VeThor, is a standard VIP-180 token designed for the needs of the VeChainThor network, and its purpose is to facilitate intra-network operations.
VeChain is a blockchain-based solution to support various business processes. VeChain, a project known for its blockchain-based supply chain management services, tracks every step of the chain, ensuring that quality and compliance measures are met.
It applies physical tracking devices for each stage of the supply chain. Due to the fact that the records are stored in a transparent, immutable registry, this ensures that the goods and materials reach their destination without interfering with the process.
Based on the VeChain token (VET), the VeChain Foundation helps ensure the stability of the supply chain. This is achieved using the VeThor token (VTHO) and the proprietary VeChainThor blockchain.
Who created VeChainThor?
The project was founded by Sunny Lu in 2015. The project was created by the daughters of Bitse, a giant of the blockchain industry in China. After that, VeChain separated, and in 2018 rebranded. It was so grandiose that it resulted in VeChainThor and the VeThor token.
What makes VeChainThor unique?
VeChain is a pioneer in supply chain management, carbon credits, and anti-counterfeiting services. It works in conjunction with various IoT (Internet of Things) devices and technologies. This allows businesses to record and view each stage of the product lifecycle.
The VeChainThor blockchain is the host for the VeChain ecosystem. The VeChainThor blockchain uses a dual token system consisting of a VeChain token (VET) and a VeThor token (VTHO). VeChain tokens (VET) are used as a store of value transfer, like most other cryptocurrencies. The VeThor token (VTHO) is intended to serve as a gas for paying for transactions on the network.
Every time any data is added to the blockchain through any financial transaction, or data transaction, it will require units of computing power. The VTHO token is used to cover the computational cost of gas for all transactions in the VeChainThor block chain. The cost varies depending on the data and the size of the transaction being processed.
As a public blockchain, the history of all transactions is available through the VeChain Explorer service.
VeChainThor is a public blockchain designed for enterprises with scalability in mind. Companies can deploy their own decentralized applications (dApps) or use other applications built on the VeChainThor blockchain.
The goal of VeChain for the VeChainThor blockchain is to become the foundation for a sustainable and scalable business blockchain ecosystem. Currently, more than 30 different Fortune 500 companies are using innovative solutions based on the VeChainThor blockchain. This shows the scale of demand for these services at the enterprise level.
How many VeThor tokens (VTHO) are in circulation?
The VeThor token (VTHO) is in high demand, and its daily trading turnover in the market is 33,532,108 USD, with a price of 0.009229 USD. Taking into account the fact that the project does not limit the issue of the token to a strict issue, there are currently 41,569,385,120 of VTHO tokens in circulation, with a market capitalization of 383,643,855 USD.
How is the VeThor network protected?
The VeChainThor network is protected by a Proof-of-Authority (PoA) consensus mechanism, which provides the ability to quickly verify transactions. On the other hand, the Ethereum virtual Machine (EMV) that the project relies on has a strong influence on VeChainThor, expressed in the use of some of the basic concepts of the Ethereum blockchain, even though the project is a separate blockchain.
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