VeChain (VEN / VET) –The long-awaited launch of VeChain’s Thor blockchain has taken place. The VEN Foundation commemorates the first block dismantled.
The first block was successfully dismantled at exactly 8:00:09 a.m. The VeChainThor Blockchain was officially launched. pic.twitter.com/aYZs19GoAO
– VeChain Foundation (@vechainofficial) June 30, 2018
Labeled ThorThe launch of VEN’s Main Net marks the currency’s transition to its independent blockchain, enabling the implementation of double token innovation. In contrast to other blockchains with Proof of Work (PoW) or Proof of Stake (PoS), VeChain follows a Proof of Authority protocol with which validators can break down blocks and thus increase the usefulness of transactions in the network. While these figures of authority provide a small degree of centralization to VeChain’s technology (not all users are equal), the overall effect is to create a network that is useful for businesses and other businesses looking to leverage blockchain for market solutions.
VeChain uses two coins at the same time for transactions: Vechain Token (VET) and VeThor (Thor). VeChain network participants receive Thor in proportion to the amount of professional education they hold, which theoretically makes it beneficial for investors to acquire and hold larger amounts of professional education. This gives the VET token an intrinsic value and gives investors an incentive to sit in their VET portfolio instead of engaging in endless price speculation. Similar to the relationship between NEO and GAS, VET is used to create and use applications on the network, while Thor is the medium of exchange for paying for transactions.
While Thor can be swapped out regardless of vocational training and has a separate price dictated by the market, the model allows Thor’s value to fluctuate based on usage. As VeChain’s network becomes more transactional, the cost of Thor in relation to supply and demand increases. VeChain’s developers believe this dual-coin model is a more efficient improvement over traditional single-blockchain currencies like Bitcoin. While vocational training can be crafted for better application on the network, Thor puts the sole focus of the technology on increasing the utility in transactions and as a medium of exchange.
In addition to announcing the launch of the Thor blockchain, the VeChain Foundation has announced further details on the token swap for VEN, which is scheduled to take place in mid-July. Similar to the recent TRX migration to Main Net, VeChain’s updated token marks the official launch of the currency on its own public blockchain, thus migrating from the Ethereum-based ERC-20 roots.
Binance has already detailed its support for the VEN token swap in a Twitter post which, as before, also contained an update for the VEN / USDT trading pair reported from EWN. While the exact date for the swap hasn’t been set beyond mid-July, Binance has already committed to fixing the technical details of the transfer so that current investors can keep their funds in exchange for the swap.
#Binance supports #VEN mainnet swap and adds $ VEN / USDT trading pair https://t.co/lu9bWYxXPy pic.twitter.com/0WkffcA3fC
– Binance (@binance) June 22, 2018
While VeChain is still trading below its all-time high of $ 9.55 in January, the cryptocurrency has managed to maintain a position in the top 20 market cap and is aiming for further adoption after the launch of Thor.