio. You can read more about the specifics of the GM NFT system in the VeBetter whitepaper.
From today, users will be able to access higher tier GM NFTs — but note — not all tiers will be unlocked at launch. Additional tiers will become available over time.
For X-Node and Economic Node holders, you can now claim your free upgrade, made possible through the node attachment feature that is also now live on the platform. If you own a VeChain Node — or have been delegated one — you can upgrade your GM NFT at no cost to the highest available level, relative to the tier of your Node.
This feature launch reflects our ongoing commitment to incentivizing active participation, and to offer more incentives to VeChain’s most dedicated stakeholders. GM NFT upgrades come with some stipulations:
A node can only be attached to one GM NFT at a time.
Once a node is attached, the GM NFT becomes non-transferable.
The relationship between nodes and GM NFTs is dynamic. If your X/Economic Node is upgraded, your GM NFT’s level will increase as well — though always capped by the maximum level of GM NFT level unlocked at the time.
Conversely, if a node is downgraded (in the case of Economic Nodes — an X Node cannot be downgraded), the GM NFT reflects this change, ensuring its tier is always tied to the Node itself.
GM NFT B3TR-Powered Upgrades
For non-Node holders, there is another way to upgrade your GM NFTs: donating B3TR tokens to the Treasury. In doing so, you can upgrade your GM NFT and unlock new tiers and unlock higher reward ratios.
The amount of B3TR required to upgrade is specified in the VeBetter whitepaper, but, importantly, those values can be cumulative*. When a user donates B3TR tokens to upgrade, the B3TR remains associated with the GM NFT, and the costs of subsequent upgrades are reduced. This means the upgrade system has an adaptive model that encourages ongoing engagement and rewards early participation.
Additionally, having a Node attached to a GM NFT introduces additional variables that offer a unique synergy between nodes and token-based upgrades.
*Example: If a user has a Strength Economic node attached to a GM NFT, they can freely upgrade to ‘Moon’ tier. If the same user then decides to upgrade their GM NFT to ‘Mercury’, they must donate 25K B3TR tokens to the Treasury, which remain associated with the GM NFT.
If the user then detaches their Strength Economic Node, the GM NFT would revert to the Moon tier, rather than Earth tier, as the total of B3TR associated with the GM NFT is sufficient to unlock Moon tier (10K B3TR).
The remaining B3TR balance associated with the GM NFT is now considered to be 15K (25k starting balance, minus 10K cost for the Moon GM NFT), meaning, the same user can now upgrade to Mercury again with just 10K B3TR.
New Ways to Interact — Node Delegation
Finally, we’re pleased to introduce an entirely new feature — Node Delegation — offering a new way for Node owners to share their powers with a second, delegated address. This feature facilitates even greater participation, adding a layer of security for Node holders and helping drive greater participation from major ecosystem stakeholders.
Delegation is managed via the VeBetterDAO dashboard, where users can assign or revoke permissions as desired. Importantly, the delegation process is designed to protect node ownership:
Delegators retain full control over endorsement and delegation rights.
Delegatees cannot transfer, sell, or claim rewards for the delegated node outside of VeBetterDAO’s framework.
Any existing attachment between a node and a GM NFT is automatically severed when delegation is initiated or revoked, ensuring an empowered experience for Node owners.
Rules-Based System for Nodes Delegating GM NFTs
The security of Nodes and any delegated accounts is paramount, and we have aimed to ensure full sovereignty for delegated accounts:
Attachment and Detachment: GM NFT Nodes can only be attached by their owners or delegated users, and detachment rights are shared among the node owner, delegatee, and GM NFT owner.
Delegation Dynamics: Delegated nodes can only be attached by the delegatee. However, if the node becomes undelegated and the GM NFT owner is not the node owner, the GM NFT’s level resets.
Node Transfers: When a node is transferred, it remains attached to the GM NFT until the new owner detaches it. However, the GM NFT’s level resets automatically, ensuring alignment with the new ownership structure.
These guidelines create a balance between individual control and ecosystem-wide consistency, encouraging active participation while maintaining transparency.
New Month, New Updates
With all that said and done — it’s time to explore! Head over to the official VeBetterDAO website to check out the new features and let us know your thoughts and feedback on social media!
For comprehensive details and technical specifications, check out the official whitepaper and be sure to follow our official X channel to stay updated!
