Payment and smart contracts execution transactions (referred as Energy) for VeChain (VET) blockchain
VeChainThor is a public blockchain that uses a unique consensus mechanism called the Proof of Authority (PoA). Proof of Authority is a mechanism that requires nodes to be authorised before being able to participate in the blockchain network. Therefore, there will be no competition to produce new blocks thus making the network more efficient. At the same time, since it takes little time to select block producers, the network can have a high throughput.
Transaction across the VeChainThor is under the Meta-transaction features. These include controllable life cycle, fee delegation, multi-task transaction and transaction dependency.
There are two tokens in the VeChainThor; VTHO and VET. Both of them are vital within the VeChainThor, while also protecting businesses and enterprises from volatility of the crypto market. VET functions as the currency or value-transfer medium between different users in the VeChainThor. Meanwhile, VTHO serves as the payment fees and smart contract execution fees. VET has a fixed supply of 86,712,634,466 while VTHO is generated from holding VET. VTHO is burned when certain blockchain operations have been performed, therefore making it a flexible token with mechanisms to generate and burn the token, depending on the network activities.
PwC, DNV GL, Haitao Capital, BlockVC, IOSG Ventures.