Audit Date: 27 September 2022
ECOSYSTEM SCORE
27 September 2022
75
ALERTS
No Alerts
REVIEW NOTES
Jul 06, 2022

PERFORMANCE score has been increased due to addition of uptime

Jul 06, 2022

DOCUMENTATION score increased due to addition of skeletion code item

Jun 22, 2022

FOUNDATIONAL TOOLS score decreased due to addition of new SDKS ie., Unity SDK

PERFORMANCE
Empty container
100
NODES

101 nodes

WRITE SPEED

-10,000,000,000 ms

READ SPEED

1,325 ms

GAS FEES

42,773

UP TIME

100%

PERFORMANCE MATRIX VALUE MONITORED AT
Read Speed 1,325 ms
Uptime Percentage 100%
Node Count 101 nodes
Reddit Total Members Online 751 members
Reddit Total Members 221,000 members
Discord Total Subscribers Online 992 subscribers
Discord Total Subscribers 8,578 subscribers
Telegram Err 0 err
Telegram Ppm 0 ppm
Telegram Views Per Post 0 views
Telegram Total Subscribers Online 1,276 subscribers
Telegram Total Subscribers 31,040 subscribers
Gas Fee 42,773
Write Speed -10,000,000,000 ms
FOUNDATION TOOLS
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68
ESSENTIAL TOOLS
PROGRAMMING LANGUAGE SUPPORT
SDKs
DOCUMENTATION
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100
API DOCUMENTATION

Exists

100
NODE SETUP

Exists

100
SKELETON CODE

Exists

100
VALIDATOR NODES

Exists

100
GRANT PROGRAM
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50
AVAILABLE GRANT

1,000,000

ADD-ONS
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73
THIRD PARTY SERVICES
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67
PROTOCOL SUPPORT
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40
ADOPTION
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100
DEVELOPERS

891

REPOSITORIES

55

COMMUNITY
Empty container
100

Overview

Though open-source blockchain protocols facilitate the development of enterprise-grade solutions but to some extent, their characteristics and elements correspond to the concept of centralization. Vechain addresses these limitations and promotes true decentralization by applying the tribology of business consensus, consensus-technical consensus and governance consensus.

Big brands like Walmart and BMW use VeChain to track, authenticate and manage their supply chains. VeChain encourages businesses to migrate their business network to a distributed network like VeChain as it will help businesses understand their processes and supply system better. VeChain ecosystem provides essential tools and resources, enabling them to build blockchain solutions for their processes.

About VeChain

VeChain is an enterprise-grade blockchain that aims to improve supply chain management and automate the system processes. Built on top of the public blockchain VechainThor, VeChain, aims to solve real-world economic problems by enabling businesses to improve their supply chain operations and build decentralized applications that are transparent and more secure.

VeChain was founded on the Ethereum blockchain and later launched its own ecosystem, the VeChainThor blockchain. Compared to other smart contract-capable blockchains, VeChainThor is more efficient and uses less energy due to its master node-based consensus.

How does VeChain function?

  • VeChain employs the PoA (proof of authority) consensus model to enable high-speed and secure transactions. The platform is supported by a network of 101 authorized Masternode operators.
  • Masternode operators must verify their identity through qualifying KYC steps. They are responsible for carrying out smart contract operations, validating data, and adhering to VeChain's governance policy.
  • Authority master node operators adhere to the VeChain ecosystem's unique governance policy and seek ways to expand the ecosystem. With PoA, the platform addresses common blockchain issues such as inefficient upgrades and energy waste
  • Built-in smart contracts manage the network's activities. Hard forks are to be avoided if the authority master node is not upgraded.

Key Features

Dual-token economy

The VeChain ecosystem uses a dual-token economy: VeChain Token (VET) and VeChainThor energy tokens (VTHO). Both of these tokens work together to power VeChain's economic infrastructure. Like any other native token, the VET token serves as a medium of exchange, whereas the VTHO token is used to fuel or pay for transactions. VeChain's dual-token economy helps to eliminate the native token's extreme volatility.

Fee-delegation protocol

DApp users are required to endure the volatility of the crypto market and are exposed to potentially variable transaction costs, and this restricts the widespread adoption of dApps. As an analogy, imagine Amazon users being asked to pay for computational resources every time they place an order on Amazon.

VeChain's fee-delegation schemes, such as Multi-party Payment and Designated Gas Payer, enable a freemium model within a decentralized application and facilitate users' onboarding without friction. With a fee-delegation setup, users gain access to the benefits of public blockchain as an infrastructure layer while avoiding the many execution-related costs.

TurnKey Software

VeChain provides a comprehensive suite of turnkey software and hardware solutions to assist businesses in launching their projects at a low cost.

Energy Efficient

The VeChain ecosystem requires low computation power to achieve consensus integrity and network security.

Consensus Mechanism

The VeChain protocol is based on the proof-of-authority consensus, wherein the protocol is managed by Authority Masternode Operators who have a vested interest in developing the VeChain ecosystem. The operators follow the Foundation's governance policy, curated and managed by the Vechain Steering Committee. PoA addresses the common enterprise concerns of inefficient upgrades and energy waste.

Use Cases

Psycho Beasts

Psycho Beasts, a 5,000 NFT PFP collection, is a part of a metaverse expansion built to instill scarcity and utility. There are over 190 randomly generated traits to enjoy.

Safe Exchange

Cross-chain bridge for atomic transfers of digital assets between blockchains. Ethereum, Polygon, VeChain, and Binance smart chains are currently supported.

Doppelgänger

An NFT marketplace built on VeChain that features 40 hand-drawn NFTs that combine traditional painting techniques with the digital world.

SHREDDERZ

Virtual Flame Studios created this collection of 6,000 NFTs. The platform allows users o build their own crew for shredding the staking pool. Every staked SHREDDERZ earns $WOV every day for 365 days.

Founders

  • Sunny LU, CEO VeChain Foundation
  • Antonio Senatore, CTO VeChain Foundation