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VeChain Thor Mainnet Goes Live

VeChain Thor Mainnet Goes Live

Business-focused blockchain project VeChain succeeded in launching its Thor mainnet, with the VeChain blockchain going live at midnight UTC June 30, 2018. The launch marks the transition of VEN tokens from the ERC-20 standard to wholly unique tokens on their own blockchain as VET tokens, a move already endorsed by major exchanges.

The launch of the VeChain Thor mainnet follows the release of the project’s new development plan and whitepaper in May, with the distributed ledger-based product ID and supply chain initiative releasing details on governance, partnerships, and initial coin offerings on the new blockchain.

Successful Alpha Culminates in Mainnet Launch

The VeChain alpha test, which concluded late June, saw a team of over 100 third-party security expert and auditors assess the VeChain code ahead of mainnet launch. The new VeChain mainnet aims to address the obstacles that stand between enterprise organizations and large-scale blockchain adoption, allowing big business to access the benefits of distributed ledger solutions without the attendant development cost.

VeChain founder and former CIO of Louis Vuitton China published a farewell tweet to Ethereum subsequent to the mining of the VeChain Thor genesis block:

The launch of the VeChain mainnet marks the entrance of a new blockchain solution geared towards enterprise organizations that rival those offered by platforms such as IBM-backed Hyperledger or the community-driven Ethereum Enterprise Alliance.

VeChain Partners with Safe Haven for Digital Legacies
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VeChain, instead of using a single token that simultaneously functions as both a store of value and a utility token, establishes a two-token system. Token functionality is split between store of value, with VET tokens, and blockchain use cost, with VeThor tokens.

The VeChain platform also uses a novel consensus method called “Proof of Authority.” In an explanation of the apotheosis of the VeChain project, the VeChain Foundation defines the underlying philosophy of the consensus method that drives VeChain Thor:

“Neither a total centralization nor a total decentralization would be the correct answer, but a comprise and balance of both would.”

VeChain Reveals New Development Plan and Whitepaper, Announces First ICO on VeChainThor
Related: VeChain Reveals New Development Plan and Whitepaper, Announces First ICO on VeChainThor

To achieve a balance between centralization and decentralization that delivers the benefits of distributed ledger technology to businesses while still providing control and security, VeChain uses a hybridized consensus model that resembles Proof of Stake.

Proof of Authority, however, requires that all nodes be approved and validated by a trusted central party, referring to them as authority master nodes.

The VeChain Proof of Authority consensus model is defined by low computational power requirements, no requirement of communications between nodes to achieve consensus, and system continuity independent of the number of available nodes.

VeChain Mobile Wallet One Week Away, Exchanges Announce Support

The VeChain mobile wallet is set to become available on July 9, allowing VeChain token holders to obtain full control over VeChain assets. The new wallet app will also herald the launch of the new X-node monitor system and integration with the Ledger hardware wallet.

Several exchanges officially confirmed support for the Vechain Thor mainnet launch, including Binance, Bithumb, Huobi, Kucoin, and Coinspot and will conduct a VEN to VET token swap.

The VeChain mainnet launch saw Vechain capture over 8% on positive market sentiment and is currently trading near the $2.60 mark. Interestingly, the VeChain Thor mainnnet launch could see VeChain become one of the most profitable projects for node operators — should VET reach $1.66 after the 1:100 split, the smallest tier of X node will be worth $1 million USD.

Cover Photo by Pedro Lopes on Unsplash

Posted In: , , Adoption, Altcoins
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Sam Town
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Sam Town

Samuel is a freelance journalist, digital nomad, and crypto enthusiast based out of Bangkok, Thailand. As an avid observer of the rapidly evolving blockchain ecosystem he specializes in the FinTech sector, and when not writing explores the technological landscape of Southeast Asia.

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