What is VeChainThor (VTHO)?
VeChainThor is a mobile wallet platform that supports VeChain coin (VET) storage developed by the VeChain team after the project launched the mainnet. As described by the project, VeChainThor is an open-source, secure, powerful, simple and functional wallet for the VeChainThor blockchain.
Currently, VeChainThor is still in the process of being completed by the developers. VeChainThor is available for iOS and Android versions.
Features of VeChainThor
Safe and strong security: VeChainThor wallet has gone through a series of security checks by reputable third-party security companies, including features testing, source code reviews, smart contract audits, input security audits, etc.
Multi-platform digital asset management: VeChainThor wallet provides a safe and efficient cryptocurrency trading environment. With the wallet view feature, users can effectively Swap token, bind X nodes and track the balance of digital assets in other VeChainThor wallets such as hardware wallets and computer wallets.
X node binding service: X node participants can transfer X node status from an Ethereum wallet (e.g. MEW) to a VeChainThor wallet using the X node binding service.
VTHO (Vethor Token) reward: When VeChainThor launches the full node version, node program participants can receive a VeThor token (VTHO) reward when storing VeChain in VeChainThor wallet. VTHO is a Vechain token, used to pay transaction fees, similar to NEO’s GAS.
What is VeThor Token (VTHO)?
After the successful launch of the mainnet, the VechainThor blockchain has an additional token named Vethor Token (VTHO) that co-exists with the VET coin.
VeThor (VTHO) functions as a “gas” fee in the VechainThor blockchain network.
Types of VTHO generation rewards
In addition to the default generation rate, which is also called reward type 1, there are 3 other methods which allow you to earn more VTHO on top of the base generation rate:
Reward type 1
Requirements: As for VeChain, it doesn’t matter how much you have. No need to put them on a node.
Thor Power generation rate: It set to 0.000432 thor generated per 1 VET held per day. This number might increase in the future, but not decrease.
Reward type 2
Requirements: Owning an authority node
Thor Power generation rate: 30% of all Thor Power consumed by blockchain transactions will be rewarded to 101 owners of Thrudheim Masternode. 70% burned when used.
Reward type 3
Requirements: An authority node or economic node (excluding the smallest VeThor X node)
Thor Power generation rate: The VeChain platform has set up a special group called the Foundation Reward Pool that has 15 billion VET in it. The Thor power generated by this group will be shared among those who qualify for the reward type 3.
Reward type 4
Requirement: An authority node or an economic node X.
Thor Power generation rate: The VeChain platform has set up a special group called the Foundation X Reward Pool that has 5 billion VETs in it. The Thor power generated by this team will be shared among those who qualify for the reward type 4.
VeChainThor, besides the advantages of being light, fast and good security, VeChainThor has a disadvantage is “requires a VeThor Token (VTHO)” to pay for the transaction fee for sending VET coins. Although VTHO is the difference that makes VeChain network different.
You can check VTHO price here.