The VeChain Thor blockchain is officially live. VeChain Thor, the blockchain as a service company (BAAS), has gone live with the mining of their first block on June 30th, 2018. VeChain aims to build a decentralized business ecosystem with products that are fully tracked using a mix of hardware devices and blockchain accounting. The VeChain Thor main net launch is highly symbolic for the network.
Labeled Thor, VEN’s Main Net launch marks the transition of the currency on to its independent blockchain, thereby allowing for the implementation of the double-token innovation. Unlike other blockchains which feature Proof of Work (PoW) or Proof of Stake (PoS), VeChain follows a Proof of Authority protocol, allowing validators to mine blocks and thereby increasing the utility of transactions on the network.
While these authority figures provide a small level of centralization to the technology of VeChain (not all users carry the same weight), the overall effect is the creation of a network useful for business and other entities looking to adopt blockchain for market solutions.
The Foundation is set to embrace a new token that will be swapped from VEN to VET. The token swap has taken the center stage and holders are eager to know the implications of the shift from VEN to VET. With the support coming from major exchanges, the team working on the project has assured the community the swap will go on as planned.
Participants on VeChain’s network receive Thor in proportion to the amount of VET they hold, theoretically making it advantageous for investors to acquire and hold larger supplies of VET. This provides intrinsic value to the VET token, in addition to giving investors incentive to sit on their portfolio of VET as opposed to engaging in endless price speculation.
Similar to the relationship between NEO and GAS, VET is used for the creation and utilization of applications on the network, while Thor is the medium of exchange used to pay for transactions.
If VeChain’s network becomes more heavily utilized for transactions, the cost of Thor increases in conjunction with supply and demand. The creators of VeChain believe this dual coin model to be a more efficient improvement over traditional, single blockchain currencies such as Bitcoin.
VET is currently the 17th largest cryptocurrency with a market cap of about $1.4 billion as of writing. The token, which peaked at $8.51 in January, is currently trading at about $2.65.
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