VeChain Technical AMA — Software Questions Part 1

Thank you for submitting your questions! VeChain Chief Technology Officer, Gu Jianliang, has taken the time to answer your questions throughout Chinese New Year and is excited to see the curiosity and dedication shown by the community.

Given the abundance of questions and length of Gu’s answers, we will be breaking this AMA into multiple parts. The order the AMA will be released is as follows:

  1. Hardware related questions (Part 1 | Part 2)
  2. Software related questions (Part 1 | Part 2)
  3. Business related questions
  4. Addressing the concerns of the community on perceived competitors and so-called competing projects.

Here are the Part 1 and Part 2 of Hardware Questions and Answers.

Q1:Will you be quantum proofing the mainnet or exploring options to do this in the near future?

A1: We will continue with our existing opportunities working together with well-known universities in the study of quantum safe cryptography. Dr. Zhou Ziheng, VeChain’s Chief Scientist, is currently in charge of all the research collaborations and this is being explored.

Q2: When you claim VeChain is not a one size fits all solution, and you have the ability to customise to customers’ needs, can we understand which ERP systems you have created integration before — — SAP / Oracle / IBM?

A2: VeChain will launch the VeChain Thor blockchain, a public blockchain, this June. You can either use the low-level APIs to access smart contracts or use the BaaS APIs we provide to directly interface with your own systems. Users can choose either service according to their needs. Having such flexibility enables us to cater to any business process or industry looking to use a blockchain solution without disrupting their current business model.

Q3: Will there be a developers kit or portal and what programming languages might initially be supported for 3rd party development?

A3: Yes, there will be developer kits released for the VeChain Thor blockchain. For developing smart contracts, we will initially support the Ethereum Solidity as the programming language.

Q4: “In a previous AMA, it was stated that VeChain’s wallet does not intend to natively implement pooling? functionality, but that it could be left up the community to build a solution.

Assuming a completely safe and trust-free pooling solution is possible and created, what would stop virtually all VET holders from pooling to reach Mjolnir tier (or even to join one of the 101 Authority nodes, if the Authority nodes are able to accept VET and share benefits with poolers)? And if everyone can reach the Mjolnir node, will the reward pool not be spread much thinner than calculated in the node announcement blog?

This would decrease the incentive for anyone to want to hold their own Strength or Thunder node. And it also might decrease incentive to hold VET even to be in the Mjolnir tier (either by one’s self or by pooling), because the reward will be so small as it would basically be shared among all VET holders.

What is stopping this from becoming the case, and how does it affect your vision of the VET ecosystem, which predicted certain numbers of each node per tier?”

A4: We do not natively support the so-called pooling function. In order to receive the additional bonus from the reward pool, you would have to deposit your VETs in the Thor Power Forge. There may be opportunity to introduce such system as a DApp as long as it upholds to the governance model. The reward will kick in once the maturity period is met. In addition, for authority node, a strict KYC verification and requirements processes will be conducted to confirm the identity and viability of the node holder within the ecosystem.

Q5: With the fairly small number of authority nodes, what additional steps are taken to defend against a 51% attack?

A5: VeChain uses the PoA consensus. Every authority node must be strictly KYC’ed and agrees to contribute to the stability, security and efficiency of the VeChain Thor blockchain.

The members of the authority node come from different roles in different industries, each of which has a billing node. The node will receive Thor Power’s reward for the block after it finishes accounting

PoA’s accounting method is that all of the authority nodes are randomly ordered in an out-of-order manner. Who charges each block is random, but it is also a consensus, so the ability to control 51% of the nodes with PoW is different, there is no way to predict accounting nodes in advance to control the network.

The selected PoA nodes will have to uphold rigorous testing and security practices as well as contribute an extensive amount of resources to the network. The task of overcoming such obstacles will be incredibly daunting and designed to be as random as possible to avoid premeditated attacks.

Q6: There are projects claiming that their blockchain is able to reach up to 1.000.000 transactions per second. From VeChain it is known that the current chain is able to handle 10,000 transactions per second. Is it possible to kind of upgrade the blockchain in order to increase the capacity?

A6: Our research team has been working on solutions for the scalability of VeChain. Moreover, we have set up joint research projects with universities to tackle this problem on top of our own solutions. The continuous growth of VeChain Thor is not taken lightly and will always be among our top priorities.

Q7: What will be the coding language for the smart contracts?

A7: The VeChain Thor blockchain currently supports Solidity as the programming language for developing smart contracts.

Q8: Could you elaborate on how the migration toward the new blockchain will be processed?

A8: There are a few ways for migration. Regarding VETs, the migration can be conducted via exchanges. Other ways will be announced closer to mainnet.

Q9: Which language (RUST, Solidity…) will be available to develop Dapps? Which technology will be used to achieve 10,000 TPS? And thanks for this AMA.

A9: The VeChain Thor blockchain supports Solidity as the programming language for developing smart contracts.

The VeCain Thor blockchain can achieve 10,000 tps with no difficulty. The foundation can adjust its performance based on the current blockchain usage.

Moreover, we have been developing cross-chain solutions for the problems of scalability and security to future proof the solution.

Q10: Assuming the data from tracking isn’t available for the general public to see, how do you go about protecting your clients’ sensitive data when it’s stored on the blockchain?

A10: It is the hash values that are stored on the blockchain. Only authorized users can access the raw data from the corresponding hash values.

Written by

The VeChain Foundation is a non - profit entity established in Singapore.

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store