What is VeThor Token?
The VeThor Token, or VTHO, is one of the 2 native tokens powering the VeChainThor network. The latter is a two-token blockchain providing real-world solutions.
VTHO is based on the VIP-180 token standard. What is VTHO used for? Well, it’s mainly used to secure the VeChainThor network, execute smart contracts and transactions, as well as pay for products and services within the ecosystem.
It’s important to note that all transactions are charged with a VTHO gas fee. 70% of the fee is burned while the remaining 30% is paid out to Authority Masternodes or Validators who are responsible for securing the network. One of the main outcomes of the burning mechanism is to lower the supply and increase the demand for VeThor tokens.
Also, note that a significant amount of VeThor tokens is necessary if a network participant wants to become an Authority Masternode Operator. Most importantly, these operators also receive rewards in the form of VTHO.
The other native token of the VeChain network is VET. It plays a key role in creating VTHO. How does the process of creating VTHO work? Well, simply by holding VET tokens, users can generate 0.00000005 VTHO tokens every 10 seconds. Do note that VET was launched before VTHO. Apart from VTHO token generation, its core function is the transfer of value within the VeChainThor network, as well as powering financial and business activities by deploying applications.
The VeThor Token doesn’t have a max supply. This means that there are no limitations on how many VTHO tokens can exist. However, there is a total supply of VTHO, which, as of writing, is fixed at 60,223,782,191 tokens.
In case you need more information, you can find what is VTHO price history, or the current VTHO price, on the graph above.
What Makes VeThor Token Unique and How Does it Work?
VeChainThor is a public blockchain. One of the primary goals of the project is to provide blockchain solutions to large enterprises. It’s also an open-source project, which means that its code is publicly available for anyone to review.
As discussed in the What is VeThor Token section, the VeChainThor network is based on a 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 the VeChainThor is called ToolChain TM. The latter is the core product enabling the seamless integration of blockchain technologies into business operations. It can be used in a wide range of industries, starting from agriculture and ending with luxury goods.
In essence, ToolChain is a Software-as-a-Service (SaaS), Platform-as-a-Service (PaaS), and Blockchain-as-a-Service (Baas) solution that doesn’t require businesses to be highly knowledgeable in coding or blockchain technologies.
There are 3 main services provided by ToolChain TM - Comprehensive Product Management, Value-added Data Service, and Authoritative Third-Party Certification.
In addition, it enables businesses to seamlessly tokenize their products and services into NFTs based on the VIP-181 token standard. The main benefit of tokenizing products and services this way is that businesses don’t have to develop a smart contract.
ToolChain TM can be integrated into SCM and CRM systems.
Another thing that makes VeChainThor unique is that it operates using its own version of the Proof-of-Authority (PoA) consensus mechanism powered by Authority Masternodes. Its PoA consensus is called the SURFACE and provides the benefits of both Byzantine Fault Tolerance (BFT) and Nakamoto Consensus protocols such as increased performance, security, and decreased energy consumption. One of the main benefits of the PoA consensus mechanism is the functionality of multi-party payments and multi-task transactions.
Some of 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 VeThor Token?
The VeThor token crypto project was launched in 2015 under a Chinese blockchain company - Bitse. In mid-2018, it was rebranded to the name we know today, VeChain Tech, and launched as its own independent enterprise. While it’s headquartered in Shanghai, VeChain Tech holds offices in Singapore, Japan, the United States, France, Italy, and Luxembourg.
Sunny Lu is one of the co-founders of VeChain Tech. He went to Shanghai Jiao Tong University where he earned his bachelor’s degree in Electronics and Communication Engineering. He has over 10 years of experience in the IT industry. Sunny Lu has worked with major companies including Bacardi China and Louis Vuitton China. He currently takes the role of CEO at VeChain Tech.
The VeThor Token crypto project is backed by an advisory board full of experienced professionals including Jim Breyer, CY Cheung, James Gong, Masanari Koike, Ning Nan, Bo Shen, and Roland Sun.
Don't forget to check the VeThor price on the graph above if you're considering purchasing this token.
