What is VeThor Token?

Sep 13, 2022
3 min read

This blog post will cover:

  • What is VeThor Token?
  • Where did VeThor Token come from?
  • What are the advantages of VeThor Token?
  • What are the disadvantages of VeThor Token?
  • How to buy VeThor Token on SimpleSwap?

What is VeThor Token?

VeThor (VTHO) is one of the two cryptocurrencies that are developed by the VeChain Thor blockchain, which works as a BaaS (Blockchain as a service) network. VTHO is not the only token there, along with the VET token they form a dual-token system that is designed for the efficiency and stability of enterprise users.
The project provides enterprises with a medium to implement RFID trackers, QR codes, and NFC chips for IoT (Internet of Things) devices on the blockchain. For all these purposes, the payment method that the enterprises use on the VeChain Thor blockchain is VeThor (VTHO) token, and it's used for transaction fees coverage. In other words, VTHO works as a smart contract layer that allows the users to operate multitask transactions and initiate multi-party payments.

Where did VeThor Token come from?

The VeChain Thor platform was founded back in 2015 by Sunny Lu, who is also the current CEO of the company. Later in 2018, the rebranding of the company happened and the new idea of a dual-token network was implemented. At that time, the VeThor token (VTHO) was created.

What are the advantages of VeThor Token?

The VeChain Thor blockchain plays an important role in helping enterprises around the world to be transparent to build better relationships with their customers. The VeThor token brings numerous advantages to the table.

  • VIP-180 standard
    The VeThor (VTHO) is a VIP-180 standard token which is considered to be the superset of the ERC-20 standard. It ensures efficient functionality and can be used on other third-party chains safely.
  • More efficient and faster operations
    The VeThor token makes the execution of different operations more efficient and faster.
  • Stable transaction costs
    The main purpose of having two different tokens on the same network is to keep the transaction fees relatively stable.

What are the disadvantages of VeThor Token?

Along with the benefits, there are also some downsides of the VeThor (VTHO) token.

  • Semi-centralized platform
    The development of the cryptocurrency and the whole platform is controlled by some stakeholders and central committee members. The foundation of the platform can take critical decisions anytime, like changing its monetary policy. According to the founders, they're trying to achieve a perfect balance between decentralization and centralization, but it's against the core cryptocurrency principles.
  • The need for greater acceptance
    The project promises to solve multiple problems that exist on the Ethereum blockchain for enterprises, but it might not increase in value if it’s not adopted widely.

How to buy VeThor Token on SimpleSwap?

If you would like to become an owner of VTHO tokens, SimpleSwap is here to help:

  • Choose the currency you want to exchange (e.g. BTC) in the first drop-down list. Enter the amount you would like to swap.
  • Select VTHO in the second drop-down list. You will see the estimated amount that you will receive after the exchange.
  • Enter the Recipient's Address. VTHO will be sent to this address. Be careful and make sure you use the correct address.
  • Check all the information you have entered. If everything is correct click the Exchange button.
  • You will see the Bitcoin deposit address. You need to transfer the necessary amount of BTC to this address to start the exchange.

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