- VETHOR TOKEN HOW TO
- VETHOR TOKEN FREE
Enterprises wanting to use the blockchain can buy the VTHO they need from the open market, they don’t need to hold VET. This two coin system gives users of the ecosystem multiple options to pay for their transactions: Only when the majority agrees the Foundation will decide to change the parameters. Using a decentralized vote, everyone can vote if they agree to the change. On the other side, lowering the amount of VTHO needed, the transaction cost will decrease and less of the generated VTHO supply will be burned.īoth changes have to be agreed upon by all stakeholders (enterprises, dApp owners, VET holders and Authority Nodes) of the ecosystem. More VTHO being burned will increase the demand for VTHO, further increasing the VTHO price and the cost of a transaction. This will also result in more VTHO being burned. When increasing the amount of VTHO needed, the transaction cost will increase. When this occurs, VET owners will still generate the same amount of value from their tokens, since the VTHO price might go down, but the amount of VTHO they are generating goes up!īy increasing or decreasing the amount of VTHO that is required for a transaction the transaction cost can also be influenced. This allows for two mechanisms to keep the transaction costs stable:īy increasing the VTHO generation rate, more VTHO will hit the market, potentially lowering the VTHO price and bringing the transaction cost down. The key takeaway from this is that vtho price is something very different from the transaction cost Transaction cost = VTHO price x amount of VTHO needed The cost of a transaction can be calculated using the following formula: This is a big problem for anyone wanting to use the Ethereum blockchain! This caused the average transaction fee to become over $1 dollar, compared to its current $0.10 fee. Taking Ethereum as an example, during last years bull run the price of Ethereum rose to over $1000. The whole idea of a two coin system is that this allows the transaction fees to remain relatively stable, compared to a system where there is only one coin. To learn more about VeChain Nodes please click here. The foundation x pool will remain at 5 billion VET, until further notice. The Thor Power generated by this pool will be divided amongst those eligible for reward type 4. Thor Power generation rate: The VeChain foundation has set up a special pool called the Foundation X Reward Pool that has 5 billion VET in it. Requirements: An authority node or X economic node. Next to the default generation rate, which is also called reward type 1, there are three other methods which allow you to earn more VTHO on top of the base generation rate: On use, 70% of the VTHO gets destroyed, while the remaining 30% is paid out to the Authority Node as a reward for validating the transaction. To have the generation increased a vote has to occur in which all stakeholders (token owners, the Foundation, enterprises, etc.) can vote.Īt the time of writing, 37.5 million VTHO is generated each day. This is the default VTHO generation rate, which can increase, but not decrease over time. A user that owns 10K VET in his wallet will earn 4.32 VeThor each day. This translates to a generation rate of 0.000432 VTHO generated per VET per day. 
VeThor (VTHO) – Generation rateĮach VET will create 0.00000005 VTHO with every block that is created (a new block gets added to the chain 10 seconds). Without VTHO, there is no way to pay for VET transactions.
VET generates VTHO so by holding VET you will earn VTHO, which can then be used to pay for your transactions. The relationship between VET and VTHOīoth VET and VTHO are essential for the VeChainThor blockchain to function properly. 1000 gas currently equals 1 VTHO as defined using the VTHO/kgas variable setting. When you check blockchain explorers you will see that it states “gas used”.
VETHOR TOKEN FREE
Reading from the blockchain is free for everyone and does not require VTHO. A simple VET transaction costs you around 30 VTHO, while sending a transaction filled with data to a smart contract can cost 1000 VTHO. The amount of VTHO that is needed for a transaction depends on the size of the data you want to send. This means that every transaction (sending tokens, or sending data to a smart contract) has to be paid for in VTHO. VTHO is needed to pay for writing data to the VeChainThor blockchain. VeThor (VTHO) – the gas of the VeChain ecosystem
VETHOR TOKEN HOW TO
How to send VTHO from your mobile wallet.VeThor (VTHO) – the gas of the VeChain ecosystem.
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