VeChain

VeChainThor is a public blockchain designed for mass adoption of blockchain technology by enterprise users of all sizes. It is built on the essential building blocks of Ethereum, such as the account model, the EVM, the modified Patricia tree, and the RLP encoding method. VeChainThor provides innovative technical solutions that are powered by its novel governance and economic models, and is packed with features that are tailored to the needs of enterprises, individuals, and developers. VeChainThor is equipped with features such as meta-transaction features, Proof of Authority (PoA) consensus mechanism, and a unique two-token economic model. Meta-transaction features such as multi-party payment, multi-task transaction, and controllable transaction lifecycle make the development of decentralized applications more user-friendly. The PoA consensus ensures efficient and transparent transitions (upgrades) of the protocol to adapt to new challenges or innovations. The two-token system (VET+VTHO) helps separate the cost of using blockchain from market speculation and stabilizes the cost. VeChainThor is designed to be the foundation for a new era of trust and transparency and is positioned to be one of the most influential public blockchains.

The VeChain Token (VET) is the native cryptocurrency of the VeChainThor blockchain. VET is used as a medium of exchange for activities and transactions on the VeChainThor blockchain and serves as a “fuel” to power the network. VET holders have the right to vote on governance decisions, participate in Proof of Authority (PoA) consensus, and receive rewards in the form of VTHO tokens. VTHO is generated from VET at a predetermined velocity and is used to pay the transaction fee for executing smart contracts and transactions on the blockchain. VET holders will also be able to benefit from other financial services such as staking, lending, and trading on third-party exchanges. With its innovative features, VeChainThor is positioned to be one of the most influential public blockchains, and VET is an integral part of this ecosystem.