Since the ICO boom in 2017, cryptocurrency projects have been crawling out of the woodwork, offering up answers to problems plaguing the industrial sector. From improving supply chain management to a complete overhaul of the financial system, there is a myriad of blockchain solutions out there, but choosing the right one is imperative.
While blockchain as a concept is an ingenious mechanism, proving to increase business efficiency and productiveness – not all blockchains are created equally. The open-source nature of some blockchains can invite bad actors, leaving the chain exposed and vulnerable. Attack vectors such a denial of service attack, or DDoS, can effectively render the blockchain useless. Moreover, a 51% attack can provide any malicious assailant dominance over the entire network.
Decentralized and open blockchains often exhibit trouble when it comes to regulatory compliance. A network in which no one person is accountable creates an extreme grey area when it comes to policy creation, something which severely hinders the legitimacy of open blockchains.
VPLedger: A Solution to Blockchain’s Problems
Even with security and regulatory quandaries aside, there remains the issue of choice. While many blockchains offer a wide variety of facilities, it's often difficult to find one which encompasses multiple conveniences under one umbrella.
Combining these two essential facets is VPLedger. One of the critical benefits of VPLedger is its standing as a private network. Contrary to open blockchains, VPLedger is sustained by pre-approved nodes, run by authorized businesses that have endured a meticulous KYC process via a robust legal framework.
Ronny Boesing, CEO of OpenLedger ApS – the company behind VPLedger – elaborated on this compliance structure:
VPLedger is a new kind of Software-as-a-Service platform. We have taken decisions that enable businesses to leverage the advantages of blockchain within a clear legal framework and full regulatory compliance. The architecture of the network means criminal activity can be identified and addressed immediately, while maintaining the benefits of a global network and single market within the VPLedger ecosystem.
What VPLedger Offers and How It Works
VPLedger bills itself as an ‘enterprise first’ blockchain, offering a comprehensive selection of tools to SMEs within its ecosystem. As a 'Software-as-a-Service Platform, VPLedger aims to nullify rivals by extending its facilities far beyond the competition.
Among these tools on offer, VPLedger enables the ability to create digital tokens as well as build smart contracts. The latter permits businesses to eschew costly middleman, cutting expenses, and increasing efficiency. Following regulatory support, VPLedger also looks to launch a decentralized exchange, a freelancer marketplace, and fiat on-ramps, as well as introduce stablecoins and pegged assets. These amenities will all be accessible VPLedger's native token, Vimples (VLP) – enabling a singular currency for an entire ecosystem, inclusive of both built-in services and those designed by third party businesses.
Offering a multitude of utilities under one roof is no small task. In order to tackle the obligation, VPLedger has harnessed technology from one of the most established projects in the fintech industry. The platform is built upon a Graphene protocol 3.0, a system spearheaded by Dan Larimer within BitShares. The third generation of Graphene facilitates the aforementioned smart contract capabilities and builds upon the traditional Proof of Stake (PoS) consensus mechanism, offering up an improved iteration. Known as Veritas Persona by Governance (VPG), this method of consensus uses the identity of validators instead of a share of ownership to achieve a network accord.
As a result, this has yielded a blockchain capable of processing up to 100,000 Transactions Per Second (TPS) – nearly double as much as the world's leading payment processor, Visa, which alleges a theoretical threshold of 65,000 TPS.
VPLedger is fostering a major ecosystem for SMEs, and fast becoming a one-stop-shop for blockchain solutions globally.