About VeChain
Founded in 2015, VeChain built a world leading enterprise smart contract platform, VeChainThor, helping deliver blockchain adoption apps to hundreds of enterprise partners.
Building on this expertise, VeChain, in close partnership with Boston Consulting Group, launched the ‘Better’ ecosystem — comprised of sustainability apps that use tokenization and incentivization to reward users, businesses and other stakeholders for sustainable actions.
To learn more, including how you can build apps of your own, grants, documentation and more, visit vechain.org — or vebetter.com to explore.
VeBetterDAO Endorsements — Decentralizing Governance, Driving A Community-Powered Ecosystem
2024-11-18
VeBetterDAO Endorsements — Decentralizing Governance, Driving A Community-Powered Ecosystem
This week, the VeBetterDAO team are excited to introduce the ‘Endorsement’ mechanism — an innovative new way for Economic and X node holders to play an active role in platform governance, and further decentralize the Better ecosystem.
In the initial version, apps must obtain a minimum score of 100 points — awarded by Nodes (detailed scoring below) — to be eligible for active participation in weekly allocation rounds. By working with Node holders — a key pillar of governance in the VeChainThor ecosystem — the community can drive quality and reliability across the VeBetterDAO platform.
The endorsement process empowers all stakeholders by facilitating transparent and collaborative two-way interactions among key ecosystem participants, with aligned interests in driving the best future outcome for the platform.
Why Endorsements Matter
Endorsements mark a key step towards the Better ecosystem’s longer-term objective of decentralizing decision-making, and placing power in the hands of the community. This includes choosing which apps are eligible to join the platform, and ultimately earn weekly governance rewards — a role that currently sits with the VeChain Foundation.
As a key part of the VeChain governance network, we welcome and encourage active and engaged Economic and X-Node holders to work with builders and the community, as well as the VeChain team, to drive the platform forward.
How Endorsements Work
With endorsements now live, each app in the VeBetterDAO ecosystem requires a total score of 100 to be eligible for allocation rounds — all apps have a grace period of 2 weeks from the start of Round 21 to be able to obtain the requisite score.
Scoring is based on endorsements from Economic and X nodes, with each tier contributing a specific value. Apps can receive endorsements from multiple nodes, allowing them to gradually accumulate points to reach the required total.
Node Influence: Different node levels contribute different scores. Higher-level nodes offer a greater impact on an app’s score, ensuring that endorsement power aligns with node responsibility.
Grace Period for Score Recovery: If an app’s score drops below 100 due to a loss of endorsements, it enters a two-week grace period. During this time, the app remains active but must regain the required score; otherwise, it will be marked inactive for allocation rounds after the grace period expires. However, inactive apps remain visible in the app section, allowing them to continue seeking endorsements.
Flexible Endorsement Management: Both nodes and apps can withdraw endorsements. If a node removes its endorsement and the app’s score falls under 100, the app has two weeks to secure new endorsements. Apps may also remove specific endorsements from nodes at any time if they choose, providing flexibility and alignment with their goals.
New Apps: Decentralizing Entry into VeBetterDAO’s Ecosystem
New app creators can now initiate their journey with VeBetterDAO by submitting an application form directly on the platform. Upon approval, they receive a Creator’s NFT, which allows them to submit their app for endorsement through the VeBetter platform directly, as well as join the endorsement channels on Discord to connect with Node holders.
During this time, the app will become visible in the VeBetterDAO app section with a “looking for endorsement” status.
Application and Verification: Submit your app through VeBetterDAO, and upon eligibility, receive a Creator’s NFT to apply for endorsement.
Connect with Node Holders: Using the Creator’s NFT, join a dedicated Discord channel where you can interact with node holders to discuss endorsements, building valuable connections within the ecosystem.
Visibility While Pending: Apps in the endorsement-seeking phase are visible in the app section, enabling users to explore and interact with their profile. Creators have the flexibility to manage endorsements and may remove any node’s endorsement at their discretion.
Creators NFT
The Creators NFT is an ERC721 Token (non-transferable) minted to creators submitting their app for the first time.
A user can hold a maximum of one NFT per wallet, irrespective of the number of X-Apps they manage. Additionally, app administrators, through the app detail page in VeBetterDAO, may mint up to three NFTs for team members, with the ability to revoke them.
The burn policy dictates that a creator’s NFT will be burned if the associated X-App is blacklisted, and the user has no other active X-Apps.
