VeChain Thor (VET) is a cryptocurrency and smart contracts platform focused on enterprise use. It utilizes IoT technology (like NFC chips, RFID trackers, and QR codes) and connects them to a single distributed ledger. According to the VeChain Foundation, partnerships have been developed with companies in several industries including luxury goods, automotive, agriculture, logistics, food/drug, and governments. Sunny Lu, former Chief Information Officer of Louis Vuitton China, founded VeChain in 2015. Initially, VeChain launched as an ERC-20 token called VEN. In August 2017, VeChain held an Initial Coin Offering (ICO) where 200,000 ETH was raised which was about $60 million at the time. On June 30, 2018, VeChain released VeChain Thor on its own mainnet. With the roll-out of this independent blockchain, token holders swapped VEN for VET, at an exchange rate of 1:100. (VEN is no longer active.) The VeChain Thor blockchain uses a dual token model. VET is the native token and functions as a store of value, whereas VTHO is used to pay for using and building apps on the blockchain. VTHO is automatically generated by owning VET. By using a dual token model, transaction fees remain more stable compared to a system where there is only one coin. The VeChain Foundation, a Singapore based non-profit founded in 2017, maintains the VeChain Thor blockchain. Instead of using fully decentralized consensus models like PoW or PoS, new blocks on the VeChain Thor blockchain are validated via a “Proof-of-Authority” (PoA) consensus algorithm. An innovation of the Proof of Stake model, PoA consensus uses identity and reputation as the form of stake instead of actual tokens. With VeChain Thor’s version of PoA, 101 known validators (Authority Nodes) produce new blocks on the blockchain. Each Authority Node requires full KYC, a formal application, dedicated hardware for the Node, 250 million VET at a minimum, and ultimately selected by the VeChain Foundation. Because the identities and reputations of the validators are at stake, it’s argued that the validators will be held accountable and incentivized to work in the best interest of the network’s growth and security. The benefit of using trusted validators is increased blockchain efficiency which allows for greater scalability and lower transaction fees while still remaining secure. There is no mining on the VeChainThor blockchain. A 51% attack would require that 51 of the 101 validators collude with one another, which is unlikely. VeChain has a Blockchain-as-a-Service ( BaaS ) platform called ToolChain. ToolChain is a blockchain platform offering services such as product lifecycle management, supply chain process control, data deposit, data certification, and process certification. ToolChain allows businesses of all sizes and technical abilities to utilize blockchain technology. VeChain has a number of impressive enterprise-grade partners including Walmart China, BYD, Renault, BMW, and PricewaterhouseCooper. VeChain is headquartered in Shanghai and has satellite offices in Singapore, Paris, Luxembourg, Palo Alto, Tokyo and Hong Kong.
|Mkt.Cap||$ 17.12 B||Volume 24H||272.01 M VET|
|Market share||0.6%||Total Supply||86.71 B VET|
|Proof type||Proof of Authority||Open||$ 0.22|
|Low||$ 0.19||High||$ 0.22|
In the future, its blockchain plans to have dApps and initial coin offerings (ICOs) on VeChain and Internet of Things (IoT) platform. VeChain was founded in 2015 by Sunny Lu, former CIO of Louis Vuitton China. It started as a subsidiary of Bitse, one of China’s largest blockchain companies. VeChain is among the few blockchains that already has a substantial customer base among established companies.
VeChain Thor (VET) is a cryptocurrency and smart contracts platform focused on enterprise use. It utilizes IoT technology (like NFC chips, RFID trackers, and QR codes) and connects them to a single distributed ledger. According to the VeChain Foundation, partnerships have been developed with companies in several industries including luxury goods, automotive, agriculture, logistics, food/drug, and governments.
Is VeChain open source?
This is now officially the VeChain communities technology. The Foundation will keep moving and building, but now that this is public, open sourced, and expandable technology, it is no longer just the Foundation's project.
There are various types of nodes, which all have different benefits, functions, and requirements. With the adoption of the VeChain blockchain, the demand for VTHO will rise. The VeChain Foundation can increase or decrease the amount of VTHO that is needed to transfer data to the blockchain. This was done to prevent the fees for using the blockchain from being directly affected by the price of the VET token. This way enterprises can be guaranteed a stable transaction fee, something that is currently not possible in for example other projects like Ethereum.
