There are thousands of cryptocurrencies available across many blockchains. Some aim to solve certain problems with more established blockchain technologies like Bitcoin and Ethereum.
VeThor (VTHO) is a cryptocurrency associated with the VeChainThor public blockchain designed for enterprise solutions. Here’s what you need to know about this emerging cryptocurrency.
|Total circulating supply||39,391,129,572 (as of Aug. 30, 2021)|
|What it’s best for...||Speculators who believe that VeThor could make the blockchain practical and scalable for enterprise.|
What is VeThor?
The VeChain Foundation was founded by Sunny Lu as a subsidiary of Bitse, one of China’s major blockchain companies. However, the company and its blockchain are separate from Bitse now. The current incarnation of the VeChainThor blockchain, as well as the use of the VeThor token (VTHO), dates back to 2018.
The VeChainThor blockchain is a little different in that it has a two-token design. The native coin for this ecosystem is the VeChain token (VET), however, VTHO is used as the token to power transactions.
The VTHO token is created using the VIP-180 standard and is based on proof of authority. VIP-180 is part of the ERC20, which puts forward certain APIs on the VeChain that allows for ongoing spending by third parties.
The proof-of-authority model allows for faster transactions because it’s not based on a proof-of-work or proof-of-stake model. With proof of authority, those who are identified as trusted nodes can verify transactions.
Proof-of-work models, like Bitcoin, are based on the actual work done by miners to solve cryptographic puzzles and power the blockchain. Proof-of-stake, which is being applied to the new Ethereum blockchain upgrade, allows others to stake their own crypto tokens. In return, they are considered “validators,” who earn a reward for verifying transactions. Proof-of-stake awards validators based on how much crypto they add to the pool and how long they keep it there.
VTHO vs. VET
It’s important to note that on the VeChainThor blockchain VET is the main way value is transferred. VTHO is separate from the market value of VET. This helps in separating the speculation around cryptocurrencies from being as influential, and it separates VTHO from VET to a certain degree.
Although VET is the main way value is transferred on VeChainThor, VTHO is used mainly in the smart contract operation. The point of VTHO is to offer a way to scale enterprise functions on a blockchain, which allows for multitasking. VeChain insists its blockchain solves some issues with Ethereum and could become a better choice for executing smart contracts and managing other large-scale enterprise tasks.
How much does VeThor cost?
As of Aug. 30, 2021, the VeThor token price is $0.01064. This is down from its all-time high on CoinMarketCap of $0.04201 on Aug. 1, 2018. Historically, VeThor hasn’t beat that price, whereas the lowest VTHO price was near $0.0001526. The market cap for VTHO is 39,391,129,572, and its rank on CoinMarketCap is 143, as of Aug. 30, 2021.
How to buy VeThor
VTHO can be stored in most hot and cold wallets. It’s important to note, however, that buying VTHO can be challenging. You might need to use a peer-to-peer exchange. Additionally, you might need to fund your purchase with Bitcoin (BTC) or Ethereum (ETH).
When deciding how to buy cryptocurrency, an exchange is generally the easiest way to go if the coin is available on the crypto exchange you use. Binance.US is an exchange that supports VTHO, so you can buy VTHO directly on that exchange, using U.S. dollars or Tether (USDT). You can also buy VTHO on crypto.com.
Trust Wallet, a popular app designed to help you buy, sell, and hold various cryptocurrencies, also supports VeThor purchases. Popular altcoin exchange Coinbase doesn’t support VTHO transactions, though it’s often regarded as one of the best cryptocurrency exchanges available. However, if you're a Coinbase user, you can add VTHO to your Coinbase watchlist to track its performance over time.
FAQs about VeThor
Is VeThor a good investment?
As with any cryptocurrency, VeThor might be considered a speculative investment. It has the potential to solve some of the enterprise issues with Ethereum, but if it’s not widely adopted, it might not increase in value. Carefully consider your own risk tolerance and investment goals before buying VTHO or investing in the crypto market.
It's also a good idea to do your due diligence. Review things like coin history, total supply, trading volume, and price charts before investing in VTHO or other cryptocurrencies.
Where can you buy VeThor?
The easiest place to buy VeThor is Binance.US. This exchange will allow you to buy VTHO with fiat dollars, as well as Tether USD. You can also access VTHO on Trust Wallet or use peer-to-peer exchanges. In some cases, you might need to buy Bitcoin or Ethereum first.
How can you earn VeThor?
It’s possible to earn VeThor by holding the VET token. You need an Exodus VeChain Wallet to do this, but when you become part of the system, you receive VeThor, which can then be sold elsewhere or used to power your other transactions on the VeChainThor blockchain.
The VeChainThor blockchain could potentially provide an alternative to the Ethereum blockchain, especially when it comes to large-scale enterprise tasks and functionality. The blockchain operates using two tokens, and VTHO is the token that powers transactions.
For those interested in speculating on a cryptocurrency, VeThor could hold potential. However, cryptocurrencies are considered a new asset class and relatively volatile, so you could lose your investment. It’s important to carefully consider your risk tolerance and portfolio goals and make sure you’re only investing money you can afford to lose.