VR Technologies, a Singapore-registered company focused on virtual reality (VR), develops a blockchain, VRchain, which supports two-way transfer of tokens to and from the main Ethereum network.
VRChain will be an Ethereum sidechain that facilitates verification of transaction on the main Ethereum network.
“This solution is suitable for application in the real economy, where blockchain can be used for implementing a wide range of tasks,” says VR Technologies CTO Dmitry Livshin. “VRchain is substantially cheaper than the main Ethereum blockchain as it is located outside of it and is not dependent on its load and transaction costs.”
According to Livshin, transaction costs on VRchain will be just a fraction of those on the Ethereum main blockchain.
To make VRchain applicable for business tasks and economical to operate, the developers’ team is creating an infrastructure that consists of an application programming interface (API) and a set of smart contracts that will store information on the blockchain.
VRchain will be installed in VR parks that operate globally under VRT World franchise, which will help to achieve decentralization required for proper implementation of the blockchain technology.
As the number of transactions and the size of blocks on VRchain will be substantially smaller than on the Ethereum main blockchain, VR parks will need to allocate only a small part of their resources to the maintenance of the network.
A local blockchain is expected to be launched in late 2018, and in the second quarter of 2019, a full-fledged sidechain allowing token transfer between Ethereum and Vrcahain will be made operable.
Already during the test phase, which is currently underway, data on ticket sales for VR Parks will be put on the blockchain to be later used for royalty calculations. VRchain will also be used for verification of VR Park licenses.
From March 14 to May 30, 2018, a sale of tokens is under way for VRT World, a project that includes VRT World Marketplace and a franchise for VR Park, an “offline gateway” into the marketplace, which allow outside developers to sell their content without purchasing costly equipment.
From December 5, 2017 to January 5, 2018, VR Technologies ran a successful token presale, raising $721,000 with 294 contributors from 21 countries. The total funding exceeded $1 mln, including $350,000 raised in a limited token pre-sale to a group of private investors in September 2017. From the token sale, VR Technologies expects to raise up to $16 mln, which is the hard cap.
In March 2018, VRT World entered a partnership agreement with The Bancor Network, a decentralized liquidity network for holding and converting digital tokens.
Among VRT World’s other partners are Hubculture, Spacebit, Optitrack, GMT Legal and Singapore Bitcoin Club.
On April 8, VRT World was taking part in Blockchain Innovation Technology in Korea event in collaboration with our Korean partners.
Investors can participate in the pre-sale via VRT World web site at http://vrt.world/#tokensale. Additional details of the project can be found in the white paper available at https://vrt.world/sites/default/files/WP_ENG_3.pdf
The 20% bonus will be applied until the end of token sale!
Investors interested in acquiring a franchise or looking for a special offer, contact us at Telegram account @Sevil_Baer
Please, address all requests for comments, interviews or any additional information to firstname.lastname@example.org or directly to the project’s СOO Sevil Baer at email@example.com
To receive the company’s news and updates, subscribe to VRT World’s Telegram group: @vrtico
About VR Technologies
VRT Technologies is developing VRT World, a decentralized global platform for virtual reality, which aims to bring together developers, consumers, and investors in the VR sector from all across the globe. The company is run by an experienced team with a substantial track record in VR and broader digital technologies. The company has offices in Moscow and Singapore.
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