VeChain's Thor blockchain is officially live.
Meeting its goal to launch Thor by the end of June, VeChain launched the independent blockchain today and generated its first block this morning, according to its official Twitter. This is the first step in the process of becoming independent of Ethereum, and shuffling off its status as an ERC20 token into independence.
At exactly 08:00:09 the first block was successfully mined. The VeChainThor Blockchain has officially launched. pic.twitter.com/aYZs19GoAO— VeChain Foundation (@vechainofficial) June 30, 2018
Singapore based VeChain is striving to provide its blockchain service to enterprise level companies, and has already announced that it is working with global supply company DB Schenker. VeChain's whitepaper details even more ambitiously that it aims to be integrated in automobile systems, agriculture, and government tech along with other applications as reported by
The VeChainThor Blockchain is days away from being unleashed. Please review the following timeline and be prepared to witness Blockchain X! pic.twitter.com/kxlQkcc6PI
Speaking to Coindesk, VeChain claims that one of its most important features is its economic model.
VeChain, like NEO and Ontology, is distinguished by its use of a double token system to build in the costs of using the blockchain platform into a seperate VeThor token alongside its main VEN coin. According to a statement VeChain released on Medium, the introduction of a secondary token tied to operating costs means that the primary token will be protected from fluctuating overhead, making a platform more appropriate for the ways that businesses use blockchain technology and cryptocurrency.
Currently valuated at 1.5$ billion, VeChain's projected coin swap is poised to begin the middle of July.
The VeChainThor Blockchain is days away from being unleashed. Please review the following timeline and be prepared to witness Blockchain X! pic.twitter.com/kxlQkcc6PI— VeChain Foundation (@vechainofficial) June 21, 2018