Imagine yourself overhearing a conversation among savvy digital investors.
The words VeChain Thor drift into your ears, leaving you intrigued and wondering: “What’s all the buzz about VeChain Thor?”
Well, in our conversation today, we will unravel the mystery behind VeChain Thor. This is your passport to understanding the dynamics of the VeChain and its powerful VET token.
Here, we’ll reveal VeChain’s price history, wallets for seamless transactions, prime tokens, and many more.
So, let’s find out the exciting possibilities in the crypto-sphere.
Understanding VeChain
VeChain is a blockchain platform with a unique twist. With the power of blockchain analytics, VeChain is making supply chains more transparent and efficient.
They use a combination of blockchain and RFID technology to track products from creation to delivery. This means you can check a product’s history and ensure it meets certain standards.
It’s a game-changer for industries like food and luxury goods. They also have their own cryptocurrency called VET that powers the system.
Think of VeChain as a bridge between the digital and physical world, making supply chains smarter and more trustworthy.
What VET(VeChain Token) is
VET, or VeChain Token, is not your typical cryptocurrency; it’s a crucial supply chain and business management blockchain element.
Think of it as a key to accessing and utilizing the VeChain ecosystem.
VET represents your priority and access rights within the network. The more VET you have, the higher your priority. This token is essential for making transactions and maintaining the system’s integrity.
VET is the fuel that powers the VeChain blockchain and enables a transparent and efficient flow of information in various industries.
VeChain’s Market Overview
Moving through the complicated world of cryptocurrencies can often be overwhelming, especially with ever-fluctuating market conditions.
So, we’ll zoom in on VeChain, offering a comprehensive breakdown of its recent market performance, supply details, and more.
Whether you’re an investor, an enthusiast, or just curious, you’ll gain a concise snapshot of where VeChain stands in today’s digital economy.
Comparison between Current Price and Past Performance
VeChain’s price has seen some significant variances. The 52-week low was $0.01323000, which peaked at a 52-week high of $0.03242500.
Its all-time high was an impressive $0.28099100.
So, what are the overall market statistics for VeChain? They are as below –
- Market Capitalization: VeChain’s current market cap stands at a robust $1.20 billion.
- Supply Details: Out of the max supply of 86.71 billion, there is currently a total supply of 85.99 billion VeChain tokens.
- Trading Activity: The 30-day volatility rate is 0.54531700, indicating some fluctuations in the price over the past month.
Look at the image below to understand these statistics better –
VeChain Price History
VeChain, originally known as VEN, faced a challenge. It started trading as VET in late 2018 when the crypto market was in a bearish phase, which didn’t help its initial price.
Due to mainnet excitement and some positive VeChain news, the price initially reached $0.015 per VET.
But then, it dipped to just $0.0002 on Black Thursday in March 2020. It made a strong comeback later, reaching $0.02 per token.
As for today, VET is sitting at $0.016, but the crypto market is famously volatile.
VET Price in 2023 and Beyond
The recent 24-hour price range for VeChain fluctuates between a low of $0.01633777 and a high of $0.01696822. It started the day at $0.01693059 but experienced a slight dip, with a change of -$0.00038859.
As of October 11, 2023, VET is currently trading at $0.01642 per VET, which you can see in the image below –
Its market cap stands at $1,193,710,981 USD. The 24-hour trading volume amounts to $24,510,284 USD.
VET’s price has experienced a decrease of -1.1% in the past 24 hours, and the circulating supply is 72,714,516,834 VET.
What to Expect for VeChain’s Price in the Future?
It’s essential to understand that cryptocurrency markets tend to go through cycles. Historically, after a bullish phase ends, there’s often a bear market that can bring prices back down.
When we talk about a “bullish impulse,” we mean a period of rising prices, and after that, a “bear market” typically follows, causing prices to drop.
But there’s hope. The key is whether the current support levels will hold up over the long term.
What about 2024 and 2025?
In the years ahead, as the bear market phase starts to fade and if the support remains strong, the market tends to move up into a new bull cycle.
During these times, it’s challenging to predict exact prices, but it’s not unreasonable to think that VeChain’s value could increase to a few dollars per coin based on the cyclic pattern we’ve seen in the past.
The following image represents a graph that represents how VeChain price would possibly fluctuate in 2024-25 and beyond –
Please remember that the cryptocurrency market can be unpredictable, and various factors are at play.
VeChain’s Blockchain Platform
Are you curious about VeChain’s blockchain platform and the tokens it uses? Let’s have a chat about how it all works.
The VeChainThor blockchain platform is a public blockchain designed for widespread business adoption. It operates using two tokens: VET and VTHO.
VET (VeChain Token)
This is VeChain’s primary token and serves as the carrier of value, often called “smart money” in the context of smart contracts.
When transactions occur within decentralized applications on VeChain’s blockchain, they typically involve using VET.
Importantly, VET is available for investment by the general public.
VTHO (VeChainThor Energy)
VeThor Energy, or VTHO, fuels VeChain blockchain transactions. It symbolizes the transaction cost on this network, ensuring the seamless execution of activities.
VTHO is vital for smooth blockchain operations. Users and businesses must allocate sufficient VTHO to cover computational and energy expenses.
VTHO is the linchpin for efficient and cost-effective transactions within the VeChain ecosystem.
