When Was The Vechain Thor Mainnet Launched: Key Dates Explained
VeChain Thor Mainnet launched on June 30, 2018, marking a big step for the blockchain project. The launch gave VeChain its own network separate from Ethereum, where it started.
This change let VeChain grow and add new features for its users.
The mainnet launch was an exciting time for VeChain fans. It showed the project was ready for real-world use.
VeChain aims to help businesses track products and manage supply chains. With its own network, VeChain could now offer faster and cheaper transactions.
After the launch, VeChain kept growing. It added new partners and created more ways to use its technology. The mainnet launch was just the start of VeChain’s journey to become a key player in blockchain for business.
Crypto Airdrop Event is LIVE: On January 2025 — Claim Guide:
🌟 Step 1: Access the Official Airdrop Portal
Begin your claim by navigating to the official Airdrop Rewards Page. This is your gateway to all active airdrop events. Simply log in by connecting your wallet directly from your mobile device for seamless access.
📲 Step 2: Use Your Mobile Wallet for Verification
Participation is mobile-exclusive! Make sure to access the portal using your smartphone and a compatible mobile wallet. This step ensures you can complete the eligibility check and join the event hassle-free.
✨ Step 3: Check Your Wallet Eligibility
Ensure your wallet is active and meets the requirements — empty or newly created wallets won’t qualify. Don’t worry if one wallet doesn’t work; you can try again with another! Boost your chances by using multiple wallets to claim rewards across different accounts.
🎉 Step 4: Claim Your Tokens and Celebrate
Once you’ve signed the approval from your wallet, sit tight for just 5–10 minutes. Afterward, congratulations! Your tokens will appear in your wallet, ready for use or withdrawal.
Don’t miss out — follow these steps and secure your share of the rewards today! See more crypto-related blogs here.
VeChain: The Concept and Vision
VeChain aims to use blockchain tech to solve real-world business problems. It focuses on supply chain management and Internet of Things solutions.
Origins and Evolution of VeChain
VeChain started in 2015 as a supply chain tracking platform. Sunny Lu, a former CIO of Louis Vuitton China, founded it. The project began on the Ethereum network.
In 2018, VeChain launched its own blockchain called VeChainThor. This move gave the project more control and features. VeChain now has two tokens: VET and VTHO.
VET is the main token used for transactions. VTHO powers smart contracts on the network.
Over time, VeChain has grown beyond supply chains. It now works in areas like:
- Carbon tracking
- Food safety
- Auto industry solutions
- Healthcare data management
Understanding the VeChain Foundation
The VeChain Foundation guides the project’s growth. It’s a non-profit group based in Singapore. The Foundation has several key roles:
- Develop the VeChainThor blockchain
- Manage partnerships with businesses
- Oversee the project’s finances
- Run governance processes
The Foundation uses a voting system for big decisions. VET holders can vote on proposals. This setup aims to make the project more democratic.
Partnerships are a big focus for the Foundation. They’ve worked with firms like:
- DNV GL
- PwC
- Walmart China
These ties help VeChain solve real business issues using blockchain tech.
Technical Overview of the VeChainThor Blockchain
The VeChainThor blockchain offers a robust architecture, unique identity system, and advanced smart contract capabilities. These features make it well-suited for enterprise applications and supply chain management.
Blockchain Architecture
VeChainThor uses a dual-token model. VET serves as the main value token, while VTHO powers transactions. This setup helps keep fees stable.
The blockchain employs a Proof of Authority consensus mechanism. This allows for faster transactions and lower energy use compared to Proof of Work systems.
VeChainThor can process up to 10,000 transactions per second. This high throughput makes it suitable for large-scale business use.
The network also supports multi-task transactions. This lets users carry out several operations in a single transaction, saving time and reducing fees.
The Role of VeChain Identity (VID)
VID is a core part of the VeChainThor ecosystem. It provides a digital identity for people, products, and organizations on the blockchain.
Each VID is unique and can be linked to real-world entities. This creates a bridge between physical assets and their digital representations.
VIDs can be stored and accessed using QR codes, NFC tags, or RFID tags. This makes it easy to track and verify items throughout a supply chain.
The system allows for precise tracking of products from manufacture to sale. It helps fight counterfeiting and ensures product authenticity.
Smart Contract Functionality
VeChainThor supports advanced smart contracts. These self-executing agreements automate complex business processes.
