VeChain Partners with Boston Consulting Group 

VeChain, the leading enterprise-grade Layer 1 blockchain solution that delivers the sustainability revolution with a low-carbon and highly scalable smart contract platform, scored a partnership with Boston Consulting Group on Sunday.

As per the update shared by the VeChain Foundation—the entity behind the development of VeChainThor— the top-two United States global management consultant, Boston Consulting Group (BCG), will work closely with the foundation to achieve the sustainable development goals. 

In sequence to this forward-looking outcome, the general manager for the VeChain Foundation in South East Asia, Sarah Nabah, shared a link to access the new VeChain-BCG Whitepaper 3.0.

“Check out the new Vechain-BCG whitepaper 3.0 and share it with your colleagues, friends and the sustainability community,” she wrote, quoting the partnership announcement. 

It bears noting that this whitepaper is the result of a paid survey of the VeChain enterprise carried out by BCG to offer suggestions on how to improve the sustainability strategy of VeChain. 

The new whitepaper titled “Web3 for Better” contains an extensive and clear description of what the enterprise-grade blockchain solution sets out to accomplish in 2023 up until the first quarter of 2024. 

The roadmap showed that the deployment of an Ethereum bridge and a non-fungible token (NFT) platform is among the top projects listed to be rolled out by the team within this timeframe. Notably, the foundation has begun work on its roadmap with the VeChain Stats carbon footprint explorer already launched.

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In an announcement on Twitter, VeChain Foundation said that the developers of the blockchain project plan to spend the first half on working on a carbon footprint explorer, a wallet browser extension and an Ethereum token bridge, and other notable projects.

Read Also: Popular Smart Fingerprint Company Based In Australia Adopts VeChain Blockchain

In the second half of 2023, they plan to focus on implementing a VeChain naming system, an asset lending platform, a multichain generic data bridge, as well as oracles and smart city ecosystems, in addition to various other features.

In the first quarter of 2024, the team plans to work on several projects, including decentralized file storage, layer-2 rollups, smart contract security analysis tools, algorithmic token-backed stablecoins, decentralized autonomous organization (DAO) governance wizards, together with a DAO operating system and a DAO ecosystem smart contract library.

VeChain Foundation tweeted, “Antonio & the VeChain Foundation dev team have a full roadmap for 2023/2024! We’re enabling seamless mass adoption for web2 businesses/devs looking to adopt web3 and building the base of real-world/sustainability dApps. Alongside #VeFam, we build the future.”

Antonio & the #VeChain Foundation dev team have a full roadmap for 2023/2024!

We’re enabling seamless mass adoption for web2 businesses/devs looking to adopt #web3 and building the base of real-world/#sustainability #dApps.

Alongside #VeFam, we build the future. #crypto $VET pic.twitter.com/6nLDzjUfeh

— VeChain Foundation (@vechainofficial) January 14, 2023

Read Also: VeChain Mainnet Upgrade Proof of Authority (PoA) 2.0 Voting Scheduled for Next Week: Details

VeChain is designed to help companies optimize their supply chains. It offers a list of services to improve product lifecycle management and data certification. Smart contracts on VeChain move value through VET transactions.

At the time of filing this report, VET is trading at $0.02149 and occupying the 36th position in terms of market valuation, according to CoinMarketCap. In terms of price, it has gained 1.27% in the last 24 hours and 21% in the last seven days.

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The new development was passed across moments ago via the official Twitter handle of the VeChain Foundation.

According to the report, the new feature included in the latest version is also known as Finality with One Bit (FOB). The foundation pointed out that all Testnet nodes are now required to be updated.

Read Also: VeChain Update: New Version of VeChainThor Released With Various Performance Improvements

VeChain Foundation tweeted, “The VeChainThor public Testnet has been successfully updated to include VIP-220 – AKA, ‘Finality with One Bit’ (FOB). All Testnet nodes now require updating.”

The #VeChainThor public Testnet has been successfully updated to include VIP-220 – AKA, ‘Finality with One Bit’ (FOB).

All Testnet nodes now require updating (links below)

Learn why VIP220 is a significant milestone: https://t.co/iaoo7X9OhU#VeChain #blockchain #crypto $VET https://t.co/J6Ij3E96yF

— VeChain Foundation (@vechainofficial) August 19, 2022

In a blog post published in June and captioned in the recent announcement, VeChain Foundation described block finality as an indispensable property for a modern blockchain system because it provides an absolute security guarantee for blocks that satisfy certain conditions. So, in order to improve the consensus algorithm, the VeChain dev team has been working to meet the requirements.

