What Is VeThor Token?
VeThor (VTHO) is a VIP-180 standard token (a unique standard based on ERC-20) used in the VeChainThor public blockchain. It’s one of the network’s two tokens: VTHO’s purpose is powering the network, while the other token – VET – is a means of transferring value.
VeChain, a foundation behind VeThor, was founded in China in 2015, though it was initially just a subsidiary of a larger blockchain platform Bitse. In 2018 VeChain moved to its blockchain and rebranded. The company’s geared towards enterprise clients, and its goal is to speed up businesses’ digital transformation by integrating blockchain and IoT into the supply chain management framework. This allows data gathered from sensors, RFID, etc. to be collected on the chain. Due to the blockchain technology’s tamper-proof nature, anyone who has access to the chain can verify the information stored there. This facilitates trust between stakeholders, helps to avoid losses due to inefficient processes, eliminates corruption and generally simplifies supply chain management. VeChain uses Proof-of-Authority (PoA) consensus protocol which means the blocks are verified by a number of authorized, KYC-compliant master nodes.
While actual economic activity in the network uses the VET token, VTHO is needed for transaction fees and to facilitate everything working correctly in general. VTHO is consumable and burns after a few uses; the good thing is it’s not mined, it just appears automatically in VET holders’ wallets.
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