Vechain recently announced its 6th Vechain Foundation financial Executive Report. The report itemized the progress made by the network in the past couple of months with an outlook to what it hopes to accomplish in through 2019.
In a blog post, the foundation stated that the report has been improved upon based on the recommendations of financial experts.
It stated that the Vechain community can count on the Foundation to maintain the highest standards of transparency and accountability by properly utilizing allocated funds.
According to the post, the VechainThor platform maintained its vibrancy and made a lot of progress in 2018. The report was structured in a way that elaborated on various activities of the network.
VET Supply Overview
The submission stated that the total supply on the VechainThor blockchain network was 86,712,634,466 as at January 31, 2019 while circulating supply was 60,231,133,910 which is equivalent to 69 percent of the total supply. There was 2 percent increase in the supply from the previous quarter.
The Foundation’s Use of Proceeds
Recorded in USD equivalent of the BTC or ETH spent, the foundation noted that there have been questions asked by partners and potential partners of the platform on the possibilities of making payments of goods and services using VET. Expenditures were based of fiat and BTC or ETH based on the preference of the associated partners. The payments were mainly for business and technological development of the platform.
Furthermore, the report noted that this is a period in which the price of the VET has dropped to its lowest since the 2017 hype but observed that it is also a period many investors consider appropriate for entry into the coin market.
Like other blockchain platforms Vechain knows the impact institutional investors could make on the ecosystem and attracted business partners who purchased 50 million VET. These strategic partners are mainly holding the coins long-term.
Reward to Team
Team reward comprised 627 million VET that was distributed to developers and other contributors. The foundation noted that the team size shrank due to the bear market compelling it to hire more skills among who are 11 fulltime employees from Europe and the US. The funds allocated to the team have been 100 percent locked.
The emphasis of the platform has always been the development of the ecosystem through the building and introduction of tools to facilitate application development on the network. The New Sync and Connex both built on the VechainThor blockchain are among the latest accomplishments of the network.
Check official report:https://medium.com/@vechainofficial/vechain-financial-executive-report-vol-6-5861990b2de8