1.1 Blockchain Technology Overview
In 2008, Satoshi Nakamoto published a paper entitled “Bitcoin: A Peer-to-peer Electronic Cash System”, and proposed the idea of building a bitcoin cash system based on blockchain, marking the birth of blockchain technology. Blockchain technology is a decentralized database that stores a registry of assets and transactions across a peer-to-peer network. The transactions are secured by cryptography, and over time, that transaction history gets locked in blocks of data that are then cryptographically linked together by timestamp and secured, which creates an immutable, unforgeable record of all transactions across the network. Blockchain has been adopted as a technical tool to address pain points in existing centralized systems and regulations, as well as gradually created economic and business value in domains such as finance, energy, supply chain and IoT services.
1.2 Blockchain and Value Network
A value network is the relationship and structure of value generation, distribution, transfer and adoption across multiple stakeholders.
With rapid social and economic development, users require more efficient, secure and flexible value networks to meet individual demand. In the traditional value network, users rely on third-parties to build trust, which makes value transfer centralized and inefficient. In addition, different service providers have different management systems, which leads to poor compatibility, low security and inefficient management. How to realize the efficient and cost effective value transfer becomes an urgent issue in the era of digital economy. The blockchain system is considered as a decentralized, secured, tamper-proof database. Its birth and development brings the possibility for more effective, transparent and reliable circulation of various assets.
1.3 What is VNT Chain
VNT Chain was born for empowering the distributed economy system. VNT Chain’s target is to build a global distributed smart value network based on blockchain technology to provide reliable, secure, efficient, friendly and low-cost value transfer services, and to gain widespread use in different vertical markets, such as finance, healthcare, supply chain, gaming etc.