- Focuses on real-world enterprise problems in the supply chains
- There is only one centralized company behind VeChain
VeChain Thor (VET) in a nutshell
VeChain is a smart currency that acts for smart contracts or as a monetary medium that can be used when investing in ICOs.
There are two cryptocurrencies native to the VeChainThor protocol, VET, a token used as a store of value and for peer-to-peer payments, and VTHO, a token used to pay for smart contract opcodes — you can think of VTHO as a currency used to make gas payments.
VET holders are rewarded in VTHO for keeping VET in their wallets; the current rate they are rewarded at is .000432 VTHO per VET, and the reward is distributed to each user daily.
Nodes on the VeChain network are rewarded additional VTHO tokens for their contributions to the network. When payments are made in VTHO, 70 percent of that payment is taken out of circulation and token-burned, the other 30 percent is awarded to master nodes on the VeChain network.
A node is created if you are a VET holder with a certain amount of VET in your wallet; when you have the minimum amount of VET to become a node (600) in your wallet, you can join the VeChain Node program by going to the Rewards tab in the mobile wallet and opting in.
Review of VeChain Thor (VET) token
VeChain Thor is under review and we are thoroughly looking into the token to find everything there is to know about it. Coming Soon.