vechain logo - All You Need To Know About VeChain Thor

All You Need To Know About VeChain Thor

VeChain Thor Overview

VeChain is a leading blockchain platform for products and information. Making use of the blockchain technology to build a trust free distributed business ecosystem. With the help of blockchain technology, VeChain makes the collection, management, and sharing of essential products data with vendors and consumer secure and straightforward. VeChain is one of the earliest blockchain technology company in the world today, with a proven blockchain implementation in different industries such as agriculture, luxury goods, and liquor.

vechain - All You Need To Know About VeChain Thor

The VeChain Thor, on the other hand, is an improvement on the VeChain blockchain. The product has been around for a couple of years, and it also have customers using the project.  Also, the  VeChain technology items are tracked through the supply chain, maintaining good quality control of food production and ensuring the authenticity of quality goods as well.

Why VeChain Thor

The VeChain team announced their plans to rebrand VeChain to VeChain Thor. This program is scheduled for the end of February 2018. Its proposed idea is to extend beyond just the supply chain into Dapp technology similar to the Ethereum blockchain. Two different tokens are said to function on the VeChain Thor platform: the Thor Power represented by the THOR symbol and the VeChain Token (VET).

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The Thor Power (THOR) token

VeChain token holders will be given THOR that they’ll use to perform smart contracts and run applications on the blockchain. It’s similar to the way GAS is giving for NEO holders.

The VeChain Tokens (VET)

VeChain tokens will be used as quick payment as currency to run business activities on the blockchain. People who hold more VeChain (VET) tokens will be given higher priority and rights on the VeChain Thor blockchain.

Where To Buy VEN/VET Tokens

Binance is the exchange of choice to purchase the VEN tokens (soon to be VET). The tokens can be exchanged for Bitcoin and Ethereum cryptocurrencies. To buy the VET, you need to acquire some Bitcoin or Ether, and you can buy them with USD on the GDAX, Coinbase and Gemini exchanges. After that, you transfer your purchased cryptocurrency to the Binance exchange and trade it for the VET tokens.

There are also some places to trade other cryptocurrencies for the VET tokens. A comprehensive list of where VET can be purchased can be found on the CoinMarketCap page.

Best Wallets To Store The VeChain Tokens

VEN tokens are stored in an ERC20 token, MyEtherWallet the best online wallet that you can use to access your tokens. Cryptocurrency community highly trusts MyEtherWallet.

The Ledger Nano S is an offline/cold storage device that securely protects your VET tokens. The hardware device keeps the private keys which give access to your tokens offline and makes it difficult for your tokens to be stolen.

The VEN tokens are soon to be automatically converted to VET with no specific action by token holders. The VeChain team hasn’t disclosed much information about what’s going to happen, but it is likely that the new VET tokens would have to be saved in a VeChain official wallet for holders to get Thor rewards for as much VET tokens they have in storage. The official wallet is said to be released anytime in the second quarter of 2018.

The VeChain Team

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The Team is led by Sunny Lu who is the CEO. Lu has led IT and information systems projects for a lot of super brands. He has also been the CIO (Chief Information Officer) for the Louis Vuitton China. The team also include Jie Zhang, who is the CFO and Bo Shen as company Advisor. They are both experts in the IT field with lots of experience in various areas.

VeChain Competitors

As more interest and acceptability rises for Dapp platforms, competing platforms like the Ethereum, EOS, NEO, and Cardano have all seen a drastic rise in price. Though the VeChain is yet to release its THOR version, the number of platforms to be hosted on VeChain THOR will give the VeChain project a reliable name among others in its category.

Summary

The Vechain has been one of the most established blockchain platforms in recent years and seems to be significantly undervalued presently. They do not have working products with great functionalities alone running on the platform but also have a solid team with members having lots of experiences in their fields.

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