VeChain Thor Power (VET)
VeChain is the first leading blockchain platform for information and products. The platform “strives to build a trust-free and distributed business ecosystem based on the blockchain technology self-circulated and expanding,” according to the VeChain official platform. The VeChain platform gives users advantages that are not easily found on the other platform since VeChain is an ecological environment platform. The advantages that users of the platform stand to benefit include:
- Reduce the potential trust issue between varieties of parties
- Relatively symmetrical and transparent information
- The value is a loop that keeps expanding with high-speed transmission accompanied by the development of commercial activities.
- Each person or enterprise can find a place based on the contribution and value. The person or enterprise will obtain a relatively fair reward.
The VeChain ecosystem uses the VeChain token (VET). VET is the blood in VeChain distributed platform. All the transaction and services on the platform depend on the VET platform. The token is also used to purchase products on the platform. The VeChain ecosystem is developed on the Ethereum blockchain. The team behind VeChain has done a lot of modifications and improvements, including DMBSP, DGIP, and DBGP in a bid to make the platform better.
Solutions that VeChain seeks to offer
The VeChain platform plans to offer user’s better solutions than other platforms. The VeChain platform offers a variety of solutions in the following areas:
- Logistic: VeChain uses the blockchain technology to make information exchange in the convenient and secure way among various parties in the supply chain such as distributors, transportation, retailers, and storage companies.
- Luxury: in cooperation with prestigious luxury brands in VeChain embedded its designed anti-counterfeiting NFC chips into the produces. A consumer can learn the unique story behind every product.
- Government: multiple agencies can join the Blockchain network as nodes. The blockchain will enable transparent information exchange and collaboration.
Vechain CEO Video AMA
Vechain will reward VET holder by rewarding with Thor Power token for 1 VET held (0.00042 THOR Power a day)
By holding 10000 VET, 50000 VET, 150000 VET or 250000 VET you will be considered as a Node Holders.
Being a Node Holder within the minimum maturity time period will qualify you for the below rewards:
”The base 250,000 VET will amount to 65,700 THOR Power a year PLUS 30%of all THOR Power consumed by transactions on blockchain!
Under Example A : Mjolnir Masternode THOR Power Generation Rate
0.00042+(0.00015*200%) = 0.000720 THOR Power per VET a day or 0.2628 Per Year;
An increase of +75.2% THOR Power Generation rate compared to None-Node Holders;
The base 150,000 VET will amount to 39,420 Thor Power a year!
Under Example A : Thunder Node THOR Power Generation Rate
0.00042+(0.00015*150%) = 0.000645 THOR Power per VET a day or 0.23542 per Year.
An increase of +57.0% THOR Power Generation rate compared to None-Node Holders;
The base 50,000 will amount to 11,771 THOR Power a year!
Under Example A : Strength Node THOR Power Generation Rate
0.00042+(0.00015*100%) = 0.000570 THOR Power per VET a day or 0.20805 per Year;
An increase of +38.7% THOR Power Generation rate compared to None-Node Holders;
The base 10,000 VET will amount to 2,080.50 THOR Power a year!”
Information quoted from Medium
The VeChain platform initial design, TPOC started in 06, 2015. In January 2016, Ethereum TPOC was approved and VeChain v0.1 development started. In June 2016, VeChain launched v0.1. The basic smart contract templates, standard blockchain API, blockchain explorer, 1st generation VeChain smart chip, Android app and 1st business implementation went live.
Other process took place during the period to May 2017. On May 2017, VeChain v3.0 was initiated. More business implementation cases such as an automobile, agriculture, luxury goods and audit. The ecosystem plans to launch v4.0 and achieves commercial ecological environment system integration platform by the fourth quarter in 2018.