What Is VeChain (VET)?
VeChain Thor (VET) is a blockchain-based platform initially designed for supply chain management and expanding into other enterprise uses. It uses digital twins via tokenized assets to track and manage all aspect of warehousing, shipping, ownership transfers, authenticity verification, and more. VeChain Token (VET) and VeThor (VTHO) are the native cryptocurrency tokens used by the VeChain Thor ecosystem.
VeChain’s first product, ToolChain, implements leading Manufacturing 3.0 technologies like artificial intelligence and machine learning (AI/ML), Near-Field Communications (NFC), Radio Frequency Identification (RFID), and Quick Response (QR) to create an enterprise-grade Internet of Things (IoT). Each unique VeChain Identity (VID) is hashed into a smart contract and tokenized for on-network usage.
Who Is VeChainThor?
VeChainThor was created by Co-Founders CEO Sunny Lu and CFO Jay Zhang. They are joined by Partners COO Kevin Feng, CTO Jianliang Gu and Chief Scientist Dr. Peter Zhou. They manage a strong development team, along with the VeChain Foundation. The Foundation secured a partnership with Amazon Web Services (AWS) in early 2019.
Use Cases of VeChainThor
Supply chain management is the backbone of modern industry, and it’s currently undergoing a modern-day Industrial Revolution. Massive companies across the supply chain like Amazon, FedEx, Walmart, and even national governments and illicit organizations are interested. Tracing seed-to-sale, farm-to-table, and exact ownership of everything from raw resources to finished goods changes the economic landscape.
Old-school 20th century collectibles included physical items like comic books, toys, and trading cards. Their value is dependent on scarcity later in life, but when everyone has Beanie Babies and baseball cards, nobody cares. Even furniture, appliances, cars, or our homes only maintain a certain value over our lifetimes.
VeChainThor is at the forefront of a new era in which our marketplace will be data driven. The intrinsic value of things may change and branding/marketing are going to change with it.
How to Mine VET and VTHO
VET has a fixed supply and isn’t mined. Hodling VET in either the official VeChainThor Wallet or an approved third-party wallet generates VTHO as interest, similar to NEO/GAS. Like GAS, VTHO is used to pay for transactions on the VeChainThor ecosystem. Masternodes do earn rewards via a Proof-of-Authority (PoA) consensus.
There’s a total supply of 86,712,634,466 VET and it reached an all-time high value of $0.019775 on September 4, 2018, according to CoinMarketCap.
There’s no cap on the VTHO supply, and it reached its all-time high of $0.042013 on August 1, 2019.
Learn More About VeChainThor
If you want to learn more about VeChainThor, check out this comprehensive intro guide at Mycryptopedia, which is more reputable than many blockchain/cryptocurrency publications. Or check out this intro guide to Kucoin Shares on Thought for Your Penny.