VeThor (VTHO) Coin: Everything You Need to Know

Bittime - VeThor (VTHO) is one of the important components in the VeChain ecosystem, which uses a two-token system to support its blockchain functionality. This article will take an in-depth look at VeThor, including its uses, how to get VTHO, and how to buy and sell it on the open market.

What is VeThor (VTHO)?

VeThor is a token that functions as “gas” or “fuel” for the VeChainThor blockchain. Every transaction carried out on this network, whether it is sending tokens or data to smart contracts, requires payment in the form of VTHO. 

The amount of VTHO required for each transaction depends on the size of the data sent. For example, a simple transaction with VET requires around 30 VTHO, while a more complex transaction can require up to 1000 VTHO.

Relationship Between VET and VTHO

The two tokens, VET and VTHO, have complementary roles in the VeChainThor ecosystem. VET functions as a store and transfer of value, while VTHO is used to pay transaction fees. 

By owning VET, users will automatically earn VTHO, which can be used to pay for transactions on the network.

How to Earn VeThor (VTHO)

Each VET held will generate 0.00000005 VTHO every time a new block is added to the blockchain, which occurs every 10 seconds. This means that a user who has 10,000 VET will earn around 4.32 VTHO every day. 

Additionally, there are several ways to increase the amount of VTHO generated:

1. Reward Type 1: Have VET without needing to place it in a node. Currently, each VET generates 0.000432 VTHO per day.

2. Reward Type 2: Own an authority node, where 30% of all Thor Power used in blockchain transactions will be given to the node owner.

3. Reward Type 3: Owns an authority node or economic node, which is entitled to a share of the reward pool managed by the VeChain foundation.

4. Reward Type 4: Owns an authority node or economic node X, which is also entitled to a share of a special prize pool.

Stability of Transaction Costs in the Ecosystem

This two-token system is designed to keep transaction fees stable. For example, during Ethereum price spikes, transaction fees can increase significantly. With VTHO, transaction fees can be calculated using the formula:

Transaction Fee = VTHO Price x Amount of VTHO Required

There are two mechanisms to keep transaction fees stable:

1. Increase VTHO Generation Rate

By increasing the amount of VTHO produced, the supply of VTHO in the market will increase, which can reduce the price of VTHO and transaction costs.

2. Change the Number of VTHOs Required

By adjusting the amount of VTHO required for a transaction, transaction fees can also be influenced.

Read too VeThor Token (VTHO) Price Prediction 2024-2030

How to Send VTHO from Mobile Wallet

When using a mobile wallet, VTHO may not be listed in the asset register. However, the amount of VTHO held can be seen at the top near the wallet name and address. 

Users can click the lightning icon to view all VTHO transactions and transfer VTHO to another wallet address.

Buying and Selling VeThor (VTHO)

Currently, VTHO can be bought or sold via centralized exchanges such as Bittime or decentralized Exchanges such as VTHO.exchange. 

With the increasing adoption of the VeChain blockchain, demand for VTHO is expected to increase, which in turn will also increase demand for VET.

Read too How to Buy Vethor Token (VTHO)

FAQ

1. What is VeThor (VTHO) and its function?

VeThor (VTHO) is a token that functions as “gas” for the VeChainThor blockchain. VTHO is required to pay transaction fees, such as sending tokens or data to smart contracts.

2. How to get VeThor (VTHO)?

You can earn VTHO by owning VeChain Token (VET), which automatically generates VTHO. Apart from that, you can also get VTHO through the authority node that you run.

3. Where can I buy VeThor (VTHO)?

VeThor (VTHO) can be bought and sold on a variety of cryptocurrency exchanges, including centralized exchanges such as Bittime and decentralized exchanges such as VTHO.exchange.

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Reference

Vechaininsider, Everything you need to know about VeThor (VTHO), Accessed January 22, 2025

Author: IN