Existing Apps: Transitioning to the New System
Existing apps will be integrated into the endorsement system with a two-week grace period to obtain the required 100-point score. If an app does not secure sufficient endorsements within this time, it will be marked as inactive in allocation rounds.
However, the app will still be visible in the VeBetterDAO app section, where it can continue seeking endorsements until reactivated.
Economic and X Node Holders: The Backbone of VeChainThor
Economic and X node holders are now at the heart of VeBetterDAO’s app endorsement mechanism. By logging into the VeBetter platform and connecting wallet, Node holders can the explore apps and provide endorsement as they see fit.
Node holders are invited to join a dedicated Discord channel where they can connect to our bot and access a special channel for communicating directly with app creators, on topics from app objectives to potential impact, before making endorsement decisions.
Please note: Connecting your wallet on Discord is done solely for verification purposes, and to ensure users hold the relevant NFT. VeChain does not store any personal information and has no access to users’ wallets or funds.
Influence and Responsibility: The app ecosystem’s quality is in your hands, making node holders responsible for setting VeBetterDAO’s standards and future direction.
Engage with App Creators: In the dedicated endorsement Discord channel, node holders can chat with app creators, discussing endorsement possibilities and app goals.
Flexible Endorsement Choices: Node holders have the flexibility to remove their endorsements at any time or switch support to different apps, ensuring alignment with the most promising projects in the ecosystem.
Node holders and app creators can mutually agree on the terms of endorsement, defining expectations from both sides.
App creators may offer shares, tokens, rewards, exclusive features, experiences, or prizes to node holders who endorse their apps. In return, node holders can provide endorsements, support by engaging with the VeChain community, and assist with the app’s operations and daily activities.
There are no mandatory requirements or formal agreements; the terms are left to the discretion of the apps and node holders to discuss and negotiate an arrangement that best meets their needs.
Check Out VeBetterDAO Endorsement — Putting Power In Your Hands
Come explore VeBetterDAO’s app ecosystem and learn more about how you can play an active role in the future development of the platform. Visit the website, connect with the community and let’s build the future, together!
About VeChain
Founded in 2015, VeChain built a world leading enterprise smart contract platform, VeChainThor, helping deliver blockchain adoption apps to hundreds of enterprise partners.
Building on this expertise, VeChain, in close partnership with Boston Consulting Group, launched the ‘Better’ ecosystem — comprised of sustainability apps that use tokenization and incentivization to reward users, businesses and other stakeholders for sustainable actions.
To learn more, including how you can build apps of your own, grants, documentation and more, visit vechain.org — or vebetter.com to explore.
As always, we continue to hold ourselves to the vision of transparency we laid out following the launch of our public blockchain back in 2017. Since then, we have faithfully published quarterly reports detailing our expenses, outgoings and Treasury health, helping preserve the trust given to us by our millions of global stakeholders.
The latest edition of the financial report is a combined one — covering the second and third quarter of 2024. Following the launch of our new sustainability app ecosystem, VeBetter, and the DAO that governs it, community input, governance, and transparency have been more important values than ever. Your steadfast support are helping propel VeChain to even loftier heights, as we drive a new frontier for adoption through our sustainability app platform.
With governments increasingly focused on the regulatory aspects of digital assets, combined with increasingly positive market conditions, the outlook of the crypto markets is improving considerably. The approval of the Bitcoin ETF in Q1 2024 marked a notable shift in tone from the SEC, who subsequently approved an ETH spot ETF in May 2024. These events highlight an understanding and willingness to establish frameworks for these new asset classes.
For us at VeChain, these developments establish a clear trend, and present an incredible opportunity — the culmination of a vision we have held for many years — mass adoption is just a matter of time. As a leading Layer 1 blockchain, and one of the most enterprise-experienced and compliance-focused, VeChainThor, our protocol, stands as an exemplar, and a shining beacon for the potential of blockchain when applied in the real economy.
As we navigate the ever-evolving crypto market, it is vital we maintain fiscal responsibility while building out our team, protocol, and tools. The VeChain Foundation has proven itself more than adept at this task over the past 7 years, and, per this report, VeChain’s Treasury was valued at $304,963,122.84 in Q2 2024, and $287,927,244.01 by the end of Q3 2024.
As we continue our journey in to the evolving 2024/2025 market, we are confident in our prospects for growth, our financial trajectory, and our ability to secure a Treasury that will enable a long fiscal runway, allowing us to pursue any and all necessary ventures to see the fulfilment of our grand objective: Mass adoption.
