VeChainThor is a blockchain with an open-source design created for mass business adoption. It is backed by the VeChain company founded in 2015 as a subsidiary of Bitse, one of the largest blockchain companies in China. VeChain was separated from Bitse and rebranded to VeChainThor in July 2018.
The company is extremely community-oriented trying to give its supporters more opportunities to earn rewards. The team strives to make VeChainThor the best blockchain platform for individual users, enterprises, and project developers.
VeChainThor is an enterprise-friendly blockchain platform with the integration of IoT (Internet of Things) technologies. It offers such features as multi-party payments, multitasking transactions, the governance model Proof-of-Authority (PoA), ToolChainTM, NFT ecosystem, and a two-token model.
The VeChainThor network implements PoA as an underlying consensus mechanism, which increases security, transaction speed and allows multi-party transactions. The governance model assumes a fixed number of well-known validators instead of anonymous block producers. Multi-party payments and multitasking transactions allow members to group payments, add multiple calls to different contract functions in one transaction, and maximize their benefits from using the VeChainThor blockchain.
VeChainThor has implemented the dual token system for efficient governance with the goal to give decentralized applications developers a predictable economic model. This system also serves to separate the cost of using the blockchain from market speculations. The two native VeChainThor cryptocurrencies are VET (VeChain Token) and VTHO (VeThor Token).
The VeChainThor development team has designed a new consensus algorithm, named SURFACE (PoA2.0) that focuses on both performance and security. It combines the benefits of the two main consensus types: Nakamoto Consensus and Byzantine Fault Tolerance (BFT). SURFACE maximizes the throughput capability of the blockchain and ensures the highest level of data security. It also allows users to choose a security level of their transactions according to their actual needs.
VeChainThor ToolChainTM is a data BaaS (Blockchain-as-a-Service) platform that business owners can integrate into SCM and CRM systems to improve traceability and transparency of their supply chains while lowering costs. It is a comprehensive solution created to ease the blockchain technology adoption for enterprises bringing benefits for both manufacturers and consumers. The platform allows users to create product identity, order NFC tags designed for various types of products, add tracking information, and transfer product ownership. Brands can also tokenize their products in the form of NFTs without developing smart contracts.
VET is the first token circulating in the VeChainThor ecosystem since its launch, which represents the right to use the VeChainThor blockchain. It is a VIP-180 token built on the Ethereum blockchain. The maximum VET supply is capped at 86,712 billion tokens.
Users with VET can make transactions at no additional cost as long as they hold the tokens long enough. The coin serves as a means of transferring value within the VeChainThor ecosystem. It is used to execute transactions in decentralized applications developed on the VeChain blockchain. VET allows Proof-of-Work to be conducted for every transaction enabling the validators to mine VTHO. It is also available for investing.
VTHO stands for VeChainThor Energy. It is used to conduct transactions and execute smart contracts on the VeChainThor blockchain. Like VET, VeThor Token is a VIP-180 standard token that relies on the Proof-of-Stake mechanism.
VTHO is an integral part of the VeChainThor blockchain. It is directly derived from the VET token. For transactions to be processed, a portion of the VTHO token is created for each VET added to the block. To be precise, every VET token generates 0.00000005 VTHO every 10 seconds or 0.000432 VTHO per day. This means that users holding VET get VTHO coins and are able to use the VeChainThor blockchain for free.
VTHO functions as the gas for transactions. The amount of VTHO required depends on the size of the data sent to the blockchain. VET holders can make adjustments to gas price and token generation speed to keep VTHO supply and demand in balance.
VeThor Token holders can become Authority Masternode Operators if they want to validate transactions. They must go through a Know Your Customer (KYC) process to reveal their identity, own a minimum of 1 million VET, and have a strong reputation to be chosen by the VeChainThor foundation. Operators maintain the network and receive transaction fees as rewards. 70% of VTHO charged in each transaction is destroyed and the remainder is awarded to the Operators. In addition, they receive VTHO bonuses from a VET pool managed by the foundation.
The destruction of VTHO tokens keeps their circulating supply at a low level while the demand for the token remains high. The foundation also monitors the market and adjusts the minimum price of gas.
VTHO can be transferred and traded on a number of exchanges including Binance, Bitvavo, BitMart, Gate.io, and Crypto.com against USDT, EUR, BNB. The VET coin and VTHO can be stored in Ethereum compatible hot and cold wallets.
VeThor team and partners
VeChainThor’s founder and CEO Sunny Lu was one of the first to become interested in Bitcoin technology in China. Before VeChain he worked as the IT Manager for Bacardi China. He is also a professional in the luxury industry having worked as the CTO and CIO at Louis Vuitton China responsible for information systems and technology.
Among the VeChainThor employees are Jianliang Gu, the CTO who built the ToolChain platform with his IoT team, Peter Zhou, the Chief Scientist, Shaohuai Jack, a project manager, Jason Rockwood, a general manager, Zhijie Ren, a senior blockchain researcher. Jie Zhang is the co-founder and former CFO of VeChainThor.
VeChainThor specializes in applying its technology to a variety of industries such as food safety, automotive, OEM, fashion, and luxury. It has established cooperative relationships with many leading enterprises, including Walmart China, BMW, BYD Auto, Haier, H&M, and LVMH.
VeChainThor strategic partners DNV (an international accredited registration and classification society) and PwC (a multinational network of firms, operating in the insurance, advisory and tax services) use its blockchain platform to make digital products for their clients. VeChain’s main investor is Fenbushi Capital.