Bitcoin, Crypto currency, Blockchain

VeChain Rebranding: VEN is to VeChain Thor (VET)

b17c29ee3308fc15992385778665bf0a - VeChain Rebranding: VEN is to VeChain Thor (VET)

VeChain is on 26. February 2018, a Rebranding perform. From this point on, the VeChain network will support two different tokens: the VeChain Token (VET) and Thor’s Power (THOR).

VeChain provides enterprise solutions for various industries, in order to make the Supply Chain Management and the life cycle of a product in a fully transparent and tamper-proof. Through the use of the Blockchain technology, it enables both manufacturers, suppliers as well as customers to view all the information of a product over its entire life cycle, as well as to capture, manage and share.

The Vision of the company is to create greater market transparency for consumers. The consumers should obtain detailed information about the purchased products, and from a very reliable source, whether the shown information is not falsified or obscured. A detailed description of what is VeChain and how it works, we have already explained in our VeChain article.

Prior to the upcoming Rebranding Event on the 26. February 2018 has announced the VeChain Foundation, a competition to produce the trailer Videos for the Rebranding and were able to share. For the winner of 2,000 VEN were put out to tender. The best 5 Videos, including the winning Videos was the day before yesterday announced:

The Videos of the stations 2 to 5 can be found in the case of interest on the Twitter Account of the VeChain Thor Community.

VeChain Apotheosis Part II

The Rebranding under the name “VeChain Apotheosis Part II”. The Changes will be in the 2. Quarter of 2018 active and lead to the VeChain network supports two different Token: the VeChain Token (VET) and the Thor Power (THOR). This VET will generate Token THOR. THOR and the VET will then stand in a similar relationship, such as GAS and NEO. For the Holding of VET Token THOR will be issued daily.

The Two-Token model should maintain the flexibility to have a Token as a store of value (VET), and a Token for the payment (THOR). In order to avoid that the transaction fees are directly dependent on the price volatility of VeChain-Token (VET). This would lead to the VeChain Thor-Blockchain for companies and authorities would be inappropriate.

THOR Power represents the costs that are necessary to use the VeChain Blockchain. In the case of any transaction of the VET or the execution of Smart Contracts THOR Token to be burned (as is the case with other crypto-Ripple currencies, for example, the usual), i.e., will be lost forever.

The VET, represent the right to use the VeChain Thor Blockchain. Who always keeps VET, receives THOR’s Power, to use the VeChain Thor Blockchain.

Due to the current environment parameters (including the Blockchain capacity, the THOR power) be in the future issued 0,00042 THOR Power pro 1 VET per day (about 0,15 THOR Power pro 1 VET per year). In order to generate 1 THOR Power per day, approximately 2.381 VET.

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