Thank you for being an integral part of the VeChain community, and supporting us, while we support you.
Sincerely,
VeChain Foundation
Balance Sheet
The balance sheet shows the total value of tokens held by VeChain, denominated in US Dollar value.
Treasury balances at the end of Q2 and Q3 of 2024, respectively.
At the end of Q2 2024, the total treasury value of the VeChain Foundation, including stablecoins and holdings of BTC, ETH, and VET, stood at $304,963,122.84. By the end of Q3 2024, the total treasury value stood at $287,927,244.01.
Comparing Q2 with Q3, the fair price BTC increased 7.8%, ETH’s value decreased 21%, while VET’s value remained largely stable.
Expenses Sheet
The expenses sheet covers all spending categories and summarises the expenses incurred by the foundation through various activities, initiatives, developments and engagements.
Treasury outgoings for Q2, 2024.Treasury outgoings for Q3, 2024.
Eco BD: The $2,571,731.19 USD spending in Eco BD. This portion of the funds is primarily used to promote ecosystem development, early-stage planning, and consulting. We maintain competitiveness in sustainable development fields such as biodegradable materials, emission reduction, and recyclable collection. The increase in expenses is mainly due to the growing number and maturity of our technical tools, leading to more teams and individual developers applying for our grant program and receiving recognition and support from the VeChain Foundation.
This effort not only supports the ecological development of VeBetterDAO but also helps build a stronger community for VeChain itself and fosters a shared commitment to environmental protection. Additionally, we are actively expanding various channels, including wallets and compliant exchanges, to make blockchain more accessible to everyday users.
Legal & Finance: With a total spending of $1,174,513.63 USD in Q2 and Q3, Legal & Finance expenses cover legal services, contracts, and compliance. Additionally, financial management expenses, including accounting services and financial consulting, contribute to this category.
We have seen extraordinary strides in achieving regulatory clarity in this Q2. With MiCA set to be implemented by the end of 2024, VeChain is actively preparing by providing necessary documentation and validation tests.
Recently, we announced a partnership with the Crypto Carbon Ratings Institute (CCRI), a prominent European organization that brings transparency to the environmental impact of the crypto industry and the VeChainThor blockchain. This crucial development helps VeChain meet the upcoming MiCA regulations, particularly regarding sustainability indicators. This is an important milestone for us.
PR & Marketing: The $12,795,561.17 USD Q2 and Q3 spending in PR & Marketing is divided into expenses for event sponsorships and partially expense for VeBetterDAO supporting services. This includes costs related to organising events, such as venue, speakers, logistics, and promotional activities, as well as funds allocated for sponsorship fees. Compared to Q1, there has been a significant increase, driven primarily by sponsorships of UFC, Hive, and a hackathon held in San Francisco. During these events, we were fortunate to collaborate with talented and motivated individuals and teams who are helping us build the future through Web3. Their contributions are instrumental in our mission to make the world a better place.
Tech-ops: Tech-ops expenses of $7,232,483.75 USD in Q2 and Q3 cover a range of activities. This includes salaries for the tech team, payments to external consultants, software subscriptions, IT equipment purchases, travel expenses for the tech team, and costs associated with organising builder events and community operations. Our technical team worked diligently to deliver upgraded versions of development tools, including SDKs, VORJ, and VeWorld, while also supporting community projects such as MaaS and the marketplace.
Eco-ops: The Q2 and Q3 $2,571,731.19 USD spend for Eco-Ops is directed towards outsourcing development tools and relevant salaries for the team. This includes expenses related to outsourcing development tools, such as software development services, as well as salaries for the team working on Eco-Ops initiatives. The growth was primarily driven by our deepening partnership with BCG and other consulting services for ecosystem operations, including exchange support. Additionally, there was an increase in salaries and compensation.
Stable Foundations Power Long Term Prospects
As always, we are committed to using our resources to optimally guide our growth, and support our goals of mainstream adoption for our platform.
Once again, we thank our incredible community — we couldn’t do it without you.
About VeChain
Founded in 2015, VeChain built a world leading enterprise smart contract platform, VeChainThor, helping deliver blockchain adoption apps to hundreds of enterprise partners.
Building on this expertise, VeChain, in close partnership with Boston Consulting Group, launched the ‘Better’ ecosystem — comprised of sustainability apps that use tokenization and incentivization to reward users, businesses and other stakeholders for sustainable actions.
