Im done with WTC im on that VEN time

AMA

Q1: Will there be an economic/technical whitepaper?

Due to the massive amount of development that we are experiencing from governance, economic model, technology, and the strategic provisioning of VeChain, we will be rewriting our whitepaper. Our new version of the whitepaper will be part of the rebranding process and will be announced sometime during the rebrand period in the coming couple months.

Q2: The current version of VeChain is running on a fork of Ethereum. What is the approximate launch date of VeChain’s mainnet?

That will be Q2 2018. We will have internal testing, public testing, and official launches. Stay tuned for the official releases.

Q3: Please elaborate on VET and Thor transaction speed. How will it compare to other coins? How about the scalability?

Our technical team is one of the best in Asia, or even the world. We have around 40 developers, and that number is still climbing. We have big and long-term plans for VeChain, but we like to go step-by-step in development. Based on the results from our R&D team, the capabilities of our blockchain can achieve up to 10,000 tps. However, when we launch it, we will keep the speed at 50 tps and this will eventually be upgraded when our ecosystem grows with more users and there is more demand from applications.

The technical index, like TPS, should be a support to use cases, rather than the goal. Our methodology is a little bit different. We want use cases to guide products, and products to guide technology; not the other way around.

Q4: 101 Authority Nodes are playing a major part in securing the PoA-network of VeChain. Are the economic nodes also working to secure the network in the sense that each node is a part of the network and signing transactions?

The answer is no. Economic nodes do not. Due to the nature of our foundation governance, we are trying to find a balance between decentralization and centralization. We want to build up a VeChain community with that balance, so that no holders are committed to the foundation or the community with their tokens in the long run. We also want to award the holding of tokens with Thor Power rewards and the ability to cast votes when a vote is called by the steering committee of the VeChain foundation. So in a way, no holders are the true _____ of the VeChain ecosystem. We encourage all stakeholders to become node holders to contribute to the community in different ways.

Q5: Vechain has a great anti-counterfeit system but what is VeChain doing to ensure that their own product isn’t counterfeited? What’s stopping someone from taking a NFC chip from one product and placing it on another? What’s stopping someone from taking a QR code from one product and sticking it onto another one?

There are multiple innovative ways in IoT and industrial design to go about this. For example, the tags can be made to be part of the product (one of our luxury use-cases is doing this). We integrate the tag directly into the product, so damaging the tag would mean damaging the product itself. Another case is that we use the chipset as a sticker that is bound to the cap of a wine bottle. When the bottle is opened the chip is damaged so that it cannot be refilled.

Q6: What language will be used to write smart contracts on the VeChain blockchain?

We are using Solidity, like Ethereum. Also, our R&D team is not limited to that only. We are evaluating ways to build more efficient virtual machines and support more languages, like Rust, in the future.

Q7: How secure will VeChain’s own wallet be? Is it vulnerable to hacks?

Security is the first priority for sure. We will try our best make the wallet properly encrypted and secure. We are mindful of all of the known vulnerabilities out in the market. We would like to make our wallet more user-friendly, but users are still responsible for protecting their private keys themselves.

Q8: Will the value of Thor Power be fixed? What is the price prediction for Thor Power? Is there a certain ratio between VET and Thor Power?

The answer is no. Thor Power is not fixed. The price of Thor Power will depend on the market. It won’t have ratio pegged to VET.

Q9: Will there be a token swap for the current ERC20 VET/VEN token to the VET token used on VeChain’s own mainnet?

Yes. This will happen when the mainnet launches in Q2 2018. We will release full instructions for users on how to do it. So do not worry about that. Most will be automatic, and you will have ample time given in advance to do so.

Q10: What is the method to keep the price of Thor Power stable? What is the value or function of VET for users and VeChain’s clients?

We do not determine the fiat price for Thor Power. The foundation and the community together will have multiple different ways to tune the cost for smart contracts and payments. We will release more details in the future. The general idea is “free to start, but pay for the value.”

Q11: What is the circulation cap of Thor Power?

We don’t have a maximum cap for Thor Power. However, we do have a significant burn rate for Thor Power tokens to be consumed. 30% of Thor Power tokens will be burned when they are spent. These are in payment transactions or smart contract transactions.

There is a discrepancy between what Sunny says here and the Apothesis Part II Medium Article. The article states that 70% of the tx fees will get burned, and 30% will be used as rewards for Thrudheim nodes. Hopefully we can get that cleared up

Q12: Will there be a staking pool system in place for multiple people to invest in a node with percentage based payouts?

We do not have this yet. However, this could be a Dapp on our VeChain Thor platform. We encourage the community to do things like this that benefits the community and ecosystem, with Incentives!

