PR87328

NICOSIA, Cyprus, Dec. 18, 2020 /PRNewswire=KYODO JBN/ --

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.

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Grant Thornton Cyprus (https://c212.net/c/link/?t=0&l=en&o=3016384-1&h=3438195963&u=https%3A%2F%2Fwww.grantthornton.global%2Fen%2Flocations%2FCyprus%2F&a=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, Grant Thornton Cyprus and VeChain announced an official

partnership (https://c212.net/c/link/?t=0&l=en&o=3016384-1&h=2793628693&u=https%3A%2F%2Fmedium.com%2Fvechain-foundation%2Fvechain-partners-with-grant-thornton-blockchain-cyprus-to-provide-advanced-blockchain-solutions-5900f6ad2dc7&a=Grant+Thornton+Cyprus+and+VeChain+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.

Grant Thornton Cyprus's decision to come forward and announce itself as one of

the VeChainThor Autho¬rity 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 (https://c212.net/c/link/?t=0&l=en&o=3016384-1&h=1023720932&u=https%3A%2F%2Fmedium.com%2F%40vechainofficial%2Fdefining-the-vechainthor-blockchain-consensus-proof-of-authority-8cf3f51a5fa0&a=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

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SOURCE VeChain

CONTACT:  alexis.nicolaou@cy.gt.com