To learn more, including how you can build apps of your own, grants, documentation and more, visit vechain.org — or vebetter.com to explore.
VePassport: Powering Up Sybil Defence & Rewarding Better Actions, Plus Ecosystem Updates
2024-10-21
With VeBetterDAO recently entering its second epoch, we’re excited to introduce a new, core mechanism to the platform — ‘VePassport’.
VePassport is a ‘Proof of Personhood’ solution that decentralized identification framework that delivers a secure, Sybil-resistant environment and enhances the governance experience within the Better ecosystem, ensuring users are genuine, and properly rewarded them for their sustainable actions.
Alongside VePassport, this latest update also introduces several new features and adjustments*, from UX, to quorum and more. Read on for full details!
What is VePassport?
At its core, VePassport is a decentralized identity solution tied to a VeWorld Wallet address within VeBetterDAO. As the ecosystem grows, decentralized governance will require ever-more robust identity disclosures to ensure fair voting and decision-making. VePassport links user activities, assets, and other elements to create a reliable, decentralized profile on the platform.
VePassport’s core goal is the reduction of Sybil farming within the governance process, helping ensure voting, and any associated rewards, are free from manipulation and fairly distributed.
Proving Personhood With VePassport
Following the introduction of VePassport, users will have to meet qualification criteria to join weekly voting and earn governance rewards.*
Qualification criteria include:
Proof of Participation via X-Apps: Users need to perform a minimum of three Better actions within a 12-week period. This requirement encourages greater participation in the ecosystem and ensures users are active contributors to the DAO.
Proof of Equity: This is designed to reward users who have a higher governance maturity (GM) level. This proof refers more to users who have “skin in the game” by holding assets or contributing significantly to the platform through other means.
Proof of Identity: Various levels of KYC (Know Your Customer) can be applied in the future, ranging from linking social profiles to full identity verification. This feature will remain optional, and instantly provide layers of security and trust for user identity.
Initially, VePassport will use participation-based qualification, but introduce other methods as governance maturity and KYC options become more available.
*Note — these criteria will be active from Round 18 onwards.
Sustainability Proofs Guiding Better Actions
One of the main goals of VePassport is to incentivize sustainable actions through the platform’s integrated Sustainability Proofs (S-Proofs) — on-chain records of real world impact, hashed by usage of X-apps.
In order to be eligible for governance rewards, users generate S-Proofs, which are created via the use of X-Apps. This cycle encourages users to drive their favourite X-Apps to incorporating the feature, in-turn, generating more robust, verifiable activity across the platform.
Governance App UX Updates
To gamify and give life to S-Proofs, new UX features have been added, including the ‘Better Actions’tab, which detail a user’s sustainability record in a new visual format.
The Better Actions tab — part of the UX update
Other UX updates include:
Profile Tab: This new section consolidates transaction history, better actions, governance eligibility, and linked social logins, making it easier for users to navigate their VePassport profile.
Governance Eligibility Indicators: A green indicator means the user is qualified to vote, while yellow suggests the user needs to complete more actions.
Delegation Feature: Users can delegate their voting rights using the integrated veDelegate service, allowing for more flexible governance participation.
Banners now indicate outstanding rewards, or actions to take.
The Return of Quadratic Voting, Rewards, and Funding
With this update comes the re-introduction of the Quadratic Voting, Rewardingand Funding mechanisms.* Quadratic formulas help reduce the impact of whales, and promote more efficient outcomes by discouraging strategic voting and ensuring every stakeholder, whether big or small, can have a meaningful impact.
*Beginning Round 18.
X-App Bot and Sybil Signal System
The X-App Bot and Sybil signalling system is an optional feature that allows X-Apps to flag suspicious wallets, highlighting potential bad actors to other apps in the ecosystem. In doing so, this optional ‘blacklist’ provides a way for X-Apps to share information as the ecosystem grows, and ensure rewards and votes continue going to legitimate users.
Lowered Governance Quorum
Last, but far from least, is a tweak to the Governance quorum level, which is to be lowered from 51% to 30% from the start of Round 18.
The aim of this shift is to encourage more community engagement with the governance process, and help meaningful proposals reach the necessary levels. As always, these values remain subject to change, and at the discretion of VeBetterDAO stakeholders.
VePassport Vision: One Human, One Vote
VePassport, alongside the other tools and tweaks introduced in this update, are important stepping stones toward the future goals of VeBetterDAO, and its mission to becoming a leading platform for mass adoption of blockchain, and real world impact.
