What Is VeThor Token (VTHO)?
VeThor Token is one of the two tokens employed by the VeChainThor public blockchain. VeChain was initially launched in 2015, but it went through a heavy rebranding process in 2018. While VeChain Token (VET) is the native token for the platform, VeThor Token (VTHO) plays an essential role in the overall functionality of the blockchain.
The VeThor Token is a VIP-180 Standard token, which represents the cost of using the VeChainThor blockchain. Its primary purpose is to facilitate processes and transactions on the blockchain, and it essentially represents the smart contract layer of the network.
Who Are the Founders of VeThor Token?
Sunny Lu is the founder and CEO of VeChain. His professional career took several big turns. In 2009, Sunny Lu took a position as the IT Manager of Bacardi China. One year later, he turned his attention to the world of fashion, becoming the chief technical officer for Louis Vuitton China. In 2014, he switched over to the IT sector of the company, becoming the CIO of the Chinese division.
A year later, in 2015, the idea for VeChain was born, and Sunny Lu founded the company. At first, VeChain was a subsidiary of one of the largest powerhouses in China’s blockchain industry — Bitse. Later on, Sunny Lu separated from Bitse, and VeChain became an enterprise of its own. In 2018, the company went through a significant rebranding process, which resulted in creating the VeChainThor blockchain and the VeThor token.
What Makes VeThor Token Unique?
VeThor Token (VTHO) is unique due to the fact that it is a VIP-180 Standard token. While VeChain Token (VET) performs as the primary value-transfer token, VTHO is an inseparable part of the operation of VeChainThor. The bi-token design of the blockchain allows traders to participate with both tokens, thus diversifying their involvement with the project.
The VeChainThor blockchain boasts increased processing speeds, and an open source design, allowing developers to pool together their efforts. In addition, VeChainThor developed meta-transaction features which allow participants to organize multi-party payments and multi-task transactions. This versatility allows enterprise users of all levels to benefit from blockchain capabilities. In addition, the VeChainThor network benefits from the dual token design, as transactions and smart contracts are executed thanks to the VTHO token, which is not directly related to the market value of VET.
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How Many VeThor Token (VTHO) Coins Are There in Circulation?
What is interesting about the VTHO token is that it is directly derived from the VET token. In order for transactions to be processed on the VeChainThor blockchain, a part of a VTHO token is created for every VET token added to the block. In essence, this means that 0.00000005VTHO is generated per VET per block.
The maximum VET supply is 86,712,634,466 tokens. Of this, about 74% represents the currently available supply, or close to 64,315,576,989. The VTHO supply is significantly lower at 31,946,532,533 tokens.
How Is the VeThor Token Network Secured?
The VeChainThor network relies on a proof-of-authority (PoA) consensus mechanism, which allows it to validate transactions more swiftly. Not only that, the foundation of the blockchain is heavily influenced by the Ethereum Virtual Machine (EMV), and uses some of the main concepts employed by the Ethereum blockchain. VeChainThor is not built on Ethereum, but is its own separate blockchain.
The PoA consensus relies on approval from an Authority Masternode (AM), which is selected by the VeChain Foundation. Authority Masternodes have to disclose their identity and build their reputation before the VeChain Foundation approves them as a validator. Both VET and VTHO tokens are a special class of ERC-20 coins, which means they are versatile and can be stored in a number of hot and cold cryptocurrency wallets.
Where Can You Buy VeThor Token (VTHO)?
Binance is the exchange with the largest trading volume of VTHO/USD, standing at $1,016,992. Next up are MXC.COM with a trading volume of $986,646, and Bitvavo with a trading volume of $365,399. It is important to note that trading cryptocurrencies can be risky, just like any other type of investment.
Read more about trading crypto.