The evolution of blockchain is essentially an experiment about "trust" and "value." The core of blockchain lies in decentralized consensus and the efficient circulation of value. As blockchain technology transitions from concept to reality, from the laboratory to everyday life, we have witnessed the rise and fall of countless projects. When technological promises encounter real-world resistance, and ecological visions are hindered by execution gaps, some choose to wait, some choose to create, and some choose to embrace diverse possibilities with an open attitude.
The development of Vcity (hereinafter referred to as Vcity) has also undergone a series of complex challenges and opportunities. Recently, Vcity released an open letter to the community, reflecting on its journey from inception to the present, and elaborating on Vcity's development direction and future vision. It emphasizes that Vcity is focused on building a self-circulating ecosystem, while promoting the optimization of underlying technology, with the core concept of "user value first," exploring how to break traditional frameworks in blockchain ecological construction to achieve sustainable development and maximize user rights.
Challenges and Breakthroughs in the Early Stages of Entrepreneurship
Vcity originated from an important component of the Pionex ecosystem—Voice of Pionex. According to reports, the founder of Voice of Pionex, Xie Zhang, initiated the project on November 3, 2022, with its headquarters in Vancouver. In the early stages, Voice of Pionex invested significant resources, operating dozens of servers 24/7, but fell into difficulties due to the prolonged delay in the launch of the Pionex mainnet. At that time, hundreds and thousands of Pionex ecosystems chose to shut down due to the lengthy wait, and only a few remaining ecosystems struggled to persist. However, Xie Zhang did not choose to give up or wait; instead, he sought a way out of the predicament, ultimately launching Vcity on August 25, 2023, as an upgraded and transformed product of Voice of Pionex.
Although the servers of Voice of Pionex are still running, Vcity has developed into an independent platform, achieving breakthroughs in technical architecture and ecological design. On February 20, 2025, Vcity invested heavily to launch a beautifully crafted and grand metaverse city—Pionex City—to pay tribute to the Pionex ecosystem while showcasing its technical strength and innovative capabilities. This city is seen as a symbol of gratitude for the past and marks Vcity's gradual discovery of its own path in exploration.
Over the past six years, Pionex has attracted tens of millions of users and thousands of ecosystems through the low threshold of mobile mining. Vcity has drawn on this experience, growing through learning and innovation. The open letter points out that Vcity has not chosen to leave the Pionex ecosystem but hopes to coexist with it, making progress together on the path of public chain construction.
User Value First: Vcity's Reverse Design Thinking
In the letter, Vcity analyzes the industry pain points in public chain construction: the value of a public chain lies not merely in the "ceremony" of the mainnet launch, but in whether the mainnet can support the real operation of the ecosystem, achieve a balance between ecological development, node incentives, and market circulation, while realizing the possibility of sustainable development. A true public chain ecosystem should not stop at the symbolic narrative of "mining," but should build practical application scenarios, verifiable economic models, and sustainable community governance mechanisms. These challenges essentially represent a dilemma of balancing technological implementation and user rights.
Firstly, mainnet ≠ value network: If the mainnet cannot support smart contracts, cannot realize asset circulation and ecological collaboration, and if basic infrastructures like wallet interfaces and smart contracts remain closed for a long time, it is essentially a closed experiment. Secondly, users ≠ data laborers: When contributors cannot obtain their rightful benefits through transparent and relatively fair rules, the consensus that was once established will eventually collapse. Thirdly, ecology ≠ a mere accumulation of functions: If most application scenarios only remain in construction without practical economic models and user value capture mechanisms, lacking an economic closed loop, they may become mere showcases of technological demonstrations.
These industry pain points also reveal the most easily overlooked truth in public chain construction: the idealism of technology and the ability to implement it may not deeply integrate with the community's co-governance spirit, which could make it difficult for projects to navigate the rapidly changing market cycles.
Against this backdrop, Vcity has explored a unique path through breakthroughs in adversity. Its team consists of blockchain protocol layer developers, financial architects, security engineers, metaverse developers, and international art teams, adopting "reverse design thinking" from the outset—first constructing self-circulating ecological scenarios, then optimizing underlying technology to address the two core issues of sustainability and user value attribution.
Based on this "user value first" approach, Vcity's ecological matrix consists of 12 major sectors, each composed of multiple independent ecosystems, interconnected by the same computing power system, creating a collaborative structure where ecosystems support and complement each other. This collaborative structure lays a solid foundation for its underlying architecture and nurtures an infinitely possible value system.
- Innovative "Attention Mining"
Unlike traditional mining models, Vcity's "attention mining" redefines the value of user participation. Every instance of attention contributed by users in social, creative, and consumption scenarios can be quantified through a credit value system and points system, and secured as true digital assets on the blockchain.
- The Mainnet is a Commitment, but Not the Endpoint
Since the launch of Vcity's mainnet, it has fully opened wallet interfaces and smart contract functions, ensuring seamless access for ecological developers and users. At the same time, the tokens held by the project party will be strictly unlocked in proportion to user releases, rejecting "pre-mining" and "hidden harvesting," allowing profit distribution to truly return to community consensus. Additionally, Vcity will achieve a 1:1 binding of the testnet and mainnet through innovative mechanisms and employ dynamic unlocking algorithms to optimize the token release cycle, providing stable support for ecological development through a deflationary economic model and a series of new staking mechanisms, making the project's sustainability possible.
However, most importantly, unlike traditional single public chain projects, the mainnet is not Vcity's ultimate goal; it is merely a phased objective. Vcity's economic system and ecological matrix will enable its potential and explosiveness to far exceed that of the mainnet.
- Unique Dual Asset Model (dB and Vcity)
dB, as Vcity's internal circulation system, can fully connect Vcity's internal circulation, encompassing the entire NFT system, points system, and ecological system, with each link in the internal circulation forming a stable value system. Vcity, as the external circulation system, generates value through trading and cross-chain liquidity; the interaction between internal and external systems promotes each other, creating more possibilities for token appreciation.
- A Strong Ecological Matrix
Vcity's 12 major sectors are not a simple accumulation of single functions; each sector can form an independent economic closed loop, with each sector being mutually independent yet empowering each other. At the same time, Vcity's core philosophy of "user value first" and "user sovereignty" forms a three-dimensional growth flywheel of "technology-scenario-user," capable of motivating the community to form strong cohesion and self-drive, thereby promoting the formation and stable development of Vcity's robust closed-loop economic system.
Advocating Non-Zero-Sum Games: A Development Philosophy of Coexistence and Co-Creation
Furthermore, Vcity expressed its understanding and respect for Pionex ecosystem users in the letter, pointing out that the persistence during the six-year wait and the pursuit of decentralization ideals are worth cherishing. At the same time, it advocates a "non-zero-sum game" mindset, suggesting that users diversify their layouts to mitigate risks—continuing to pay attention to Pionex's development while exploring Vcity's potential, just like the coexistence of Bitcoin and Ethereum, and the complementarity of Layer 1 and Layer 2.
Vcity emphasizes that it does not attempt to replace any project but aims to provide users with a more certain possibility and dimension. It promises not to abandon Voice of Pionex and Pionex City, forming a symbiotic relationship with the Pionex project, and invites users to participate in ecological co-construction and share in the growth dividends.
In the closing of the open letter, Vcity emphasizes fulfilling its promises through action. Since its inception in 2023, its technological iterations and scenario implementations have never ceased, winning the trust of 1.6 million users. It states that only through sincerity and strength, consensus and efficient circulation of value can long-term trust be earned. Because the essence of blockchain is, after all, an encounter about "trust" and "value."
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