By prioritising real user growth and a more accommodating baseline for governance, the Better ecosystem continues to champion the spirit of decentralization, and further enhance the prospect of the VeChainThor blockchain that lay at its core.
Head over to vebetter.com to see the changes for yourself, and let us know your feedback!
About VeChain
Founded in 2015, VeChain built a world leading enterprise smart contract platform, VeChainThor, helping deliver blockchain adoption apps to hundreds of enterprise partners.
Building on this expertise, VeChain, in close partnership with Boston Consulting Group, launched the ‘Better’ ecosystem — comprised of sustainability apps that use tokenization and incentivization to reward users, businesses and other stakeholders for sustainable actions.
To learn more, including how you can build apps of your own, grants, documentation and more, visit vechain.org — or vebetter.com to explore.
VeBetterDAO Super-User Challenge: 2x Nitto ATP Finals Tickets & €4k Expense Budget To Be Won + More!
2024-10-07
It’s official — the Nitto ATP Finals are back and with them, another opportunity to showcase our ingenuity to a global audience. To celebrate, we’re getting in the spirit with an epic VeBetter challenge, with some incredible prizes to be won!
The challenge is simple:Become the VeBetterDAO Super-User of participating apps* between October 7th and 21st to win two Nitto ATP Finals tickets with a €4k Expense Budget!
In addition, six pairs of tickets to the Nitto ATP Finals can be won, one pair per each participating app, so, get out there, and start making as much real world impact as you can! You have 3 weeks to unlock an incredible November experience.
VeChain and Nitto ATP Finals: A Winning Collaboration
In recent years, VeChain has been a proud partner of the Nitto ATP Finals, showcasing the power of blockchain at the prestigious global tournament.
From transforming the winner’s trophies into phygitals to interactive booths helping the public experience blockchain, our multi-year collaboration has allowed us engage sports fans with novel experiences, and demonstrate real world value of blockchain beyond the hype.
This year, to celebrate the launch of the VeBetter ecosystem and in continuation of our goal to use Blockchain for good, we’ll be exhibiting Better apps, showcasing them as transformative tools that reward everyday activities to incentivize sustainable behaviours.
How to take part:
To join, use participating apps* and tokenize your sustainable actions. Visit the in-app competition pages as indicated via Nitto ATP Finals banners and submit your information!
Founded in 2015, VeChain built a world leading enterprise smart contract platform, VeChainThor, helping deliver blockchain adoption apps to hundreds of enterprise partners.
Building on this expertise, VeChain, in close partnership with Boston Consulting Group, launched the ‘Better’ ecosystem — comprised of sustainability apps that use tokenization and incentivization to reward users, businesses and other stakeholders for sustainable actions.
To learn more, including how you can build apps of your own, grants, documentation and more, visit vechain.org — or vebetter.com to explore.
Dear community — our devs have been tirelessly working on the next series of updates for the VeBetterDAO ecosystem, and we’ve got a bunch of exciting changes coming.
We want to keep you ahead of the news and make sure you’re prepared for the next stages of the Better ecosystem, and, of course, to ensure you secure your B3TR allocations in the weeks ahead! So, read on, and take note.
VePassport Goes Live: ~2 weeks (18th Oct)
VePassport is our answer to the sybil farming issues that had been affecting the VeBetterDAO platform. The introduction of VePassport adds minimum qualification criteria that users MUST meet to be eligible for weekly governance voting rewards.
The go-live of VePassport also marks the return of the Quadratic funding, voting and reward mechanisms, while introducing a way to filter fake users and reduce sybil farming.
Qualifying Criteria:
VePassport introduces TWO pathways to achieving minimum qualification criteria, and becoming eligible for governance rewards:
Acquiring a ‘Moon’ tier GM NFT
Using VeBetter apps, performing at least 3 actions over 12 weeks*
*Values may be adjusted over time based on community proposals/feedback.
Acquiring the Moon Tier GM NFT:
One of the methods to unlock governance rewards is upgrading your GM NFT to ‘Moon’ tier — a function that will become available once VePassport is introduced.
Upon obtaining a Moon tier GM NFT, users become eligible for weekly governance rewards without requiring further action. Per the whitepaper, X-nodes and Economic Nodes are able to freely obtain Moon GM NFTs, while non-Node holders can unlock them by exchanging accrued B3TR.
