Thor Blockchain Mainnet is Open for Business, VeChain Sees First Block Mined
There has been talk about Thor’s launch for months, and history has finally been made. Singapore’s VeChain (VET), which is a blockchain platform that manages financial services and supply chain, created the first block on the MainNet, commencing the first block on the chain.
VeChain offers a twin-token system, involving both VET and VTHO tokens, each which take on different roles. The VET token works as a value-transfer medium, while VTHO directly represents the cost of VeChain. When the token swap happens, the team will have a 1:100 split. Essentially, users want to improve how the token is utilized within the blockchain system. With the split, everyone that owns a VET token will get 100 in exchange.
There are multiple businesses that are ready to get involved with the building up of VeChain Thor. Safe Haven is one of those endeavors, offering a security platform that lets the investor assign their digital assets as a form of inheritance to anyone. However, the user remains in control.
The available launch timeline shows that they still have plenty of changes in the next few months. By the end of August, consumers will see the launch of Thor’s mobile wallet, the development and launch of the X-Node Binding service, a token swap, and a token integration.
The entire goal of VeChain is to utilize blockchain to reduce the risk of counterfeits and to improve traceability with various parts of the supply chain industry. They thrive on strong partnerships and couples their services with IoT devices.