What is VeThor?
VeThor Token is one of two tokens used by the public blockchain VeChainThor. VeChain was first introduced in 2015, but it underwent a major rebranding in 2018. While VeChain Token (VET) is the platform's native token, VeThor Token (VTHO) is critical to the blockchain's overall functionality.
The VeThor Token is a VIP-180 Standard token that denotes the cost of using the VeChainThor blockchain. Its primary function is to facilitate processes and transactions on the blockchain, and it essentially represents the network's smart contract layer.
Sunny Lu is the CEO and founder of VeChain. His professional life took several unexpected turns. Sunny Lu joined Bacardi China as the IT Manager in 2009. After a year, he shifted his focus to fashion, becoming the chief technical officer for Louis Vuitton China. In 2014, he transitioned to the company's IT sector, becoming the CIO of the Chinese division.
The idea for VeChain was born a year later, in 2015, and Sunny Lu founded the company. VeChain was originally a subsidiary of Bitse, one of China's largest blockchain powerhouses. Sunny Lu later split from Bitse, and VeChain became its own business. The company underwent a significant rebranding process in 2018, which resulted in the creation of the VeChainThor blockchain and the VeThor token.
VeThor Token (VTHO) is distinct in that it is a VIP-180 Standard token. While VeChain Token (VET) serves as the primary value-transfer token, VTHO is an essential component of VeChainThor's operation. The blockchain's bi-token design allows traders to participate with both tokens, diversifying their involvement with the project.