On March 27, VeChain Foundation released its 10th Foundation Financial Executive Report, covering the period from November 2019 to January 2020.
VeChain releasing this report is in line with the foundation’s objective of promoting accountable communication. It also encapsulates their achievement in creating tangible economic value in the Blockchain industry.
Milestones achieved by VeChain
The foundation highlighted several milestones achieved during this period. They include:
- Approval of an upgraded VeChain Foundation Governance Charter: The Steering Committee of the foundation approved this charter. It represents a giant stride towards the decentralization of public blockchain. It is set to have the capability to scale, and also comply with regulators and governments to meet the needs of large firms.
- Launch of VeChain Whitepaper 2.0: This went live to reveal detailed insights of the foundation’s plan and benchmarks of their achievements.
With the aim of maximizing the efficacy of blockchain technology, VeChain has successfully moved past its first significant stage of adopting it. Further, preparations are on for the next stage that aimed to achieve business consensus.
Notably, VeChain Foundation has always shown a commitment to transparency and accountability. Therefore, it urged the community to trust them with reports regarding the usage and rigorous monitoring of their funds. It also pledged to oversee the growth process of every other aspect within the foundation.
The structure of the report
The report contains vital information like the supply overview of VET tokens, VeChain Foundation’s use of proceeds, among other notes.
The VET overview provides information on the total supply of the tokens carried out on the VeChainThor blockchain. Besides, the report shows that at the end of January 2020, about 49.1% of the VET total supply is free for trading in the open market.
The VeChain Foundation expenditure part of the report summarizes the USD value of the expenditure in fiat or BTC/ETH during the reporting period.
The notes in the report were subdivided into six parts. Each gave information regarding different aspects of the foundation.
- Enterprise investor pool
- Co-founders and development team
- Operation, technological research, and development
- Business development
- Compliance & legal
- Ecosystem development
Last year, we covered VeChain introducing their governance model for better transparency. They also recently entered into important partnerships with OceanEx and Bitrue.