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VeChain Thor is a blockchain platform that leverages the power of smart contracts to solve supply chain problems. The platform is public and specialized in allowing companies to monitor their products from production to use. This reduces the possibility of counterfeiting. This guide to Vechain Thor (VET) will explain everything you need to know about how the team will accomplish this goal.
To facilitate the process, VeChain allows companies to use electronic labels on their products. For example, tags could be enabled for RFID or NFC.
Resolution of counterfeiting of products through smart contracts
The platform introduced a new economic model capable of predicting conditions in corporate environments and preparing stability solutions for companies using the blockchain platform.
The economic system allows two native tokens, VET and VTHO, to operate on the same platform but with a distinct use.
The VeChain Thor development team introduced the system to protect transaction costs from price fluctuations.
The platform uses internally developed smart chips that use QR codes, RFID and NFC technology to track products from source to destination. In addition to protecting goods against counterfeiting, the VeChain Thor platform can accommodate logistics-oriented products in the supply chain.
A brief history of the IFP
The VET platform was born as a VEN in 2015 as an ERC-20 token on the Ethereum blockchain and launched an offering of initial tokens by the end of the second quarter of 2017. ICO raised about $ 20 million which were used to migrate VEN to its blockchain and moved from being VEN (VeChain) to VET (VeChain Thor).
The developers of the VET platform are spread all over the world, but led by Sunny Lu, CEO of VeChain Foundation.
The VET blockchain uses the consent test algorithm of the authority. This algorithm is used primarily in blockchain projects that are not completely decentralized in their operation.
Therefore, with VeChain Thor's blockchain, 101 pre-set nodes are used to validate transactions. In addition, the platform has additional nodes to keep the blockchain under control.
All nodes on the network are rewarded with VTHO tokens. However, these tokens are distributed based on their expiration days and the number of VET tokens in their portfolios.
Following these guidelines, the VET platform has 4 categories of nodes, namely Strength (10 days duration and 1M VET coins), Thunder (20 days duration and 5M VET coins), Mjolner Masternodes (30 days duration and 15M VET coins) and Thrudheim Masternodes (deadline started on 21 December 2017 and should have a minimum of 25 million coins from VET).
The first three types are economic nodes and are rewarded by the VeChain foundation. The fourth category of nodes gets the same benefits as the other nodes, but also uses 30% of all VTHO used in transactions on the VET platform.
Difference between VET and VTHO tokens
The difference between the two tokens is in their use on the network. VET tokens are used for transaction costs. The greater the number of VET tokens a user holds, the greater the priority the user gets on the system.
VTHO tokens are used as a permission to run decentralized applications on the Thor VeChain blockchain. VTHO tokens are generated by the VET token at a rate of 0.000432 VTHO per VET per day.
Future goals of the VET
The blockchain of the IFP has already been approved by the Chinese government, particularly by the Gui & # 39; an government, to fuel its smart city initiative. Gui's government will use the VET platform to develop tracking solutions for the energy and wine industry.
VeChain Thor is trying to create a comprehensive vaccine monitoring system to help China reduce vaccines that do not meet the requirements for entering the market. The project will also help to eradicate vaccine producers who falsely label vaccines.
In conclusion, VET coins can be stored in incompatible hardware (Ledger Nano S, Trezor) and in web-based portfolios (MetaMask).
to know more
To learn more about the Vechain Thor project, check the official price forecast article for the VET and check for regular updates. You can read our additional post on three reasons why the IFP could rebound early, as well as a technical analysis on VET trading pairs.
Interested in buying the IFP? You can learn how to do this using the VET purchase guide on Binance.
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