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.
Earlier this year, VeChain and Grant Thornton Cyprus announced an official partnership with the joint intent of providing and expanding services related to the implementation of blockchain solutions for both local and foreign businesses.
Proof of Authority: Securing Blockchain With Renowned Trust Providers
On December 15, 2020, Grant Thornton Cyprus decided to come forward and announce itself as one of the VeChainThor Authority Masternodes, helping form part of the critical backbone of VeChainThor’s architecture and lending even greater authority to the significant and weight of the VeChainThor blockchain.
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 and technical development partners, community contributors and academic research partners, are responsible for maintaining the validation of transactions in the entire blockchain ecosystem.
Grant Thornton Cyprus Participation Further Boosts Value of the VeChainThor Blockchain
The role of Authority Masternodes goes beyond a validator of transactions. In the VeChainThor ecosystem, all prospective Authority Masternode owners are first and foremost required to prove their commitment to increase the value of the blockchain.
This means allocating resources and committing to the usage of VeChainThor in the long term, as well as participating in the design, execution and expansion of the ecosystem.
To participate in the VeChain’s Authority Masternode Program, all applicants are required to acquire and hold a minimum of 25 million VET tokens (25,000,000 VET). Moreover, as all Authority Masternode holders are committed both in terms of staking their identity and reputation, as well as investing their resources in the ecosystem, all stakeholders of the VeChainThor blockchain ecosystem will stand to benefit. Grant Thornton Cyprus’ participation as an Authority Masternode further boosts the value of the entire VeChainThor Blockchain, while reinforcing the leadership position that VeChainThor holds over all public blockchain platforms.
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 enterprise mass adoption including fee delegation, multi-task transactions, as well as the applications already built and run on VeChainThor. With the extra 30% VTHO 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.
By joining the Authority Masternode program, Grant Thornton Cyprus plays a vital role in the governance of the ecosystem and influences the technological and business development of the VeChainThor ecosystem, making sure the platform continues to suit their business needs.
Mr. Alexis Nicolaou, Director of Distributed Ledger Technologies at Grant Thornton Cyprus stated that, “Becoming an Authority Masternode of VeChain will provide us with the ability to better cater the needs of our clients by launching proprietary products with the nascent blockchain technology. It will allow our clients to transform their current business models and bring innovative blockchain solutions to a wider audience. Having recognized the potential impact of blockchain technology we pave 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, startups and community dApps that build on VeChainThor will be safely assured of the data immutability of the public blockchain.