The VeChain Foundation ensured the success of VeChain Thor with these key ingredients. The VTHO token stands for VeChainThor Energy (VTHO) and is also known as VeThor Energy. It is used to power transactions on VeChain and is equal to the cost of conducting transactions on its blockchain.
Commonly referred to as a “trustless” system, all data stored on a blockchain network cannot be changed or removed. VeChain’s technology allows users to scan their registered products, in order to check and verify all previous transactions associated with them. Some other use cases for VeChain’s software include improving routine processes in the pharmaceutical, food and wine industry. In early 2018, VeChain’s product development and marketing team rebranded the platform to VeChain Thor. The logistics industry solution enables users to record immutable and secure data throughout the transportation process, making it possible to create new logistics and business models.
is a dual-token, blockchain-as-a-service (BaaS) platform originally built on the Ethereum smart contract network to service enterprise users. VeChain focuses primarily on the supply chain, and on delivering Internet of Things solutions. VET is VeChain Thor’s proprietary cryptocurrency, and VTHO is used to pay for tokenized transactions. VeChain has a Blockchain-as-a-Service ("BaaS") platform called ToolChain.
This part works exactly as the previous version, if the user’s VET holding falls below the minimum requirement, the node will either be downgraded (Economic Nodes) or permanently dropped (Economic X Nodes). Since now the VeChainThor nodes are tokenized, when this happens the node token either has the type changed or is destroyed automatically by the smart contract.
In relation to the new standard, VeChain Foundation has tokenized the Status of VeChainThor Nodes including Economic Nodes and Economic X Nodes into VIP181 tokens. This is an ideal scenario to implement the standard and significantly enhance the user experience of the VeChainThor Node program. We hope more developers will follow and develop dApps based on VIP181 tokens. Beyond counterfeit protection, VeChain also improves logistics systems through simplified product tracking.
As seen in previous versions, users can apply to upgrade their node in the “Rewards” function when their address meets the minimum VET holding requirement. When the user does so, the node will upgrade to the next tier after the maturity period. In the latest release, the node upgrade is executed via a smart contract, so you will be prompted to input the wallet password and sign approval for the smart contract transactions. Your VeChainThor Node is not able to be transferred or put on auction during the maturity period. Following VIP180 — fungible token standard, we published VIP181 — non-fungible token standard for developers to follow and create non-fungible tokens on the VeChainThor Blockchain.
IOStoken (IOST) is a blockchain with a high number of transactions per second that is popular with gamers and started off as an ERC-20 token. On the IOStoken mainnet, though, IOStoken holders vote for Node Partners as part of the staking process.
This version makes the Mobile Wallet the first application supporting the new functionality, which will be available for download on December 5th. Please note while the new version supports more functionality, all the rules in the VeChain Economic Node and Economic X Node remain unchanged. Yes, by giving an item a unique ID on the blockchain the product becomes a non-fungible token which can be operated by multi-parties and be transferred between blockchain addresses.
What is VeChain used for?
VeChain is a blockchain-enabled platform that is designed to enhance supply chain management processes. By utilizing tamper-proof and distributed ledger technology, VeChain provides retailers and consumers with the ability to determine the quality and authenticity of products that are bought.
You’ll need to research the technological developments associated with VeChain, as well as any associated problems or issues, before deciding whether to purchase VET tokens. Demand for the VeChain token is, therefore, a crucial factor that could increase the value of VET in the future.
The VeChainThor Node token smart contract is now open source and it has been independently audited by Slowmist with a satisfactory result. We welcome third-party developers to create dApps that support or leverage the new VeChainThor node token features, which we believe is one of the best ways to engage with the active VeChain community members. Other than for the obvious security reasons, you should also move your VET from an exchange to the official wallet, so you can receive the VTHO rewards. On the supply chain side, Waltonchain and Modum are utilizing blockchain technology in a similar way to VeChain. Moreso, each of the three companies appears to be focusing on different niches which helps to prevent direct competition.
As part of the rebrand, the VEN blockchain became the VeChainThor (VET) blockchain in 2018. The application of sensors means that all parameters related to the product can be constantly monitored and problems, if any, can be communicated back to the relevant stakeholders.
- The system eliminates the malicious act of counterfeiting paper-based certificates, bills, contracts, deeds, and other administrative documents for governments and financial services providers.
- We may receive compensation from our partners for placement of their products or services.
- Statistics have it that the world suffers from approximately $2 trillion problems; all caused by fake food, agriculture, medicine and luxury products.
