FengChakai, Chief Operating Officer of VeChain, is a “public chain platform built for the large-scale application of enterprises”.

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Feng Chakai, Chief Operating Officer of VeChain, gave a speech on the theme of "Only Chain - A Public Chain Platform for Large-Scale Application Building".

(VeChain Chief Operating Officer Feng Yikai)

The following is a speech record:

Hello everyone, I am Feng Yikai of VeChain. Today I am mainly talking about three things. First, why is it appropriate for a company to have a suitable new public chain; second, we are applying some existing agreements and solutions. The problem faced by the program; the third is how to solve these problems through VeChain.

In the past two years, the blockchain industry has received a lot of attention. The term “blockchain” has become a hot topic for enterprises, VCs and many financial institutions, and I think that in the next two to three years, the block will be The chain industry will be a crucial period, and some important changes will occur, including regulation, laws and regulations, and the formulation of industry standards. People hope to see the blockchain industry become more commercialized and industrialized, and more applications. In the business model of the enterprise.

We have established partnerships with enterprise users in some application cases and hope to truly implement this business environment. We believe that the biggest obstacle to the current blockchain is not technical issues, but how to generate real value through practical applications to help enterprises truly apply blockchain technology. We have been a blockchain solution provider since 2015, working with many international companies and having a large number of users. It also provides multiple interfaces from infrastructure to smart contracts. The VeChain project was launched in June 2015. Now we have four branches in Japan, China, Singapore and France, with more than 80 team members, and more than half of them are engineers. And some large international companies can use VeChain's blockchain solutions in many industries, such as luxury goods, alcohol, automotive, retail, video security, cold chain logistics and carbon storage.

VeChain is the partner of DNV GL digital conversion project. It is the only blockchain project of Shanghai's important commodity tracking system. It is the only technical partner of Gui'an new field government affairs platform and the first high-tech incubator project of PwC. It is the world's top ten blockchain solution provider announced by Capital Market's CIO magazine.

In the work and development process, we are exploring the implementation of related solutions through the public chain, because it is free and rapid. So we decided to establish such a public chain.

The team members of the VeChain project are experienced experts from different industries. VeChain has collaborated with BMW on automotive certification and has collaborated with world-renowned universities such as Oxford on privacy and algorithmic research projects.

Let me talk about the large-scale adoption of public-owned chains by companies. We have helped a lot in building experience with blockchain solutions for global customers, and we understand why many companies are still avoiding or reluctant to take advantage of them. Public chains carry out related business activities. Based on the recommendations of our strategic partners such as PwC and DNV GL, we have shaped the VeChainThor blockchain to achieve a balance between decentralization and centralization.

The first is that our management structure has proved that complete decentralization is not efficient enough. In addition, we not only use such a relatively centralized management mechanism, but also establish multiple node mechanisms. Through the power of the community, if we encounter related problems, our The work research team will get different proposals from the community and filter out the best one or two solutions, publish them to the entire community for voting, and use the VeChain token to reward them. Decentralization combines ways to improve business processing speed and achieve a balance between centralized and decentralized mechanisms.

Economic model: The transaction costs on the existing public blockchain are very unstable. Transaction costs are often increased significantly during congestion. For enterprise users, they need a healthy economic model to obtain stable transaction costs. VeChain Token (VET) designs digital computing models and price models, obtains corresponding products and services through payment VET, and detects the block generation by 101 official nodes in the world through the PoA consensus protocol, and uses intelligent algorithms to its mode and identity. Verification, providing an off-site solution through the combination of the Internet of Things and blockchain, identity and data certification through KYC and smart contracts to comply with and comply with legal regulatory requirements.

We hope to establish a distributed, transparent and fair business ecosystem through management models and economic models such as VeChain, increase the transparency and trust of information between the participating parties, contribute their respective values ​​to the commercial ecological environment and receive corresponding compensation. To achieve high-speed circulation of value and further expand the commercial closed loop of VeChain. It is expected that the 3.0 version of VeChain will be officially launched in the second quarter of this year.