NICOSIA, Cyprus, Dec. 17, 2020 /PRNewswire/ -- With the aim of providing a secure and growing blockchain ecosystem, the VeChain Foundation has always been dedicated in bringing impactful stakeholders to the ecosystem and rallying partners globally around the common goal of solving business problems through the use of blockchain technology.
Grant Thornton Cyprus, one of the largest business advisory firms in Cyprus and a member firm of Grant Thornton's sprawling business network present in over 140 countries, has formally announced it has become one of the 101 Authority Masternodes for the VeChainThor blockchain.
Grant Thornton Cyprus's decision to come forward and announce itself as one of the VeChainThor Authority Masternodes, helping form part of the critical backbone of VeChainThor's architecture. Their joining of the program is a tacit recognition of both the legitimacy of the project, the strength of its network and its future, as well now actively continuing to the dynamic growth of VeChain's ecosystem as a whole.
Authority Masternodes are the critical backbone of the VeChainThor blockchain, ultimately they package, process and add blocks to the blockchain. Therefore, a careful and legally compliant selection is key to ensure high standards are maintained. In the VeChainThor consensus model, 101 Authority Masternode holders represented by enterprise users, blockchain development teams, business development partners, community contributors and academic research partners, are responsible for maintaining the validation of transactions in the entire blockchain ecosystem.
Sunny Lu, General Secretary of the VeChain Foundation, said, "To truly provide a mature and reliable blockchain platform and ecosystem, the VeChain Foundation has always recognized the significance of ecosystem partners. As the enabler in the blockchain ecosystem, the Foundation will power GT-Cyprus to take on more business opportunities and create valuable transactions on the VeChainThor blockchain."
Instead of developing blockchain solutions from scratch, as an Authority Masternode, Grant Thornton Cyprus can leverage VeChain's blockchain protocol, technical features designed for business adoption including fee delegation, multi-task transactions, as well as the applications already built on VeChainThor. With the extra rewards to the Authority Masternode, Grant Thornton Cyprus will be able to lower the cost and eliminate the barriers of using blockchain technology to provide services to their customers.
"Becoming an Authority Masternode of VeChainThor will provide us with the ability to better cater the needs of our clients by launching proprietary products with the nascent blockchain technology," Mr. Alexis Nicolaou, Director of Distributed Ledger Technologies at Grant Thornton Cyprus stressed. "We recognize the potential impact of blockchain technology and have paved the way for re-designing traditional industries like finance, supply chain management, renewable energy, e-commerce, and health & safety. Together with VeChain, we will explore business growth within several industries."
With Grant Thornton Cyprus, DNV GL and other renowned entities securing and validating transactions on the VeChainThor blockchain, enterprises, government agencies and community dApps that build on VeChainThor will be safely assured of the data immutability.
About Grant Thornton Cyprus
Grant Thornton Cyprus is one of the oldest accounting practices on the island. Founded in 1942, the firm became a member firm within Grant Thornton International in 1982. As a member firm within Grant Thornton International, we can combine the knowledge and experience of our local marketplace with the technologies, methodologies and specialist resources of a professional services organisation at the forefront of the global accounting profession. In September 2018, Grant Thornton (Cyprus) Limited grew its technology services with the launch of a new service line. The distributed ledger technology department (or blockchain) has been providing advisory services related to the implementation of DLT technologies for local and foreign businesses. For more information, please visit the official website: https://www.grantthornton.com.cy/services/distributed-ledger-technologies/
About VeChain Foundation
Launched in 2015, the VeChain Foundation has worked tirelessly to build the bridges between blockchain technology and the real world. VeChainThor's evolution continues to gather pace, transitioning from consortium network to best-in-class public blockchain platform using Proof of Authority consensus, boasting advanced technical features, governance structure and economic model.
As the ecosystem enabler, the Foundation's mission is to empower builders and innovators by developing tools that systematically eliminate adoption hurdles. Through the development of a suite of innovative tools such as Multi-task transaction, fee delegation, etc., VeChain has been able to substantially lower the barriers to entry for businesses and developers alike.
VeChainThor has already been applied across a diverse array of use cases including Walmart China, Bayer China, BMW Group, BYD Auto, PICC, H&M Group, Shanghai Gas, LVMH, D.I.G, ASI Group and more.
For more information about VeChain Authority Masternode, please visit: www.vechain.org