To achieve this, the dev team chooses to design and implement a finality gadget known as the Finality with One Bit (FOB). This was chosen by VeChain instead of replacing the Proof-of-Authority (PoA) consensus algorithm with a completely new one, which is similar to what Ethereum blockchain is about to implement.

Read Also: VeChain Foundation Announces Vote to Launch PoA 2.0, Major Upgrade to VeChainThor Blockchain

According to the dev team, the implementation of FOB will allow them to run dual modes of consensus simultaneously. The current design is proposed by VIP-220 and it comes with a number of advantages, such as achieving block finality and Maintaining the usability and robustness of the network by decoupling finality from the Proof-of-Authority (PoA) process.

It’s further stated in the blog post that Finality with One Bit (FOB), which is the VeChain blockchain’s novel finality gadget is inspired by the view-less BFT (VLBFT).

Compared to other finality gadget designs, it’s said that FOB is simple and adds minimal redundancy to the existing PoA-based Thor protocol.

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According to the report shared on Twitter by VeChain Foundation, the new partnership will grant OrionOne’s clients a seamless blockchain onboarding experience.

VeChain Foundation tweeted, “Announcing our integration partnership with US-based logistics software company, OrionOne Inc.! By integrating #VeChain ToolChain, OrionOne provides a seamless #blockchain onboarding experience for clients while delivering a revolution for supply chains.”

Announcing our integration partnership with US-based logistics software company, OrionOne Inc.!

By integrating #VeChain ToolChain, OrionOne provides a seamless #blockchain onboarding experience for clients while delivering a revolution for supply chains.https://t.co/vo51GQAQx9 pic.twitter.com/psLPeQDpcx

— VeChain Foundation (@vechainofficial) August 10, 2022

Read Also: Sunny Lu to UFC: VeChain (VET) Impact on the World in the Future Will Be Significant

In a blog post captioned in the announcement, VeChain Foundation describes OrionOne as a global supply chain technology solutions company that has built a powerful SaaS platform to deliver the best in class technology to the supply chain market.

As mentioned in the blog post, the integration of VeChain ToolChain is aimed at accelerating blockchain adoption among logistics companies.

The post read in part:

“The direct connection between OrionOne’s best-in-class logistics platform and VeChain’s blockchain application VeChain ToolChain allows OrionOne to offer companies a seamless and rapid onboarding ramp to begin utilizing blockchain in their business, all without burdensome investments in network infrastructure or management of cryptocurrencies.”

The logistic software provided by OrionOne helps companies organize and manage people, goods, and resources throughout the supply chain, which includes transactions and supplier relationships.

Reacting to the new development, Tommy Stephenson, CEO of OrionOne, described VeChain as the prominent leader in the supply chain industry. He praised the blockchain platform for its low-cost, swift deployment, and easy-to-use technologies.

“When it comes to blockchain and supply chain, there’s only one game in town, and that’s VeChain. No other entity can compete with their low-cost, rapid deployment, and ease of use. We’re excited to integrate their blockchain into our products to bring VeChain to a wider network of clients,” Tommy Stephenson said.

Read Also: UFC Hails VeChain as the Leader in Real-life Blockchain Applications

Jason Rockwood, General Manager for VeChain US Inc., also emphasized that blockchain has to solve companies’ problems across the world to enhance wide adoption.

“A key barrier to wide blockchain adoption is the application layer that connects infrastructure to specific business problems. OrionOne simplifies the data gathering mechanism and makes the value of blockchain tangible and easy to deploy. This in turn saves corporate clients time and money while staying current with the latest innovations in supply chain technology.”

The report says that VeChain will start featuring on the OrionOne platform starting from the 15th of August 2022.

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Web3 Inventory Monetization Platform In-View

The VeChain Foundation has always been at the forefront of innovations with real-life impacts. The team looks thrilled to step onto a new path to create a decentralized business and distributed token economies.

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On June 28, the team announced a strategic alliance with Supply@Me which is aimed at building a web3 solution that will provide companies with new kinds of economic services.

Precisely, Supply@Me seeks to leverage the VeChainThor public chain to arrive at an entirely exotic fintech platform that will help creditworthy enterprises improve cash flow via the optimization of inventory management.

Part of the announcement said;

“The overarching aim of the collaboration is to create an entirely new kind of fintech platform for use by manufacturing and trading companies looking to generate cash flow via a non-credit approach and without incurring debt. The outcome is the creation of a highly unique and novel solution for creditworthy companies to optimize inventory management and improve cash flow.”

Furthermore, the collaboration is structured to be in two phases only. In Phase 1 which is already in motion, the specific objective is to come up with a Proof-of-Concept (PoC) platform.