Q13: Will Thor Power be distributed if VET is kept on Binance?

Yes, we will need to work that out with Binance. In fact, we will need to work with all of the exchanges on this. So please stay tuned for more details.

Q14: Regarding the wallets with over a million VET tokens, how do you check that those wallets do not divide into multiple wallets to avoid the check?

Unfortunately, if the wallets with many million VET tokens actually bother to take the time to divide them into multiple wallets, we have no way of confirming that.

Q15: Regarding VeChain’s own wallet, will there be a light wallet available? What OS will be supported? Can you explain more about the Thor Power Forge function which is built into the VeChain wallet?

Yes, we will a light version of the wallet in Android and iOS for sure. Even mini-apps, like inside WeChat. We will also have a web-based wallet for any kind of OS, anything user friendly. A hardware wallet is even in the roadmap, but most likely for IoT use-cases. Our wallet be more than just a wallet – it will include other functionality like scanning products, ownership management, etc. Stay tuned for the official release, I’m sure you will be amazed at what we are going to do with the wallet!

Q16: Can Thor Power be purchased or is it acquired by staking only? Do we expect enterprises to run their own nodes generate Thor Power or will they purchase Thor Power via exchanges or other methods?

Besides staking and acquiring Thor Power tokens, we have envisioned other ways for anyone to receive Thor Power tokens to use, whether it’s enterprise users or individual users. I’m sure there will be very innovative ways to do so. For example, a VET landing ___ needed could be out of the box to sync. We will encourage creative projects and Dapps for that on VeChain’s Thor blockchain from the community. So join us to do something interesting together.

Q17: Why is there a need for such huge incentive for the 101 Authority Nodes?

There were many numbers and formulas about this which you can find in the latest economic release. Firstly, the numbers there assume the network is running at full capacity, which is not likely in the early stage. Secondly, the Authority Node holders are paramount to the security of the blockchain ledger, and usually they will be influential organizations or individuals who have the most contributions to the community or the ecosystem. They are supposed to get more incentive to run smart contracts and applications on VeChain’s Thor blockchain. You do more, you get more pay.

Q18: In the release, it was hinted that Thor’s Futures and lending service might be in development for THO to be used on. Could you enlighten me on plans for THO that fall outside of powering transactions?

There will be a variety of tools which will be developed by enterprises and/or community members to strengthen the functionalities of the VeChain Thor ecosystem. VeChain is not just about tracking luxury goods, supply chain management, and even some applications in the automobile industry. We are very good at that, but VeChain Thor is an ecosystem platform filled with enterprise applications developed and used by brand names, entities, even governments or NGOs. There will be tools which will bring us into the realm of supply chain management, financial services, payments, data exchange, and other functionalities. The more tools we have, the more well rounded our ecosystem will be. VeChain is a platform.

Q19: What’s the difference between VeChain’s two coin system – VET/Thor Power – and NEO/GAS?

We are doing something different for sure. You guys can read the economic model we recently released for detailed differences. In summary, VeChain’s system encourages future organizations, or companies, or individuals to become VET nodes to invest for ongoing smart contracts running and minimize the risk of unpredictable daily costs.

Q20: What is the world vision of VeChain? Where do you set it in 5 years, 10, or 20 from now?

I like to do this for 100 years, it’s a very good and important question. A lot of people are still confused about what VeChain is, and I don’t blame them. Our rebranding process is not done yet. You will see at the end of the rebranding process, which will come to a finish at the end of February. There are many events, including the Singapore one, London, and the other announcements to formalize a final big picture.

But here today, I can give you a general vision for VeChain for the next 5 years for now. VeChain Thor will be doing something that the crypto world has lacked for awhile. We want to upset the industry standard for blockchain projects. We are a smart contract platform with a high standard of Dapps, ICO projects, applications, and tools designed and led by branded and reputable enterprises. Imagine a Dapp platform with thousands of Dapps and ICO projects lead by or designed by Fortune 500 companies. We are providing the tools and platform to those reputable companies to innovate or renovate themselves. For example, our partners DNV GL. VeChain will act as a bridge between the traditional world and the new crypto world. For example, DNV GL is launching a global digital transformation on VeChain right now, and you will see more and more new services and new value delivered to customers coming from that in the near future.

I’m going to Europe very soon, in a couple days. I’m going to give a speech in an internal meeting at DNV GL. I’m sure you are going to see more details later on. I’m pretty excited about that actuall!

Q21: What was the purpose of the ATM testing? If VET is supposed to be enterprise focused, how does the focus on enterprise fit with making the purchase of VET available to the general public via the ATMs?