Obtaining the Moon GM NFT also positively impacts the weekly reward ratio for users — details below:
Additional tiers of GM NFTs will be introduced in a later update.
An overview of the VeBetterDAO Galaxy Member (GM) System
Using Better apps:
Another way to qualify for weekly governance rewards is using Better apps a minimum amount of times — currently set at 3 instances per quarter.
These criteria can be adjusted through proposals to increase or decrease difficulty, based on community feedback.
Another significant change coming to the platform is the X/Economic Node app endorsement feature. VeChain Node holders will play a crucial role as validators and qualifiers of X2Earn Applications in future versions of VeBetterDAO.
Endorsement, and subsequent app listing on the VeBetterDAO, necessitates two-way dialogue between X2Earn applications and relevant stakeholders through channels such as Discord, Telegram, X (Twitter) Spaces and Discourse, arriving at arrangements that suit all parties.
Per the whitepaper, apps will need to secure a minimum approval value of 100 points (scoring detailed below) before they can go-live on the platform.
NB: This includes apps currently listed on the platform. Apps that do not secure endorsement will remain listed on VeBetterDAO but won’t be eligible for weekly allocations. Details on the exact process will be shared in a future update.
Example: A single Mjolnir X Node could endorse an dApp, or, it might require 1 Mjolnir Economic Node +1 Thunder X Node & 5 VeThor X Nodes. So long as the total reaches 100, any combination will suffice.
GM NFT Upgrades: ~6 Weeks (8th Nov)
The final step in our three part journey is the introduction of full GM NFT upgradeability, introducing new tiers to the ecosystem, and allowing X Nodes and Economic Nodes to freely claim a tier of GM NFT relative to their Node status.
Non-Node holders will be able to use accrued B3TR token rewards to upgrade their GM NFTs and earn additional weekly rewards. Node tiers will be introduced gradually, with X-Nodes and Economic nodes able to claim their respective tiers as they become available.
VeBetterDAO — powered by YOU!
Excitingly, we are soon entering kicking a more decentralized phase for VeBetterDAO, putting more decision making power in the hands of our awesome community, staying true to our commitment for the ecosystem.
As each of these updates near implementation, we’ll be sure to communicate on our social channels — we recommend you to follow our X Account for the most up to date information!
About VeChain
Founded in 2015, VeChain built a world leading enterprise smart contract platform, VeChainThor, helping deliver blockchain adoption apps to hundreds of enterprise partners.
Building on this expertise, VeChain, in close partnership with Boston Consulting Group, launched the ‘Better’ ecosystem — comprised of sustainability apps that use tokenization and incentivization to reward users, businesses and other stakeholders for sustainable actions.
To learn more, including how you can build apps of your own, grants, documentation and more, visit vechain.org — or vebetter.com to explore.
Verifying Smart Contracts on sourcify.dev — by vechain.energy
2024-08-01
Verifying Smart Contracts on sourcify.dev — by vechain.energy
The following is a contributor article by vechain.energy. Follow their blog for more awesome developer content, here.
Trust and verify is something special in the world of blockchain, but with smart contracts, this ends at a certain point due to only the bytecode being available.
sourcify.dev is a service of the Ethereum ecosystem that solves the problem of trust and verification by providing a platform for automated Solidity contract verification. It ensures that the source code of smart contracts matches the deployed bytecode, making the contract interactions transparent and human-readable. By verifying the contract metadata and NatSpec comments, it allows users to understand the functionality and purpose of the smart contracts they interact with, thereby enhancing trust and security in the blockchain ecosystem.
VeChain is now connected to Sourcify, leveraging vechain.energy’s public RPC services.
As a developer, you start verifying your contracts with Hardhat as easily as calling a single command:
This will automatically upload contracts and addresses to sourcify and verify that the deployed contract matches the contract’s code.
The output will look like this:
verifying MyToken (0x54Ff609ffd8fdD17AB560E15aFb454e27201Fda8 on chain 100010) ... => contract MyToken is now verified verifying MyTokenUpgradeable (0xe8254C17aEC82dB5b8C911248cd930FA64a420A0 on chain 100010) ... => contract MyTokenUpgradeable is now verified verifying MyTokenUpgradeable_Implementation (0x4a80B4aaD62ADCA0C208deBA9bCc2C67d800f623 on chain 100010) ... => contract MyTokenUpgradeable_Implementation is now verified already verified: MyTokenUpgradeable_Proxy (0xe8254C17aEC82dB5b8C911248cd930FA64a420A0), skipping.
