All voters use their "voting authority" to have a voice in decisions about technical modifications to the blockchain and to elect VeChain's "Steering Committee." This is what Lu calls "the centralized part," which is the seven-seat governing body of the VeChain Foundation and its blockchain.
Likewise, Danny van de Griend, CEO of MustangChain, a startup which intends to use VeChain's technology to create a more transparent equine industry with better data accessibility, agrees.
Grottola added that this makes it easy for DNV GL to develop supply chain-specific solutions.
While it marks the creation of the genesis block and the start of the generation of VeThor tokens, the blockchain won't be fully functional for some time. Before the technology can be truly live, VeChain must migrate its tokens from the ethereum blockchain to its mainnet, a process scheduled for July.
Other partners are optimistic, too. Kurt Connolly, senior vice president of business development at sports and gambling platform Decent.Bet, which plans to use VeChain's technology, said the company thinks the odds of a successful launch are in VeChain's favor.
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