VeThor Token

What is VeThor token?

The VeThor token, or VTHO, is one of two native tokens that supports VeChainThor Network. The latter is a dual-token blockchain that provides real-world solutions.

VTHO is based on VIP-180 token standard. What is VTHO used for? Well, it is mainly used to secure the VeChainThor network, follow smart contracts and transactions, as well as pay for products and services within the ecosystem.

It’s important to note that All transactions are subject to VTHO gas fees. 70% of the commission is burned and the remaining 30% is paid out Reputable masternodes or validators who is responsible for network security. One of the main results of the burning mechanism is a decrease in supply and an increase in demand for VeThor tokens.

Also note that a significant amount of VeThor tokens are needed if a network participant wants to become authorized masternode operator. Most importantly, these operators also receive compensation in the form of VTHO.

Another native token of the VeChain network is VET. He plays a key role in creation of VTHO. What is the process of creating a VTHO? Well, simply by owning VET tokens, users can generate 0.00000005 VTHO tokens every 10 seconds. note that VET was launched before VTHO. Apart from generating VTHO tokens, its main function is to transfer value within the VeChainThor network, as well as enable financial and business activities by deploying applications.

VeThor Token has no maximum stock. This means that there is no limit on the number of VTHO tokens. However, the total supply of VTHO at the time of writing is recorded at 60,223,782,191 tokens.

If you want more information, you can check the VTHO price history or the current VTHO price in the chart above.

What makes VeThor token unique and how does it work?

VeChainThor is a public blockchain. One of the main goals of the project is provide blockchain solutions to large enterprises. It is also an open source project, which means its code is publicly available for review.

As discussed in What is VeThor token section, the VeChainThor network is based on two-token system. The main reason for this choice is to maintain the predictability of the VeThor token price.

One of the most notable solutions provided by VeChainThor is called ToolChain TM. The latter is the core product that enables seamless integration of blockchain technologies into business operations. It can be used in a variety of industries, from agriculture to luxury goods.

Essentially, ToolChain is a Software as a Service (SaaS), Platform as a Service (PaaS) and Blockchain as a Service (Baas) solution that does not require a lot of knowledge from companies. in coding or blockchain technologies.

ToolChain TM provides 3 main services: Comprehensive product management, value-added data services and trusted third party certification.

Additionally, it allows businesses to seamlessly tokenize their products and services in NFT based on the VIP-181 token standard. The main benefit of tokenizing products and services in this way is that businesses do not need to develop a smart contract.

ToolChain TM can be integrated into SCM and CRM systems.

Another thing that makes VeChainThor unique is that it works using its own version Proof of Authority (PoA) Consensus mechanism based on authoritative masternodes. Its PoA consensus is called SURFACE and provides the benefits of both Byzantine fault tolerance (BFT) and Nakamoto consensus protocols such as improved performance, security and reduced power consumption. One of the main advantages of the PoA consensus mechanism is the functionality of multi-party payments and multi-task transactions.

VeChain partners include major companies such as BMW Group, Walmart China, Bayer China, BYD Auto, Shanghai Gas, PICC and LVMH, among many others.

Who developed the VeThor token?

The VeThor token crypto project was launched in 2015 by the Chinese blockchain company – Bitze. In mid-2018, it was renamed to the name we know today: WeChain Techand launched as its own independent enterprise. Headquartered in Shanghai, VeChain Tech has offices in Singapore, Japan, USA, France, Italy and Luxembourg.

Sunny Lou is one of the co-founders of VeChain Tech. He attended Shanghai Jiao Tong University, where he received a bachelor’s degree in electronics and communications. Has more than 10 years of experience in the IT industry. Sunny Lu has worked with major companies including Bacardi China and Louis Vuitton China. He currently serves as the CEO of VeChain Tech.

The VeThor Token cryptocurrency project is supported by an advisory board consisting of experienced professionals, including Jim Breuer, Sai Cheng, James Gong, Masanari Koike, Ning Nan, Bo Sheng and Roland Sun.

Be sure to check the VeThor price in the chart above if you are planning to purchase this token.