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The Two-token System on VeChain’s Platform
The concept behind the two-token system is similar to that of Ethereum’s “ether” and NEO’s “gas.”
Developers working with VeChain must allocate a specific amount of underlying tokens (not publicly traded) to facilitate transactions within their decentralized applications.
This is an essential part of their budgeting process.
This system was designed to achieve effective governance and establish a predictable economic model for developers of decentralized applications.
Unlike Ethereum, where the price of ether (the native gas token) is often volatile, VeChain’s system aims to provide more stability and reliability.
Advantages of VeChain’s Two-token System
VeChain’s system offers technical enhancements to tackle problems experienced by other blockchain platforms.
For instance, VeChain allows Proof of Work (PoW) to be performed for every transaction.
This means that if people conducting a transaction initially estimate the wrong amount of VTHO required, they have the opportunity to mine more VTHO to cover the deficit, ensuring the transaction’s success.
In contrast, other platforms might encounter transaction failures if the initial estimation is incorrect due to price volatility.
VeChain’s approach minimizes these challenges and enhances the overall user experience.
Differences between VET and VTHO Tokens
When studying the VeChain ecosystem, it’s important to understand the distinctions between VET and VTHO tokens.
These two tokens play vital roles within the platform but differ in usage, acquisition, pricing, and dependencies.
Let’s identify the nuances that set VET and VTHO apart.
| Aspect | VET Token | VTHO Token |
| Usage | Represents user priority and access. | Used to pay for gas in dApps. |
| Source | Acquired through purchase or earned from VET. | Purchased on exchanges. |
| Current Price | Around $0.10. | Approximately $0.0076. |
| Dependency | Needed for transactions, influenced by user index. | Used for processing power, impacted by transaction volume. |
Wallets Available for VeChain Thor
Digging into the world of VeChain Thor and its diverse wallet options? Here’s my wallet list to help you understand which suits you best.
1. VeChain Thor Wallet: This is the official wallet tailored for mobile users, which I often use. If you’re familiar with mobile MetaMask, you’ll get the hang of this quickly. It’s available for both Android and iOS.
2. Sync2: VeChain has wallet named Sync2, which can be used on Windows, MacOS, Linux, and even Android. Perfect if you’re using a Ledger hardware wallet or want cross-platform syncing.
Security of Wallets
Both the VeChain Thor Wallet and Sync2 are non-custodial. When you set them up, you’ll get a 12-word seed phrase.
Treat it like gold! If you lose it, there’s no way to recover your assets.
Tokens to Store in Wallets
Aside from VeChain’s own VET, you can stash VTHO (that’s the gas token) and other tokens built on the VIP-180 standard of the VeChain Thor blockchain.
Expect to see tokens like WoV, PLA, and SHA, among others.
If You Have NFTs
VeChain Thor Wallet has a section exclusively for NFTs called Collectibles. It’s more intuitive than MetaMask; you won’t need to add each NFT manually.
Beyond the usual, VeChain Thor Wallet offers a node management space, a node marketplace, and even a dApp browser. You’ll see the dApps sorted into categories like Finance and Entertainment.
Transaction Fees or Gas on VeChain Thor
I mostly use VTHO for transaction fees. But here’s a fun fact: When I have VET in my wallet, it generates VTHO for free daily.
And if I’m trading or minting NFTs on the World of V platform, they cover the gas fees for me.
Third-party Wallets That Support VET
Options like Atomic Wallet, Exodus, Guarda Wallet, Arcane Wallet, Crypto.com, and Trust Wallet all support VET.
But a heads up: if you’re into VeChain‘s NFTs, you should stick with the official VeChain Thor Wallet, which I do too!
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Wrapping Up
VeChain Thor represents a groundbreaking shift in the realm of blockchain solutions.
Grasping the power of decentralized trust, it promises transparency, efficiency, and innovation on an unprecedented scale.
For businesses and investors alike, understanding the ins and outs of VeChain Thor is crucial for navigating the future landscape of blockchain technology.
The horizon looks quite promising for this dynamic platform!
Frequently Asked Questions about VeChain
1. What Sets VeChain (VET) Apart?
VeChain disrupts traditional business models, focusing on supply chain innovation. Its decentralized trust layer attracts high-profile clients and governments.
The dual-token setup, ‘fee delegation’ protocols, and ‘ToolChain’ platform offer seamless crypto experiences for businesses.
2. How Does VeChain Operate?
VeChain IDs assign unique identifiers to products, tracked by sensors through the supply chain, ensuring data verification.
Its goal is product authenticity, quality, and fraud prevention. Clients include BMW, LVMH, and Walmart.
3. What’s the Circulation of VeChain (VET) Coins?
VeChain uses two tokens: VeChain (VET) and VeThor (VTHO). VET is for transactions; VTHO handles fees.
The maximum VET supply is 86,712,634,466 tokens, with 66,760,741,299 currently in circulation.
4. How Is the VeChain (VET) Network Secured?
VeChain uses a Proof of Authority (PoA) mechanism, requiring low computing power and ensuring efficient security.
Authority masternode operators are selected by an independent committee.
5. Where Can You Purchase VeChain (VET)?
VET is tradable on major exchanges like Binance and Huobi Global.