With the use of the VeChainThor public blockchain, this platform is expected to have the capability of generating and delivering blockchain transactions to an Italian company from the Supply@ME client portfolio.

Phase 2 which centers on the development of a full Inventory Monetization platform will take off upon completion of Phase 1. While the expected completion date of Phase 1 is late July 2022, Phase 2 is projected to be actualized by December 2022.

“During this second phase, the VeChainThor public blockchain will be utilized to mint the phygital (physical + digital) NFTs, with Inventory Monetization transactions funded by multiple liquidity providers including crypto asset managers and retail investors, exploring an enhanced commercial non-credit financing model,” according to the press release.

Read Also: VeChain Set To Implement Finality-With-One-Bit (FOB), a Block Finality Solution

VeChain and Supply@Me Strategic Alliance 

In commenting on the collaboration, Sunny Lu, CEO of VeChain, said; “We’re always looking to join hands with innovative companies pushing the fore of digital technology. VeChain has demonstrated its ability to dream up, and subsequently deploy, new ideas and ecosystems that harness the revolutionary power of blockchain.”

“We recognized the same potential in Supply@ME and their novel tradFi-Defi inventory management service. We look forward to working with them to co-develop these new systems and provide businesses with an entirely new method of raising value from Inventory Monetisation,” he added. 

On the other hand, Alessandro Zamboni, CEO of Supply@ME noted:

“By embarking upon this alliance with the highly respected VeChain, an organization (Supply@ME) that is unique in the sustainability and supply chain sector, we are working to ensure the business is future-proof and highly scalable. In parallel, we continue to progress our own traditional funding routes which remain strategic for our business model”.

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According to the report, in the first quarter of 2022, the blockchain project massively progressed in its quest to expand further into Europe, stating that it’s now ready to hire 1,000 technical staff in Ireland.

Read Also: Binance Includes VeChain (VET) in Its First Batch of Tokens Supported on Binance Bridge 2.0

The data provided shows that there’s a slight drop from $1.38 billion recorded in the fourth quarter of 2021, which can be attributed to price dips that have dominated the whole of 2022.

Remarkably, VeChain Foundation only spent around 4.1 million in the first three months of 2022, which are majorly for business development and operational costs.

Out of the $4.1 million reported by VeChain Foundation as the expenditure for Q1 of 2022, the report says $1.8 million was spent on ecosystem business development. These included partnerships, custodians, wallet providers, brokers, community events, and ecosystem project cooperation. This expense accounted for the highest amount spent in the quarter. The next was ecosystem operations which cost around $1.1 million.

Business Development in the First Quarter of 2022

As a layer1 blockchain designed to solve problems related to supply chain and sustainability, VeChain continues to expand its blockchain-based carbon management services all over the world.

Read Also: VeChain’s Sunny Lu Promises To donate $8 Million If Ukrainian Government Sets Up VET Wallet

A few days ago, the project announced a partnership with Amazon Web Service (AWS) to build the VeCarbon emission management software-as-a-service (SaaS) system for serving China’s carbon neutrality goal in 2060.

In March 2022, the Foundation launched its first stablecoin VeUSD, developed by Stably and issued by Prime Trust, a Nevada-based trust company. Every VeUSD, fully backed by fiats, pegs 1:1 to the USD. The report noted that $5,249,789 worth of the new stablecoin had been minted by the end of Q1.

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Terra has been devising a number of means to get the blockchain back on track following the fiasco that led to the crash of its two native tokens, LUNA and UST.

Read Also: Ethereum’s Vitalik Buterin: Terra Should Prioritize Smallholders in Any Proposed Reimbursement Plan

Even the Terra founder, Do Kwon has recommended hard forking the Terra blockchain, a suggestion that was dismissed by Binance CEO Changpeng Zhao (CZ), who said hard forking is not a viable solution in such a situation.

VeChain Foundation Offers $30,000 to Help Terra Developers

In a tweet on the 16th of May, VeChain Foundation, the non-profit behind the development of the VeChainThor blockchain said the Terra developers, who are no longer happy and looking to migrate should choose VeChain without hesitation.

According to the tweet, the foundation is ready to help the migrating developers with the sum of $30,000. It also claims that VeChain operates a low-carbon emission and scalable blockchain network.

Read Also: VeChain (VET) Listed On Binance Auto-Invest. $90,000 in VET To Be Shared: Here’s How to Benefit

The foundation further describes VeChain as a leading enterprise-grade public blockchain platform with 100% uptime, sustainable, and rapidly growing in Europe.

