What is VeThor (VTHO)? A Guide to Its Role in VeChainThor Blockchain

VeThor Token (VTHO) is a crucial part of the VeChainThor blockchain, designed to fuel transactions and smart contract executions.

It is one of the two main tokens within the VeChainThor ecosystem, alongside VeChain Token (VET). 

VTHO plays an important role in supporting the network’s operations by covering transaction costs and enabling decentralized applications (dApps).

With its VIP-180 token standard, VTHO contributes to the platform’s efficiency and scalability, making it a key element in VeChain’s innovative blockchain structure.

Key Takeaways

1. Function: VeThor Token (VTHO) powers transactions and smart contracts on the VeChainThor blockchain.

2. Two-Token Model: It complements VeChain Token (VET), offering a separate role in the ecosystem for efficiency.

3. Purchase: VTHO can be bought easily on exchanges like Bitrue after completing the necessary verification steps.

What is VeThor Token (VTHO)?

VeThor Token (VTHO) is one of the two primary tokens utilized within the VeChainThor public blockchain ecosystem.

While VeChain was initially launched in 2015, it underwent a significant rebranding in 2018, resulting in the introduction of the VeChainThor blockchain and its associated tokens.

VeChain Token (VET) is the native token of the platform, while VeThor Token plays a crucial role in the blockchain’s functionality.

It serves as the fuel for transactions and processes on the network, ensuring the smooth operation of smart contracts and decentralized applications (dApps).

The Role of VeThor Token in the VeChainThor Ecosystem

VeThor Token is classified as a VIP-180 standard token, which is integral to the VeChainThor blockchain. Its primary function is to cover transaction costs and facilitate the operations of the platform.

Unlike the VeChain Token (VET), which is primarily used as a value transfer token, VeThor is directly tied to the network’s processes.

It is consumed during smart contract execution, thus allowing users to interact with the blockchain and utilize its decentralized services.

This two-token system enhances the platform’s efficiency and scalability by segregating the responsibilities of each token.

VeThor Token’s Key Features

VeThor Token stands out because it operates as a VIP-180 Standard token, setting it apart from other tokens in the blockchain space.

The VeChainThor blockchain boasts faster transaction speeds and the ability to handle a wide variety of applications due to its open-source design.

Developers can collaborate and innovate using the blockchain’s capabilities, while users benefit from advanced features such as meta-transactions and multi-party payment systems.

This design ensures that VeChainThor can cater to both individual users and large-scale enterprises, facilitating seamless interaction without relying on traditional financial institutions.

Additionally, the bi-token model ensures that the value of VeThor Token is not directly linked to the market value of VeChain Token, providing stability for operations.

Securing the VeChainThor Network

The VeChainThor blockchain utilizes the Proof-of-Authority (PoA) consensus mechanism to secure its network and validate transactions.

This approach allows for faster transaction confirmations compared to traditional proof-of-work or proof-of-stake systems.

VeChainThor’s architecture is heavily influenced by the Ethereum Virtual Machine (EVM), incorporating many concepts used by Ethereum but in a distinct, standalone blockchain.

PoA involves validators known as Authority Masternodes (AMs), who are selected and approved by the VeChain Foundation.

These AMs must reveal their identities and build a reputation before being granted validation authority. Both VET and VTHO tokens are ERC-20 compatible, offering flexibility for storage in various cryptocurrency wallets.

How to Buy VeThor Token (VTHO)

For those interested in acquiring VeThor Token (VTHO), the Bitrue exchange offers a straightforward method for buying and storing the token.

To begin, users must create an account on Bitrue, a popular platform for cryptocurrency trading. After registering and completing identity verification (KYC), users can choose their preferred method to buy VeThor Token.

The most common way to purchase VTHO is through spot markets, with popular trading pairs such as VTHO/USDT and VTHO/USDC.

Step 1: Create a Bitrue Account

To get started, visit the Bitrue website or download the Bitrue app. Register for an account by providing the necessary details and following the security prompts to enable two-factor authentication (2FA) for enhanced account protection.

Step 2: Complete KYC Verification

Access the identity verification page on Bitrue and upload the required identification documents. A selfie may also be required to verify your identity. You will receive a notification once the process is complete and your identity is confirmed.

Step 3: Select the Method to Buy VeThor Token (VTHO)

Users can purchase VeThor Token through Bitrue’s spot market. Ensure that your Bitrue account holds sufficient funds (e.g., USDT, USDC) to proceed with the transaction.

After navigating to the “Spot” section, select VTHO from the available cryptocurrencies and specify the amount you wish to purchase. Confirm the order, and the transaction will be completed.

Step 4: Successful Purchase and Storage

Once the purchase is complete, VeThor Tokens will be stored in your Bitrue wallet. You can trade, stake for passive income, or transfer your tokens to an external wallet for safekeeping. If there are any issues with the transaction, Bitrue’s customer support is available to assist.

Conclusion

VeThor Token (VTHO) is essential for the smooth functioning of the VeChainThor blockchain, which is designed to handle a wide range of enterprise applications.

It operates alongside VeChain Token (VET) as part of the blockchain’s dual-token system. VTHO facilitates faster and more efficient transactions by covering the cost of smart contract execution.

With a unique VIP-180 token standard and its use in decentralized applications, VeThor ensures a seamless experience for both developers and users.

By leveraging the Proof-of-Authority (PoA) consensus mechanism, the VeChainThor network remains secure and scalable.

Whether for trading, staking, or storing, acquiring VeThor Token (VTHO) is a straightforward process on platforms like Bitrue.

Visit the Bitrue Blog for more information on cryptocurrency, market trends, and investment strategies. Bitrue is dedicated to providing safe, convenient, and diversified services to meet all crypto needs, including trading, investing, purchasing, staking, borrowing, and more.

FAQ

What is VeThor Token (VTHO)?

VeThor Token (VTHO) is a token used on the VeChainThor blockchain to cover transaction costs and execute smart contracts.

How do I buy VeThor Token (VTHO)?

VTHO can be purchased on exchanges like Bitrue by creating an account, completing KYC verification, and using spot markets for the transaction.

Why is VeThor Token (VTHO) important for VeChainThor?

VTHO powers smart contracts and transactions on the VeChainThor network, making it essential for the blockchain’s operations and scalability.