VeChain has finally managed to channel the power of Thor. As mentioned in our previous blog, VeChain Changed its name to VeChain Thor and it has been from then onwards that this token has been rising steadily. Where Bitcoin has failed, VeChain Thor has left its competitors far behind. In value as well as its highly developed ecosystem. It is because of this that, while VeChain Thor nears the release of its main net, one needs to be prepared to see it surge even further ahead of all the other cryptocurrencies.
Vechain plans on launching the main net on the 30th of June ‘18. So, in the matter of few months, we shall see its token operations becoming more valuable and hence need to be prepared to see its value reach the moon. For those who were still sitting on the fence in regard to investing in VeChain, now, is the time. It is after all considered to be a trailblazer from China. It did introduce the initial Blockchain based security platform to the public.
Read Also: VeChain Thor: THOR Power To The VET
VeChain Thor: On The Move
The Blockchain platform that is being used for Vechain Thor is based on PoA (Proof of Authority is a consensus mechanism that is based on identity) This makes the entire ecosystem very professional and promising. Every master node on the Blockchain is based on 5 different categories. They are: –
- Enterprise Users
- Business Development Ambassadors
- Blockchain Development Teams
- Academic Research Partners
- Community Contributors
All these have given VeChain an additional protocol that is known as a VeVID. With it, once an individual’s KYC is completed, the verified status of the owner is created. Once it has been secured, the performing node environment that happens to run on Linux, even provides their highly recommended cloud services.
To keep things more secure, and to avoid any risk factors, the VeChain foundation has also released a set of guidelines wherein the users can be disqualified and replaced by a new candidate if the following stipulation is not met.
- If the VET collateral is below 2,50,000.
- If critical or high-risk vulnerabilities were found on the node.
- If the owner refuses to follow the voting result.
- If a node cannot produce block more than 3 times in 24 hours.
- If owner conducts a malicious attack on the Blockchain nodes.
VeChain Thor Rides The Bifrost To Amazing Heights!
When the most innovative decentralized company meets partners in multiple sectors, there is bound to be major level market buzz. Another factor that is working in the favor of VeChain Thor is that it has collaborated with multiple number of industries. Ranging from Luxury goods, to agriculture, automobiles and even the government sector have agreed to use VeChain Blockchain Technology. We are guessing the name change has worked in its favor.
The VeChain Foundation said: “This apotheosis is not a day, a logo, or an economic model but rather it is a full revamp from a private blockchain to a qualified decentralized application platform servicing public applications, on a decentralized ledger, capable of evolving how the world defines business ecosystems.” After all, the basic premise of VeChain Thor is that it uses Blockchain and an IoT based chip technology that tracks luxury goods and then confirms to the retailer and the consumer that they’re not counterfeit.
In Thor We Trust
The god of lightning and thunder, Thor has always been ahead of its competitors with lightning speed. Guess its namesake shall follow on its footsteps and provide the investors a chance to reach the moon.