VeChain Foundation tweeted, “Luna_Terra Developers if you’re looking to migrate Layer1, we’re offering up to $30k to help! VeChain is a leading enterprise-grade public blockchain, 100% uptime, Sustainable & rapidly growing in the EU. Join us & #buidl the future!”

#Luna_Terra #Developers if you're looking to migrate #Layer1, we're offering up to $30k to help!#VeChain is a leading enterprise-grade public #blockchain, 100% uptime, #Sustainable & rapidly growing in the EU.

Join us & #buidl the future! DM open https://t.co/NloutqKBwX$LUNA

— VeChain Foundation (@vechainofficial) May 16, 2022

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VeChain Foundation tweeted, “$50,000 VeUSD in minting bonuses are waiting to be claimed! Follow the instructions in the Medium article below to take part and earn bonus VeUSD when you mint VeChain’s new StableCoin over on @Stably_Official. Event ends Sunday, 20 March!”

$50,000 $VeUSD in minting bonuses are waiting to be claimed!

Follow the instructions in the Medium article below to take part and earn bonus $VeUSD when you mint #VeChain’s new #StableCoin over on @Stably_Official.

Event ends Sunday, 20 March!$VET #DeFi #Web3 #Crypto https://t.co/6s75ttPO1u

— VeChain Foundation (@vechainofficial) March 15, 2022

$50,000 Community Bonus Mint Event Is Ongoing

To celebrate the launch of VeUSD, the VeChain Foundation launched $50,000 community bonus mint event on 14th March 2022. The event is scheduled to end on 20th March at 1:59 UTC+0.

According to the report, users who want to take part in the event have to meet the following criteria:

Speed:

• VeUSD Quick Draw: The first 100 wallets to mint and deposit $50+ to their VeChainThor address will receive a $25 bonus

Community:

• VeUSD Minter: The first 1000 wallets to mint $50+ VeUSD and send to their VeChainThor addresses will get a $10 bonus

• VeUSD Trailblazer: The first 500 wallets to mint $100+ and send to their VeChainThor addresses will receive a $20 bonus (does not stack with the VeUSD minter bonus)

• VeUSD Pioneer: The first 100 wallets to mint $500 and send to their VeChainThor addresses will receive a $125 bonus (does not stack with VeUSD minter, VeUSD trailblazer bonuses)

• VeUSD Whale: The first 25 wallets to mint $1000+ and send to their VeChainThor addresses will receive a $300 bonus (does not stack with the VeUSD Minter, VeUSD Trailblazer, VeUSD Pioneer bonus)

Miscellaneous:

• VeUSD Megalodon: The 10 addresses with the highest volume of VeUSD minted will receive a $250 bonus

• Eco/X-Node: All X-Nodes & Economic nodes that participate in the event will split a pot of $5,000 VeUSD equally. The individual VeUSD bonus received depends on the total number of participating nodes

$500,000 in VeUSD Already Sent to X-Nodes

According to the latest report from VeChain Foundation, the sum of $500,000 in VeUSD is already shared among X-nodes. Eligible users are thereby urged to check their wallets.

VeChain Foundation tweeted, “VeFam – the $500,000 VeUSD X-node airdrop has been sent – check your wallets! And don’t forget, to celebrate the launch of VeChain’s Stablecoin, we’re awarding $50,000 in minting bonuses until 20 March! Mint VeUSD at @Stably_Official & earn free $$!”

#VeFam – the $500,000 $VeUSD X-node airdrop has been sent – check your wallets!

And don’t forget, to celebrate the launch of #VeChain’s #Stablecoin, we’re awarding $50,000 in minting bonuses until 20 March!

Mint VeUSD at @Stably_Official & earn free $$! #DeFi #Web3

Details https://t.co/6s75ttPO1u

— VeChain Foundation (@vechainofficial) March 16, 2022

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The new development was announced moments ago via VeChain Foundation’s official Twitter handle. According to the report, users can start minting the new product before 20th March 2022, in order to be eligible for bonuses.

Read Also: VeChain Awarded the Status of ‘High and New Technology Enterprise’ by Three Shanghai Government Bodies

The foundation also attached a video to guide users through the VeUSD minting process.

VeChain Foundation tweeted, “Very excited to witness the official go-live of VeChain’s first Stablecoin, $VeUSD! Follow the steps in the video below to mint/redeem $VeUSD over at Stably Prime. Mint $VeUSD before EOD 20 March to be eligible for a bonus!”

In the attached blog post, VeChain Foundation describes the launch of VeUSD as a special moment for the ecosystem, as it helps to kickstart new objectives for the year and enhance the blockchain’s capabilities in the enterprise, sustainability, carbon, and financial fields.

