VeChain Rolls Out Major New Financial Subsidy Programs to Boost Decentralized Application Development

SINGAPORE, July 17, 2019 /PRNewswire/ -- As the global leading enterprise-level public Blockchain, VeChain has been working relentlessly to promote the mass commercial adoption of Blockchain technology, which has yielded fruitful results. Since its mainnet launch, the public blockchain had witnessed an increasing number of Global Fortune 2000 enterprises from various industries such as Logistics, Supply Chain Management, Food and Beverage, FMCG, Healthcare, and more, on-boarded onto the VeChainThor Blockchain Mainnet, such as Walmart, BMW, PICC, BrightCode, Italian wine community. The number of economic transactions being conducted on VeChainThor Blockchain is increasing exponentially daily, hitting new record highs every other day.  It reached a new all-time-high daily transaction volume of over 1.1million on July 16^th 2019, making it one of the highest, if not the highest daily transaction count on a pay-to-use premium public blockchain. 

In order to transaction on the VeChainThor Blockchain, VTHO, the gas of the blockchain is required to be used.  Although it had been proven that the value creation of using VeChain's technology has surpassed the economic cost of adopting this new technology substantially for VeChain's partners and clients, the economic cost of paying for transactions via VTHO on VeChainThor Blockchain might be a financial hurdle to overcome for early startup or individual developers.

To provide individual developers and early startup projects more opportunities to start developing applications on VeChainThor Blockchain, the VeChain Foundation has decided to take the initiative to launch the VTHO Subsidy Program.

The VTHO Subsidy Program is active from July 22 to October 22, 2019. Over the next three months, the Foundation subsidizes all developers who run applications on the VeChainThor blockchain 50% of the total VTHO consumed via their applications' transactions. The Foundation reviews and announces the subsidy on a bi-weekly basis in the VeChainWorld forum (www.vechainworld.io). Please find the detailed rules can in the bounty post on the VeChainWorld forum.

In addition to VTHO subsidy, VeChain Foundation has updated the VeChainThor Supercharger program, through which developers with fee delegation-enabled applications, empowered by both VIP 191 and Multi-party Payment, are eligible to apply for this one-time unique bounty program. When accepted, the Foundation allocates 3million VTHO on a dedicated sponsor address for the application, aiming to encourage ecosystem projects to leverage the features for smooth user experience while boosting user onboarding.

As the first pioneer in the world of public Blockchains to implement native fee delegation at a protocol level before any other projects, VeChain considers it a feature of critical importance to enable seamless mass adoption of Blockchain-based solutions. In its enterprise use cases, applications cannot perform without it.

Apply for the VeChainThor Supercharger bounty via the online form and the program administration team will contact you to set up the sponsor address. Find the bounty post in the VeChainWorld forum.

VeChain has always put developers first and center, the introduction of the new bounties are just the latest examples of the broader efforts that VeChain has made to bolster dApp development. Over the past years, VeChain has launched several Accelerator and Bounty Programs, such as VeChain Application Development Challenge, Security Bug Bounty - VeChainThor Blockchain, and Security Bug Bounty - VeChainThor Wallet.

VeChain is looking forward to working with the brilliant developers from across the world to further the adoption of VeChainThor Blockchain.

About VeChain

Launched in 2015, VeChain aims to connect blockchain technology to the real world by providing a comprehensive governance structure, a robust economic model, and IoT integration. VeChain is the pioneer of real-world applications using public blockchain technology, with international operations in Singapore, Luxembourg, Tokyo, Shanghai, Paris, Hong Kong, and San Francisco.
Together with our strategic partners PwC and DNV GL, we have established cooperative relations with many leading enterprises in different industries, including Walmart China, BMW, BYD Auto,
Haier, Brightfood Group, D.I.G, DB Schenker, and PICC.
For more information about VeChain, please follow our twitter @vechainofficial, visit our official website https://www.vechain.org/ or contact [email protected]. 

SOURCE VeChain