VeThor Token is one of the two tokens utilized by the VeChainThor public blockchain. Originally introduced in 2015, VeChain underwent a significant rebranding in 2018. While VeChain Token (VET) is the primary token of the platform, VeThor Token (VTHO) is crucial for the blockchain's operations.
The VeThor Token follows the VIP-180 Standard and essentially covers the costs associated with transactions on the VeChainThor blockchain. Its main function is to enable processes and transactions, essentially representing the network's smart contract framework.
Who Are the Founders of VeThor Token?
Sunny Lu is the mastermind and CEO behind VeChain. His career has seen significant changes over the years. In 2009, he assumed the role of IT Manager at Bacardi China. By the following year, he stepped into the fashion industry as the chief technical officer for Louis Vuitton China. In 2014, he transitioned within the company to become CIO of its Chinese division.
In 2015, the concept of VeChain emerged, leading Sunny Lu to establish the company. Initially, VeChain operated as a branch of Bitse, a major player in China's blockchain arena. Eventually, Sunny Lu parted ways with Bitse, transforming VeChain into an independent entity. The company underwent a major rebranding in 2018, which led to the development of the VeChainThor blockchain and the creation of the VeThor token.
What Makes VeThor Token Unique?
VeThor Token (VTHO) stands out due to its status as a VIP-180 Standard token. While VeChain Token (VET) acts as the main value-transfer token, VTHO is vital for VeChainThor's functionality. The blockchain's dual-token setup allows traders to engage with both tokens, offering them diverse opportunities within the project.
VeChainThor boasts faster processing times and an open-source framework that encourages collaborative development efforts. Additionally, it has introduced meta-transaction features, enabling users to coordinate multi-party payments and handle multiple transactions simultaneously. This flexibility benefits enterprises of all sizes, leveraging blockchain capabilities. Furthermore, the VeChainThor network's dual-token architecture facilitates transactions and smart contracts through the VTHO token, which operates independently of VET's market valuation.
How Many VeThor Token (VTHO) Coins Are There in Circulation?
A notable aspect of the VTHO token is its direct connection to the VET token. For each VET token processed on the VeChainThor blockchain, a fraction of VTHO is generated. Specifically, 0.00000005 VTHO is produced per VET token per block.
The total supply of VET is capped at 86,712,634,466 tokens, with approximately 74% or nearly 64,315,576,989 currently in circulation. Meanwhile, the VTHO supply is much lower, amounting to 31,946,532,533 tokens.
How Is the VeThor Token Network Secured?
The VeChainThor network uses a proof-of-authority (PoA) consensus model to verify transactions efficiently. It also draws significant influence from the Ethereum Virtual Machine (EVM) and incorporates several key concepts from the Ethereum blockchain, although VeChainThor operates as a distinct blockchain.
The PoA consensus model depends on the endorsement of an Authority Masternode (AM), chosen by the VeChain Foundation. Authority Masternodes must reveal their identities and build a reputable standing before being accepted as validators. Both VET and VTHO are a unique class of ERC-20 tokens, making them versatile and compatible with a wide range of both hot and cold crypto wallets.
Where Can You Buy VeThor Token (VTHO)?
Binance leads the exchanges in terms of VTHO/USD trading volume, recording $1,016,992. Following closely are MXC.COM with $986,646 and Bitvavo with $365,399 in trading volume. It’s important to remember that investing in cryptocurrencies carries risks similar to other investment types.