VET is not only enterprise focused. This is a very interesting collaboration between VeChain and BitOcean, who was just rewarded by the Japanese Government the first license of crypto-ATMs. Firstly, like I said, VET is not only enterprise focused. VeChain Thor is a platform, which gives enterprises a way to innovate and connect to the crypto world. But a lot of the customers are not only the enterprises, but also consumers. We are a platform for ecosystems with new business models, which in most cases, consumers are a big part. Secondly, with fiat-VET pairing, we will be able to provide another alternative to trade; to be more user-friendly with online exchanges and offline ATMs. Besides, this is always a way to legitimize VET and the VeChain storage network in Japan. Japan is the world’s third largest economy, and there are very many reputable enterprises that would love to be part of the VeChain ecosystem in the future, so why not? I think it’s a great way to open up the market in Japan. Luckily, we have a very good partnership with BitOcean, and I’m really expecting more. We actually just setup the office in Tokyo with BitOcean together. And I already see some projects in the pipelines, so let’s expect more in the future.

Q22: What is the role of Jerome Grilleres, your GM in Europe?

Haha, that’s a very easy one. GM means General Manager. He is in charge of all of the VeChain operations in Europe, including partnerships. You are welcome to contact him for future partnerships in Europe. He is staying in Paris, actually we are in a very nice and very beautiful incubation office by ??? Remember that we have budget allocated for valuable projects on VeChain Thor, so contact Jerome for details. Either you can pay a visit to the VeChain office in Paris, or we can setup some other meeting in some other country in Europe. It’s not very difficult to travel.

Q23: You have mentioned 2017 is tough, once in the ******** chat, the other on your Twitter. Can you share with us what is tough, and how do you overcome the difficulties?

Well, being a startup is never easy. The most challenging part for me, and my team, is finding the balance between work and life everyday including the weekends and holidays. But the good thing is that everyone is really excited about the progress and milestones we have achieved by devoting ourselves to this project. The trick is to work not only as a team, but more as a family.

Q24: Have you considered partnering with other companies or even developing your own sensors to detect temperature, moisture, pressure, etc.?

Firstly, we have our own IoT team in house for chip design, and most importantly security. Secondly, we already partnering with the top IoT hardware companies in the world. Plus, I just got the news recently from my team that we have been working on partnerships with the largest RFID chip producer and the top two NFC chip producers in the world, which are almost confirmed. But please wait for the official release for that. Also, we are open to any valuable partnerships for the community and ecosystem.

Q25: Will there be a joint press event with both VeChain and Chinese Government representatives on your smart city project?

Yes, there will be, and it is dependent on the progress of the project delivery. You can expect that very soon.

Q26: Will there be a European VeChain project? Or are you mostly focused on China?

There are certainly in existence already like a French luxury company, automobile player in France – Renault. We are also working with some other projects in Germany as well. Aside from the ones under NDAs, we are not able to say too much. But, like I just mentioned, we have an office in Paris. Our European GM Jerome is running the operations over there. We are also building up the teams over there. We are expanding rapidly in Europe. You can check out some of the articles and reports, even the YouTube links that are available to the public already.

Q27: I know about the awesome things that you doing in the B2B world, but I’m also curious about your O2O and B2C plans as well.

The answer is very simple, we are positioned to be a platform which offers not only enterprise company solutions for the consumers, but also why not to the consumers directly? I don’t think anyone can build up an ecosystem like what we are trying to build without being mindful about both the business users and consumers.

Q28: Any comments regarding the BMW partnership rumor?

Like I said, we have many projects ongoing, but some are protected by NDA so now comments on this. Thank you for understanding that.

Q29: Did the major exchange get postponed due to the politics of the US SEC and the Korean Government?

What I can say is that, I have signed a couple of listing agreements and NDAs in the past few weeks, so I would rather not comment on this.

Wrap UP:

I have noticed that there are some questions in the chat about our new announcement about our partnership with a local company called Healthcare Co. Ltd, AKA Mlily. I’m really excited about this. Mlily was founded in 2008 in China, and they got listed in the Chinese Stock Market Mainboard, be careful it’s a Mainboard, in 2016. We will provide the traceability solutions and some other supply chain solutions based on VeChain blockchain for their products and their consumers. We are talking about roughly 20 million products every year in the management scope. The best part for this project is that Mlily has a global partnership with Manchester United, so maybe later on I can ask Rooney to scan a smart pillow to verify it by VeChain’s app in person.

Only seen you and a few other older brahs post about ITC. It's like the majority of people these days wait for something to go 10x before they consider buying.

