A Blockchain Application Platform Driven By Enterprise Adoption.
- VeChain Thor (VET) is blockchain with the posited goal of "solving real world economic problems".
- VeChain leverages the Proof of Authority (PoA) consensus mechanism. PoA is a Byzantine Fault Tolerant probabilistic consensus mechanism, based on HotStuff, which relies on Authority Masternodes (AM) associated with verified identities.
- The core protocol of the Vechain Thor blockchain has four meta transaction features: Controllable Transaction Lifecycle, Multi-Party Payment (MPP), Multi-Task Transaction (MTT), and Transaction Dependency.
- VeChain has two kinds of tokens, VeChain Token (VET) and VeThor Token (VTHO). While VET has a fixed supply of ~86.7bn token, VTHO is issued as a block reward for VET staking AMs. VTHO is required for smart contract and transaction executions. Consensus is achieved on a threefold-level: (1) technical level, (2) business level, and (3) governance level.
- The issuance of VTHO is adjusted via the on-chain governance model to stabilize the fiat-denominated transaction costs. This clear governance model differentiates between three kinds of voters with various operational permissions.
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