We want to talk about what you need to know about VeThor Token (VTHO). What are VTHO coin, VTHO coin comments, VeThor coin comments, and all the details about the future of the VeThor coin?
What is VeThor Token (VTHO)?
VeThor Token is one of two tokens under the governance of the VeChainThor public blockchain. VeChain, which started its operations in 2015, went through a rebranding process in 2018. The native cryptocurrency of the platform is VeChain Token (VET). The VeThor Token (VTHO) plays the head role in the overall functionality of the blockchain.
VeThor Token (VTHO) represents a VIP-180 Standard token and the cost of using the VeChainThor blockchain. Moreover, its primary purpose is to facilitate blockchain processes and transactions. Essentially, it represents the advanced contract layer of the network.
VeThor Token is the payment instrument for the ecosystem of VeChain and represents the currency of that. VTHO is necessary for every operation done on the network. In addition, VTHO is also used to send data to smart contracts. All transactions and contract transactions handle using VeThor Token.
In short, the VeChain platform has a dual token ecosystem. VeThor Token is also a part of this project. VeThor Token is one of the tokens running on the VeChain network. This token helps run applications on the VeChain.
What is VeChain?
VeChain is a platform created to manage many different processes, especially supply chain and business processes. The purpose is to transfer the management from the supply chain to the blockchain.
The VeChain platform has two different tokens, the VeChain Token (VET) and the VeChainThor Energy Token (VTHO). The application of VET is to shift values on the platform; however, the application of the VTHO is to run contracts on that platform.
What is VeChainThor?
VeChainThor is the leading network of the VeChain ecosystem. The platform transacts, and VeChain Explorer services operate as an open blockchain network. In addition, the design of the VeChainThor is scalable.
Businesses can build their decentralized applications with VeChainThor. So they can interact on scalable and reliable blockchain networks.
What are the features of VeThor Token?
The VeThor token powers the VeChainThor network, and helps pay for transactions. Because transactions in the VeChain network require computational power, VTHO is used to pay for all transactions in the VeChainThor network, and the costs are directly proportional to the size of the transactions.
What is VeChain ToolChain?
VeChain ToolChain is one of the blockchain services that simplifies the IT services of businesses. Thus, ToolChain can be used for data management of blockchain technology and certification of products, regardless of the size of enterprises.
In addition, VeChain ToolChain makes supply chain management more transparent, making it easier for businesses and consumers. Users can get information about how products are produced by scanning QR codes through the VeChain Pro application. Finally, users can get information about the production place.
Usage area of the VeChain
The VeChain platform ensures the process of tokenization, and all the steps can get tracked on the VeChainThor network. In this way, VeChain will be active in many different sectors, especially in the health sector and supply chain management.
How do the VET and VTHO relationship work?
Without VTHO on the VeChain network, no transactions are possible. But on the other hand, there would be no VTHO without VET. Let us look at the work done by this dual token system and the relationship between VET and VTHO.
VeThor Token (VTHO) used VeChain Token (VET) to emerge. You can create VTHO by having VET. In a sense, you earn VTHO by having VET in your balance.
On the other hand, VET and VTHO are two interconnected and interdependent cryptocurrencies. Without VET there would be no VTHO at all. At the same time, paying the transaction costs and performing VET transactions even when there is no VTHO will be impossible.
VET and VTHO in summary
Infographic about VeThor Token and VeChain Token:
- VeChain Token (VET). Used to store and transfer value like other cryptocurrencies.
- VeThor Token (VTHO). Characterized as an “energy token” and is used to pay gas fees for transactions on the network.
The connection between the VeChain and the health sector
Although the usage of the VeChain was not in the health sector, many health organizations started using the solutions of the VeChain, thanks to covid-19. Firstly, I-Dante and VeChain enabled patients to store their covid-19 test results with the E-HCert application.
The platform, implemented at the Akdeniz hospital in Cyprus, provides secure and unalterable storage for medical records.
The second use of the VeChain in the health area was to implement the covid-19 vaccine certificate together with the San Marino government. As the San Marino government prepares for an internationally valid vaccination certificate, VeChain’s eNFT solution can prove whether its citizens have been vaccinated or not.
The relation between the VeChain and carbon emissions
Thanks to blockchain and the Internet of Things (IoT), it is easy to monitor carbon emissions on the VeChain platform. This issue is achieved by obtaining credits, thanks to which users reduce their energy and carbon dioxide emissions. Credits are paid to the services that have collaborations with VeChain.
VeChain saves the records in the VeChainThor network by tracking different sources, and some contracts control them. Afterward, the amount of saved energy through models is calculatable.
Status of the products
Thanks to IoT solutions, the VeChain network can track the status of products. This issue starts with keeping a close eye on all processes. In this way, users can track the storage conditions of the products in which warehouses through the applications. Thus, spoiled products will not distribute.
With the application of tracking products with blockchain, food poisoning events are preventable. In addition, thanks to the easy recall of products, the costs of different industries are reducible.
Finally, VeChain enables the tracking of different products and raw materials. This method will prevent product returns and disruption of supply chains.
Forgery is one of the most problematic situations, especially in the luxury sector. By applicating blockchain and IoT technologies, all processes of products are under observation. To avoid this situation, Vechain has partnered with Louis Vuitton China, allowing users to check the authenticity of products through the VeChain application. It ensures that all processes are followed by controlling the chips in the products.
Also, Renault can verify the authenticity of luxury vehicle parts through VeChain applications.
Most recently, Shanghai Waigaoqiao Direct Imported Goods collaborated with VeChain to ensure the authenticity of luxury wines. Adding QR codes and chips to follow all the stories of the products, VeChain follows step-by-step how the wines go from the cellars to the consumers.