VeChain Reveals New Development Plan and Whitepaper, Announces First ICO on VeChainThor

VeChain's VEN token rose 5% after an announcement from the VeChain Foundation unveiling a new development plan and whitepaper.

The blockchain-based product ID and supply chain management platform's release details upcoming partnerships, a new governance model, and the future of the VeChain project.

Announced on Twitter on May 20, the new development plan and whitepaper identifies four key obstacles that must be overcome in order to foster widespread adoption of blockchain technology in the enterprise sector, providing a detailed plan of attack with the aim of creating a "a trust-free and distributed business ecosystem platform to enable transparent information flow, efficient collaboration, and high-speed value transfers."

The VeChain internal alpha test is currently underway with an array of third-party cybersecurity and code auditors analyzing the VeChain ecosystem ahead of a public alpha test, which is set to occur in early June.

The upcoming public beta may be the first time that the VeChain code base is available to the public, but the new white paper release provides cryptocurrency market participants with a deep insight into the vision of the project and the manner in which the VeChain foundation plans achieve it.

Public blockchain projects, according to the VeChain foundation, lack four key elements - a proper governance model, efficient economic models, regulation and compliance capabilities, and a multidisciplinary approach to the implementation of new technology.

"The biggest challenge the VeChain team has been facing during the use cases development and implementation in the past two years is not the technical concerns, but the business consensus of how to achieve new business models."

The new development plan highlights the progress VeChain is making in forging industry partnerships and accelerating adoption, noting an upcoming BMW partnership announcement.

Other partnerships covered in the development plan and white paper include detailed insights into VeChains food and beverage industry digital assurance solution created in tandem with MyStory, which will see the VeChainThor blockchain and hardware tags used in the Italian wine industry.

VeChain's whitepaper release follows the recent announcement of the first initial coin offering on the VeChainThor blockchain.