The Gas of the VeChainThor Ecosystem.
- VeThor (VTHO) is the secondary token of the VeChainThor ecosystem and functions as the gas for transactions.
- While the VeChain token (VET) serves as a value-transfer medium on the VeChainThor blockchain, VTHO represents the underlying cost of using the VeChainThor blockchain and is consumed after certain blockchain operations are performed (i.e. gas payments).
- The amount of VTHO that is needed for a transaction depends on the size of the data that is sent on the VeChainThor blockchain. Adjustment to variables such as gas price and token generation velocity can be made by VET holders in order to maintain the equilibrium of VTHO demand and supply.
- As at July 15th 2020, VTHO is generated from any address holding VET at the predetermined generation velocity of 5x10-8 per VET per block. 70% of VTHO paid in each transaction is destroyed and the rest is awarded to the Authority Masternode Operators who validate and process blocks for the transactions.
- Binance.US will support the distribution of VTHO to VET holders. The VTHO will be distributed on a monthly basis, but calculated based on daily snapshots of each user’s VET balance. Daily VTHO generated by each user = Daily total VTHO generated by Binance.US * User VTHO holdings ratio. Learn more HERE.