Antshares was .14 when 2017 started and about 90 today so that’s about a 60,000+% increase

why did vechain rebrand to vechain thor. normally its the opposite, and you rebrand from a stupid name to something simple.

What's the point? I would have to go on another random exchange, pay more transaction fees, to buy a coin that is going up in a market where (almost) everything is going up.

lol i think thats the reason theres losers in crypto, guys that only buy when its up 10x, no other way you can lose when it is such an insane bull market at the moment.

mirin proof of concept?

Quote below from xlm Reddit, wouldnt normally post but he has been almost spot on during xlm's moon mission:

Market: No pullback to $0.7 (cross) -> $0.77 (cross) -> $0.72 (pullback) -> $0.76 (rest) -> $0.805 -> ... -> $1 (max 3 days)

where is NEO and XRB?

So you think it's only good to buy something that's already been pumped? The way you make good returns is to get in before the moon missions take off, not after it's already gone 10x.

Edit: Are you really complaining about transaction fees in crypto? How much are you investing wtf. If you can get insane returns the fees don't mean chit.

Not sure what's so good about this concept. You can change lightbulb colors already with smartbulb/apps.

i dont think the journalist even know about them

it's not about changing the color of the lightbulb

I've heard that a million times boyo

problem is the thread moves 20 pages a day and they get lost if you don’t keep up, and sometimes can’t tell who is an older brah if we haven’t been here for too long

So you just completely put words in my mouth? Stop being a retard. There are plenty of recognizable things going up 20-30% a day already, it's obnoxious when people come back and go "wow I shilled this two days ago and no one listened, look at me, I'm such a genius in retrospect." It's a bull market. I don't want to sign up for my 8th exchange to get another shilled coin from this section. And regardless if my portfolio is one million or $10, I'm tired of paying fees. I've probably lost close to $500 from withdrawing XRB and ETH from Mercatox, transferring ETH/BTC to other exchanges, etc. That $500 could've been another $2000 in my portfolio. That's a two week vacation to another country.

And I'm sure my portfolio is larger than 90% of this thread's and I've been in crypto since September. I see no reason to publicly announce how much I have but ontop of my portfolio gains I make $200-600/day daytrading to add to my stack.

just misc all day at work like everyone else

I'm gonna just spread my Portfolio into at least 10-20 coins and Hodl for a good few months.

how do you guys think btc will do this year? on one hand i think itll keep rising because its the big boy in town and the recognisable name, but on the other it seems like theres a lot of coins that just do what it does better

How are you guys even use Cryptopia? I see alot of complaints on their forum about deposits and withdraws being held for days and no response from the admins.

It's better to have brahs throw in picks than shill the same chit that's been pumping for the past week on Binance. And I guarantee you wouldn't be complaining about those $500 fees if you got into XRB earlier. That's the whole point. Look for opportunities to get into these coins early rather than late. Do those fees mean jack chit if you were able to get a 30x on XRB?

Lol at ven saying mainnet will be our Q1 and then WTC says they are delayed h til q2 so ven does the same because they won’t have any code to copy

XRP moon mission in progress

I was raised in a lower middle class family. I work as a trauma ICU nurse making 60k a year. I don't care how much money I have in my portfolio, $20 is $20. $20 is a round of drinks for friends at the bar or a steak dinner. No reason to chase around randomly shilled coins on this thread, and, again, go onto another exchange. And if you have held ANYTHING on binance in the past week it has gone at least 50%. I also got into XRB at $1.50 and have been shilling it for the past month on these threads, but thanks for your smug condescension.

ive been thinking of diversifying into ven, already got some wtc

they seem to have better marketing then wtc, even saw roger ver shilling it

Smug condescension? LOL you srs brah? Good on you to get in early on XRB and shilling it. Hopefully there were other brahs in here that didn't have your current mentality and decided to follow your pick.

Asking me the size of my portfolio and acting like I'm an idiot because I don't want to get "insane gains" going into one of the 20 coins shilled on this thread isn't condescending? Okay brah. Any page on here has 3 people recommending an ICO, 5 people recommending a 10 sats coin that is the next big thing, etc. This guy is acting smug that he shilled IOT, a coin that has gone up the same percentage as maybe 200 other coins in the same time frame.

I also got into XBY, Viacoin (LUL), ZCL (LUL), KCS, RDD (meh), DBC, and multiple other coins recommended on this thread so your argument about my "current mentality" is completely retarded. And guess what? It's pretty much 50/50 if something dips/trades sideways or pumps---just like the market. So don't pretend like we should hop on every single coin recommended in this thread or we're idiots.

misc isnt that serious brah