VeChain Launches Official Thor Blockchain
The long-awaited launch of VeChain’s Thor blockchain is finally here, with the VEN Foundation celebrating the very first block mined.
At exactly 08:00:09 the first block was successfully mined. The VeChainThor Blockchain has officially launched. pic.twitter.com/aYZs19GoAO
— VeChain Foundation (@vechainofficial) June 30, 2018
Named Thor, VEN’s Main Net Launch marks the transformation of the currency on to its self-governing blockchain, as a result allowing for the execution of the double token innovation. VeChain follows a Proof of Authority protocol, unlike the other blockchains which follow Proof of Work (PoW) or Proof of Stake (PoS). By doing this VeChain enables validators to mine blocks and subsequently increasing the usefulness of the transactions on the network. While these figures give a little level of centralization to the technology of VeChain as not every user bear the same weight, the comprehensive effect is the formation of a network useful for business and other establishments looking to implement blockchain technology to market solutions.
Thor, VeChain and Main Net
VeChain works by using two coins at the same time for transactions: VeThor (Thor) and Vechain Token (VET), Participants on the VeChain network are presented with Thor in portion to the amount of VET they possess, conceptually making it favourable for investors to obtain and possess greater supplies of VET. This gives inherent value to the VET token. Additionally, it gives investors the incentive to sit and work on their portfolios of VET as opposed to participating in never-ending price conjecture. Just like the relationship between NEO and GAS, VET is used for the formation and use of applications on the network, while Thor is the mode of exchange used to pay for transactions.
While this Main Net can be traded independently of VET and will bear a different, market-dictated price, the model enables for the value of Thor to alter depending on the usage. If VeChain’s network becomes more excessively used for transactions, the value of Thor increases in concurrence with supply and demand. The creators of VeChain believe this two coin model to be a more methodical improvement over traditional, single blockchain currencies like Bitcoin (BTC). While VET can be used for better application on the network, Thor placed the main focus of the technology on increasing the profitability in transactions as a medium of exchange.
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