- The transaction fails if their estimate turns out to be incorrect.
- In this way, even if someone else did have your phone, and somehow made it through all the layers of security, when they got into the app they would still not be able to move any of your VET and VTHO around.
finder.com is an independent comparison platform and information service that aims to provide you with the tools you need to make better decisions. While we are independent, the offers that appear on this site are from companies from which finder.com receives compensation. We may receive compensation from our partners for placement of their products or services.
Is VeChain a PoS?
To purchase VeChain (VET) on the majority of the cryptocurrency exchanges, you will already need to have Bitcoin (BTC) or Ethereum (ETH) to trade with. The good news is that you can easily purchase either cryptocurrency at Coinbase using your Credit Card or even Bank Account.
It’ll show you a history of all your transactions, in and out, and at the bottom of the screen there are the transfer and receive buttons. Press receive to set up to receive an amount of VET from another wallet.
The VeChainThor Node token smart contract supports more flexible configuration for third-party developers to explore and build more applications to support the VeChainThor Node functions. Upon this upgrade, the node management is done via open source smart contracts in the decentralized manner. All the information and operation is transparent on the blockchain. Therefore, VeChain will NOT be able to interfere any of the operations pertaining to node type, node transfer or auction.
How do I buy VeChain with USD?
Make sure your Ledger is connected to your computer. Unlock your Ledger and open the VeChain App on your ledger. You should now get access to five different VeChain wallets stored on your Ledger Nano.
To do this, make sure you have you mnemonic seed phrase to hand. Then, you can remove the wallet you have from your app and then import it using the seed phrase. When you import it, select the observe function, meaning that you now just observe the wallet, but cannot access it. When the time comes that you wish to move your VET and VTHO, simply import the wallet again using the seed phrase but do not select observe, meaning you can once again access the currency within the wallet.
How many VeChain coins are there?
It has a circulating supply of 63 Billion coins and a max supply of 87 Billion coins. The most active exchange that is trading VeChain is Binance.
How to Acquire the VEN Tokens
This would help in making blockchain more and more accessible for companies on a mainstream basis. Some providers pay us for advertisements or promotions on our website or in emails we may send you. Any commercial agreement we have in place with a provider does not affect how we describe them or their products and services. Where we list or describe different products and services, we try to give you the information you need to help you compare them and choose the right product or service for you. We may also have tips and more information to help you compare providers.
VeChainThor Node Tokenization and Mobile Wallet Update
VeChain represents a very interesting and exciting blockchain prospect, with both big name backers and a lot of innovative and interesting products on offer. This means that there could be a bright future ahead for VET and VTHO as investments. However, once you’ve bought it, if you don’t want to trade and instead want to hold on to them for a while, you’ll probably want to transfer it out to your VeChain Thor Wallet. A good reason to do this is that holding onto your VET in your VeChain Thor wallet will generate VTHO without you needing to do anything.
VeChain offers a big data platform designed for agriculture which keeps track of all agriculture-related data generated during planting or breeding, production, processing, packaging, sales and distribution. With proper authorization, the data on the VeChainThor blockchain can be shared among all or specific participants for analysis, facilitating the development of smart agriculture.
Using the technology, you can track items through a supply chain, ensure the authenticity and quality of goods, as well as maintain the quality control of food products. The VeChainThor Blockchain is public, expandable, and available.
Thor power (VTHO)
Now that the VET tokens have replaced the ERC20 VEN tokens, the VeChainThor Wallet is the recommended place to store your funds. The wallet is available on iOS, Android, and in conjunction with Ledger wallets. In June 2018, the VeChain team reached a crucial milestone in launching the platform’s mainnet. With the launch, the network moved off of the Ethereum blockchain onto its own blockchain.
There has been a lot of discussion in the VeChain community whether the identity of the 101 Authority Nodes should be publicly known. Authority nodes are selected and rated by the VeChain foundation and require a full KYC and application procedure. Using this VET they can then generate VTHO which they can use to pay for their blockchain operations. Enterprises wanting to use the blockchain can buy the VTHO they need to put data on the blockchain from the open market. On this page, we will give you a complete overview of everything we know so far about the VeChain economy and its two-token Node system.
Next steps for the network is to expand the ecosystem with more dapps and strategic enterprise partnerships. The three types of economic nodes (Strength, Thunder, and Mjolnir) receive rewards from the VeChain Foundation VTHO pool in addition to the normal reward for holding VET.