In our commitment to continually broaden our offerings, we are introducing a new project addition - VeChainThor.
This article provides a comprehensive overview of VeChainThor, its native token, tokenomics, functionalities, and potential impact on the crypto ecosystem. And at the end, you will learn how to buy VET tokens.
What Is VeChainThor?
VeChain is a blockchain protocol that aims to incentivize a network of computers to manage a platform that supports the development and operations of decentralized applications (dApps) by enterprises.
VeChain aims to improve the management of supply chains and corporate operations. It intends to streamline these processes for complicated supply chains. VeChain Token (VET) and VeChainThor Energy (VTHO) are the two tokens available on the VeChain platform. The first transfers value throughout the VeChain network, and the second is used as gas for processing transactions.
Within the VeChainThor blockchain, there is also a virtual machine. The Ethereum Virtual Machine (EVM) serves as its foundation, and it enables the execution of smart contracts that have been written in the Solidity programming language. The network can support the operation of decentralized applications in addition to the issuance of user tokens such as NFTs.
How Does VeChainThor Work?
With VeChain, any company can build new kinds of dApps.
To make this process more accessible, the VeChain team developed a software development kit-like component called the VeChain ToolChain.
Proof of Authority
VeChainThor utilizes a consensus technique known as proof of authority (PoA) to manage the process by which transactions between users are confirmed and added to the public ledger of VeChain.
Individuals who validate and add transactions to the blockchain are called Authority Masternodes. To become an Authority Masternode, individuals must stake a minimum of 25 million VET and provide the VeChain Foundation with their identifying information.
While utilizing a Proof-of-Authority method makes it possible to process massive transaction volumes quickly, the approach's drawback is that it depends on a central authority to verify and authorize users who can participate in the processing of transactions.
Notably, VeChain aims to enhance its Proof of Authority to guarantee a block creation method that is more randomized and dispersed.
An Overview of VET Token
VeChain uses two native tokens for the protocol to function properly. These tokens are:
- VET, used to store and transfer value.
- VTHO, used for transactions on the VeChainThor blockchain.
The quantity of VTHO may be modified to maintain steady pricing for transactions, designed to isolate the price volatility of VET currency from the cost of computations on the network. This allows applications that run on VeChain to charge consistent fees.
Miners are rewarded with VTHO fees for computations completed by the network, similar to how the Ethereum blockchain utilizes ETH and gas. The complexity of the computation determines the amount of VTHO required for a particular program.
Nodes that stake VET coins are rewarded with VTHO for each block they stake, and they also earn the right to vote on whether or not the network should be upgraded.
Applications of VeChainThor
VeChain has established itself as a leader in the industry, creating and implementing blockchain solutions for logistics, tracking the authenticity of goods, retail sales, and other business activities.
Each tracked object is assigned a unique identification known as a VeChain ID. The operation of VeChain solutions is based on the digitalization of physical objects.
Within the VeChainThor blockchain, smart contracts record transactions. Objects have carriers (NFC chips, RFID tags, or QR codes) containing VeChain IDs, along with Internet of Things sensors that register data on the object's position and condition.
Through the application programming interface (API) provided by VeChain to its partners, it is possible to interact with the VeChainThor blockchain and the stored data. This allows for real-time monitoring of the movement of goods, including their journey through distributor warehouses, the date and location of their sale, and other actions.
Tokenomics
Total supply: 86.71 billion
Total market capitalization: 1.85 billion
How to Buy VET Tokens on CoinEx?
CoinEx is a global cryptocurrency exchange trusted by 5+ million users worldwide with 100% reserve. Users can now trade quickly and seamlessly with its 700+ supported tokens, including VET.
To purchase VET tokens on CoinEx, follow these steps:
- Create an Account: Start by signing up for a CoinEx account.
- Deposit Funds: After logging in, deposit funds into your CoinEx account using any supported cryptocurrencies or deposit methods available on the exchange. Having funds in your account enables you to execute trades seamlessly.
- Navigate to VET Trading Page: Once your account is funded, go to the dedicated VET trading page on CoinEx. You can find a search box and enter the term "VET" to swiftly locate the trading pair associated with VET tokens.
- Choose a Trading Pair: Select the desired trading pair that matches VET with another cryptocurrency. For instance, you may choose VET/USDT to trade VET against USDT (Tether).
- Specify the Purchase Amount: Determine the quantity of VET tokens you want to purchase. Input the amount in the trading interface, which will calculate the corresponding cost based on the current market price.
- Execute the Trade: Execute the trade with the specified amount. Confirm the details, and if you are satisfied, submit the order.
By following these comprehensive steps, you can easily trade VET tokens on CoinEx using the available trading pairs.
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