Once this is done by a developer, everyone can also use a contract’s address to verify that the contract’s bytecode matches the contract code.
Sourcify offers neutral third-party verification that the contract’s code matches the deployed binary/bytecode.
Why is it important?
Transparency: Verifying the source code against the deployed bytecode ensures that the contract’s functionality is transparent and can be audited by anyone. This helps build trust among users and stakeholders.
Security: By verifying the contract, developers and users can ensure that no malicious code has been injected into the contract, thereby enhancing the security of the blockchain ecosystem.
Compliance: Verification helps ensure that the smart contract complies with regulatory requirements and standards, which is crucial for legal and financial applications.
Community Trust: Verified contracts contribute to the overall trust in the blockchain community, as users can be confident that the contracts they interact with are genuine and have not been tampered with.
Easier Debugging: Verified contracts make it easier for developers to debug and maintain the code, as they can be sure that the deployed contract matches the source code they have written.
Vechain and SingularityNET Forge New Frontiers in Blockchain and AI Collaboration
2023-08-28
In an announcement Vechain and SingularityNET, two leading forces in the realms of blockchain and artificial intelligence (AI) respectively, have unveiled a partnership aimed at driving innovation and transforming industries. This dynamic collaboration brings together these technical powerhouses, introducing a convergence of cutting-edge technologies poised to revolutionize business landscapes, sustainability efforts, and the very fabric […]
The Vechain Foundation has launched a new completely free service called VORJ. VORJ allows you to launch smart contracts to create tokens or NFTs using a user-friendly interface without needing code experience! VORJ VORJ is a web3 as a service platform, that allows you to build applications using vechain’s technology, without the need to know […]
Vechain Foundation releases Q1 2023 financial report
2023-07-05
The Vechain Foundation has released its first financial report of the year 2023. Most of the balance sheet of the Foundation is held in BTC, ETH and VET. Because of the crypto market showing growth since the end of 2022, the war chest of the Foundation has grown from $275 million at the end of […]
Coinbase and Binance.us give vechain their stamp of approval
2023-07-01
In recent weeks it seems that the US Securities and Exchange Commission (SEC) has set its eyes on the crypto industry with various lawsuits filed against two of the major cryptocurrency marketplaces Coinbase and Binance. While both Coinbase and Binance.us continue to work with the SEC to meet all regulations, it shows that both exchanges […]
Vechain included in Large Cryptocurrency Index by HKVAC a virtual asset rating agency in Hong Kong
2023-06-27
Hong Kong is well known for being pro-innovation and technology and has recently set its eyes on becoming a major hub for blockchain technology. With the buying of cryptocurrencies restricted to institutional investors in the China region since 2018, new regulation will allow Hong Kong citizens to buy crypto as soon as the second half […]
How Vechain’s blockchain technology can help create a more sustainable world
2023-06-14
In recent years, blockchain technology has received a lot of negative attention in terms of sustainability. Traditional blockchains like Bitcoin, which use a “Proof of Work” mechanism to create new blocks, use a lot of energy because of the required computational power. Research can be found online, that shows that the Bitcoin network uses much […]
Vechain showcases the power of blockchain as official partner of the Internazionali BNL d’Italia
2023-05-04
Vechain has announced a partnership with Internazionali BNL d’Italia (IBI), a tennis tournament held in Rome between May 8th and 21st of May, further solidifying its position in the tennis world to help spread awareness of the vechain blockchain. The IBI will witness Vechain’s groundbreaking technologies in action, as it introduces a revolutionary concept to […]
Rewatch the HiVe 2023: a blockchain summit by the vechain foundation
2023-04-01
The first HiVe summit was held on March 4th 2023 in Las Vegas. The Hive is a yearly summit hosted by the vechain Foundation for discussion and ideation, capturing evolving narratives and working toward a future that centers around community, and sustainable development using blockchain technology. In this article, you can rewatch all the speakers […]
The Vechain blockchain upgrades to ‘Proof of Authority 2.0’
2022-11-18
As the adoption of blockchain technology gathers pace, more and more enterprises are exploring how to transform operations by leveraging the many benefits that blockchain technology provides. Growing demand necessitates a blockchain that is capable of handling a high throughput, while on the other hand one that is able to guarantee that data stored on […]
