What is VeThor Token?

VeThor Token (VTHO) is a crucial component of the VeChainThor public blockchain, a platform that strives to enhance the functionality of blockchain technology. Launched in 2015 and rebranded in 2018, VeChainThor employs two tokens: VeChain Token (VET) and VeThor Token (VTHO). While VET serves as the primary value-transfer token, VTHO plays a vital role in facilitating processes and transactions on the blockchain. VTHO, a VIP-180 Standard token, essentially represents the smart contract layer of the network. The unique dual-token design of VeChainThor allows users to engage with both tokens, diversifying their interaction with the platform.

How does VeThor Token work?

VTHO operates within the VeChainThor blockchain, a platform that strives to improve processing speeds and an open-source design. The VeChainThor blockchain uses a proof-of-authority (PoA) consensus mechanism, which aims to validate transactions swiftly. The PoA consensus relies on approval from an Authority Masternode (AM), selected by the VeChain Foundation. Both VET and VTHO tokens are a special class of ERC-20 coins, meaning they can be stored in various cryptocurrency wallets. VTHO is generated for every VET token added to the block, facilitating transactions on the VeChainThor blockchain.

What are the potential use cases for VeThor Token?

VTHO is integral to the operation of the VeChainThor blockchain, facilitating transactions and smart contracts execution. The token's primary use case is to represent the cost of using the VeChainThor blockchain. The VeChainThor blockchain aims to improve processing speeds and an open-source design, allowing developers to collaborate. The platform also developed meta-transaction features, which seek to enable multi-party payments and multi-task transactions. This versatility seeks to benefit enterprise users of all levels, allowing them to utilize blockchain capabilities.

What is the history of VeThor Token?

VeThor Token was born out of the VeChain project, which was initially launched in 2015 by Sunny Lu. VeChain was a subsidiary of Bitse, one of China's largest blockchain companies, but later separated to become an independent enterprise. In 2018, the company underwent a significant rebranding process, resulting in the creation of the VeChainThor blockchain and the VeThor token. The VeChainThor blockchain and its dual-token system, including VTHO, have since been used to facilitate transactions and processes on the platform.