The announcement reads in part as follows:

“As a versatile layer one public blockchain, we envisage many exciting use case scenarios to come based on client requests. Its addition also serves to boost the scope of functionality for our growing NFT and DeFi ecosystems.

“Stably will shortly release a video tutorial to help guide you through the VeUSD minting and redemption process.”

Read Also: VeChain Powers TrueStoryteller in Conjunction with Micromation, a Canada-based Consulting Firm

$500,000 airdrop for X-nodes and $50k in minting bonuses

On 9th March 2022, VeChain Foundation announced the stablecoin’s launch date, with instruction on to be eligible to share $50,000 in minting bonuses. While $500,000 airdrop is certain for X-nodes.

VeChain Foundation tweeted, “We are excited to unveil the launch date of VeChain’s first stablecoin, VeUSD! To celebrate, we’ve planned some special events for the community, including a $500,000 airdrop for X-nodes and $50k in minting bonuses!”

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According to the report, VeUSD will be launched on 14th March 2022. To celebrate the much-awaited launch, VeChain Foundation is preparing giveaway events and a $500,000 in VeUSD airdrop for X-nodes.

Read Also: VeChain Awarded the Status of ‘High and New Technology Enterprise’ by Three Shanghai Government Bodies

VeChain Foundation tweeted, “We are excited to unveil the launch date of VeChain’s first stablecoin, VeUSD! To celebrate, we’ve planned some special events for the community, including a $500,000 airdrop for X-nodes and $50k in minting bonuses!”

We are excited to unveil the launch date of #VeChain's first #stablecoin, $VeUSD!

To celebrate, we've planned some special events for the community, including a $500,000 airdrop for X-nodes and $50k in minting bonuses!https://t.co/v2B55egPJ6#DeFi #Web3 #Blockchain $VET $VTHO pic.twitter.com/SGBNynrcXt

— VeChain Foundation (@vechainofficial) March 9, 2022

In January, it was announced that VeChain’s first stablecoin, VeUSD, was in development. It’s a good thing to hear that the stablecoin is now ready to be launched into the market.

According to a blog post on CoinMarketCap, the public minting portal for VeUSD will go live and be fully accessible to all users via prime.stably.io, representing a new era for the VeChainThor blockchain.

The blog post read in part as follows:

“The launch of VeUSD marks a special moment for us, helping kickstart new objectives for the year and enhancing our capabilities in the enterprise, sustainability, carbon and financial fields. As a versatile layer one public blockchain, we envisage many exciting use case scenarios to come based on client requests. Its addition also serves to boost the scope of functionality for our growing NFT and DeFi ecosystems.”

$50,000 Community Bonus Mint Event

To celebrate the launch of VeUSD, the VeChain Foundation is giving away $50,000 in bonuses to community members who mint VeUSD between 14th March 2022 at 00:00 UTC+0 to 20th March 2022 at 1:59 UTC+0 and meet the following criteria:

Speed:

• VeUSD Quick Draw: The first 100 wallets to mint and deposit $50+ to their VeChainThor address will receive a $25 bonus

Community:

• VeUSD Minter: The first 1000 wallets to mint $50+ VeUSD and send to their VeChainThor addresses will get a $10 bonus

• VeUSD Trailblazer: The first 500 wallets to mint $100+ and send to their VeChainThor addresses will receive a $20 bonus (does not stack with the VeUSD minter bonus)

• VeUSD Pioneer: The first 100 wallets to mint $500 and send to their VeChainThor addresses will receive a $125 bonus (does not stack with VeUSD minter, VeUSD trailblazer bonuses)

• VeUSD Whale: The first 25 wallets to mint $1000+ and send to their VeChainThor addresses will receive a $300 bonus (does not stack with the VeUSD Minter, VeUSD Trailblazer, VeUSD Pioneer bonus)

Miscellaneous:

• VeUSD Megalodon: The 10 addresses with the highest volume of VeUSD minted will receive a $250 bonus

• Eco/X-Node: All X-Nodes & Economic nodes that participate in the event will split a pot of $5,000 VeUSD equally. The individual VeUSD bonus received depends on the total number of participating nodes

Read Also: Grayscale Investments Confirms Consideration of New Products in VeChain, IOTA, EOS

$500,000 Airdrop to X-nodes

According to the report, $500,000 in VeUSD will be airdropped to X-nodes in addition to the community minting event.

The report added that a snapshot of all X-nodes will be taken on 14th March at 00:00 UTC+0. The report says the airdrop is certain for all X-nodes.

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