Last updated 24/09/2022
Official Website: https://www.vechain.org/
VeThor token or energy token powers transactions on VeChain where it is used as gas. When data is added to the blockchain through data or financial transactions, it needs units of computational power. The VTHO token covers the computational gas costs for all transactions in the blockchain. However, the cost will not be the same all the time as it depends on the size of the transaction being processed.
Two tokens are associated with the VeChainThor blockchain – VeChain token(VET) and VeThor token (VTHO).
While VET carries smart money like many other cryptocurrencies, VTHO (also called energy tokens) is used to conduct transactions on VeChain. Let us understand the tokens better. The major difference between VET and VTHO is the way both tokens are used. Even though they are used on the same platforms, they differ in their usage. The more VET a user has, the higher priority he gets.
On the contrary, the VTHO token is the gas costs that confirm decentralized applications. In a way, the more VET tokens a person has, the more VTHO tokens he gets. As in cryptocurrencies like Bitcoin, VET is used to store and transfer value, while VTHO is considered energy tokens.
VeChain was founded in 2015 and is one of the older entities within the blockchain industry. It has offices in China, France, Singapore and Japan. VeChain first began as a subsidiary of BitSe, which is one of China’s largest blockchain companies.
The project is also supported by the VeChain Foundation. The foundation was established in Singapore in July 2017 as a non-profit organisation. The CEO, Sunny Lu, holds well over a decade’s worth of experience as an IT executive in Fortune 500 companies. Meanwhile, the CFO Jay Zhang has more than 14 years’ worth of experience as a senior manager with PwC and Deloitte.
VeChain migrated onto its own blockchain from the Ethereum network and consequently rebranded itself in 2018. This included the VEN blockchain adapting into the VeChainThor (VET) blockchain in 2018. There are many documents here to help you find everything you need to know about VeChainThor. The preliminary target that they have established is to disrupt the supply chain industry and to do this, they will make all data within the network actionable and transparent. The blockchain also has ideas which involve having dApps and initial coin offerings (ICOs) on VeChain and the Internet of Things (IoT) platform.
The VeChain Foundation released its own official wallet to store VeChain and VeThor. The initial release of the VeChainThor wallet came in form of a mobile wallet app which aimed to provide a “powerful, secure, simple and fully functional portal to the VeChainThor blockchain”. The wallet can be downloaded for both iOS and Android devices.
There are also several third party wallets that can store VeThor Token (VTHO). These incude Guarda Wallet, Atomic Wallet, Trust Wallet and many more. We have helpful Wallet Guides available to help you set up and use various wallets. We recommend using Exodus to store VeThor Token as Exodus has a very user-friendly interface and supports most cryptocurrencies. Your VeChain wallet address can be prominently displayed within Exodus ensuring ease of use when sending and receiving this coin. The platform also presents a real time portfolio valuation and tracks the value of digital assets held.
We always recommend our customers to perform their due diligence and research into any platform they are looking to start using. You may find some general information regarding various wallets on our Wallet Guides page.
You can Buy & Sell VeThor Token (VTHO) here at BC Bitcoin.
You can Buy VTHO by heading over to the Buy Coins page of our website. VTHO is available on BC Bitcoin trading against major fiat currencies: GBP and EUR. Buying VTHO has never been easier, simply place your order and provide your wallet address. Once your payment arrives, VTHO will be sent directly to your wallet.
If you choose to Sell VeThor Token (VTHO), you can send us the coins and receive a payment to your bank account. Details and a live valuation can be found on the Sell Coins page.
Block Explorer: https://explore.vechain.org/
VeChain Documents: https://docs.vechain.org/
Disclaimer: The information provided in this article is intended for informational purposes only. It is the readers responsibility to complete their own research and due diligence.