VeChain Mines First Block on the Thor Mainnet
VeChain (VET), a Singapore-based enterprise blockchain platform for financial services and supply chain management, has mined the first block on its mainnet, officially launching the VeChain Thor blockchain.
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
VeChain leverages a twin-token system to facilitate its platform, namely, VET and VTHO. The function of VET is to serve as a value-transfer medium within the ecosystem while VTHO represents the underlying cost of using VeChain.
The VeChain team will be staging a 1:100 coin split at the time of its token swap, which is set for later this month. The ultimate goal is to improve the utility of the token as a payment method on the platform. With this coin split, for every 1 VET investors hold, they will receive 100 in exchange.
Notable projects are beginning to commit to building on VeChain Thor. One such project is Safe Haven, an all-new security platform that provides crypto investors with the ability to assign digital assets to be inherited by anyone, at any time, all while remaining in full control of the assets.
More On VeChain
VeChain leverages blockchain technologies to solve the problem of counterfeits and product traceability across supply chains and logistics namely in luxury goods, wines, agriculture, automobile, transportation, pharmaceuticals, logistics and audit services. Driven by a number of strong partnerships, including PWC and BMW, VeChain aims to help businesses and customers with enhanced transparency through asset digitization and blockchain-powered cloud services coupled with IoT devices. (more)
Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.