For VMC we developed a new blockchain platform (VMC CORE) in an attempted to develop a fully open and decentralised payment and ticketing platform. The goal was to demonstrate a working platform with Europe's largest public transport company.

We initiated this project in 2017. The state of blockchain technology was not as advanced as it is now. We needed to build a lot from scratch in order to have an application that fitted our requirements. This is why we developed a new blockchain platform (VMC CORE) using many components from the Hyperledger Sawtooth project. 

Stable token

Transactions on the network were executed via a stable-coin called the VAI token. People used VAI to transact with the network while providers and stakeholders (such as governments or data providers) could share incentives and cooperate. VAI was pegged to the EURO.

PoET

We used the consensus algorithm called Proof of Elapsed Time (PoET) to effectively achieve overall system reliability. The result was a (private) network that supported super fast transactions (you're in the bus, you don't want to wait for validations!) that also offered high security.

3D printed hardware

Check-in terminals in public transport are expensive. Very expensive. To allow for maximum adoption, we designed our own hardware and 3D printed the casing. The vision behind this was that anyone on the planet could get started and use easy digital payments. 

Current status

Successfully deployed an MVP, together with Europes largest public transport operators (Deutche Bahn / Arriva). After the MVP we had to shut down the project.

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