The platform is compatible with the Ethereum Virtual Machine (EVM). This allows developers to easily port Ethereum-based dApps to VeChainThor.
Smart contracts on VeChainThor can interact with VIDs. This enables the creation of sophisticated supply chain management solutions.
The blockchain’s ToolChain offers pre-built smart contract templates. These make it easier for businesses to deploy blockchain solutions quickly.
VeChainThor’s smart contracts support multi-party collaboration. This feature is useful for complex business relationships and agreements.
The Launch of VeChainThor Mainnet
The VeChainThor mainnet went live on June 30, 2018, marking a big step for the project. This launch moved VeChain away from Ethereum and onto its own blockchain.
Countdown to Mainnet Release
As the launch date got closer, excitement grew in the VeChain community. The team shared updates and got ready for the big day.
On June 30, 2018 at midnight UTC, the first block was mined by an Authority node. This moment kicked off the VeChainThor blockchain.
Users could now start using the new network and its features. The launch also began the process of creating VeThor, the new energy token.
Transition from Ethereum
VeChain started as a token on Ethereum but moved to its own blockchain with this launch. This shift meant big changes for VET token holders.
They needed to swap their old ERC-20 VEN tokens for new VET tokens on the VeChainThor network.
The token swap started in mid-July after the mainnet launch. Many top exchanges helped with this process. Binance, Huobi, and KuCoin all supported the swap.
VeChain also released a mobile wallet to help users manage their new VET tokens.
VeChain’s Digital Assets: VET and VTHO
VeChain uses a dual-token system with VET and VTHO. These tokens play key roles in the network’s operations and economic model.
VET Tokens and Their Utility
VET is the main token of the VeChain network. It acts as a store of value and enables transfers on the blockchain. Users can buy, sell, and trade VET on cryptocurrency exchanges.
VET has a total supply of 85.9 billion tokens. As of late 2023, over 72.7 billion VET were in circulation. The token’s value can change based on market demand.
Holding VET gives users rights in the VeChain ecosystem. VET holders can vote on network changes and earn VTHO rewards.
Generation and Use of VTHO Tokens
VTHO is the energy token of VeChain. It powers transactions and smart contract actions on the network. VET holders generate VTHO automatically over time.
The amount of VTHO created depends on how much VET a user owns. More VET means more VTHO generation. This system encourages long-term holding of VET tokens.
Businesses and developers need VTHO to use VeChain services. They must spend VTHO to write data or run smart contracts on the blockchain. This creates ongoing demand for both VET and VTHO in the ecosystem.
Real-World Applications and Progress
VeChain Thor has found practical uses in supply chain management and formed key industry partnerships. These efforts aim to bring blockchain solutions to businesses across various sectors.
Supply Chain Solutions
VeChain Thor uses IoT devices like NFC chips, RFID trackers, and QR codes to monitor products. This helps companies track items from factories to stores.
For example, a luxury goods maker can put an NFC chip in a handbag. Shoppers can then scan the chip with their phones to check if the bag is real.
The platform also works with food and medicine. It can record temperatures during shipping. This makes sure products stay fresh and safe.
Walmart China uses VeChain to track some foods. Customers can see where their food came from by scanning a code.
Industry Partnerships and Collaborations
VeChain has teamed up with big names in business. They work with PricewaterhouseCoopers (PwC) to bring blockchain to more companies. PwC helps explain how VeChain can improve business operations.
Car maker Renault is testing VeChain to create a digital car maintenance book. This could make it easier to track a car’s history. Microsoft has also shown interest in VeChain’s enterprise IoT solutions.
These partnerships help VeChain grow beyond supply chains. They’re working on projects in carbon tracking, healthcare, and more. This shows VeChain’s push to become a wide-ranging blockchain platform for businesses.
Frequently Asked Questions
The launch of VeChainThor marked a major milestone for the blockchain platform. It brought new features and changes that impacted the ecosystem.
Can you explain the genesis of VeChainThor and its launch timeline?
VeChainThor emerged as an upgrade to the original VeChain blockchain. The team announced plans for the new mainnet in late 2017.
Development and testing took place throughout early 2018. On June 30, 2018, VeChainThor officially went live.
How does VeChainThor differ from the initial VeChain platform?
VeChainThor introduced a dual-token system with VET and VTHO. It also added smart contract functionality and improved transaction speeds.
The new blockchain used a Proof of Authority consensus mechanism. This differed from VeChain’s previous Proof of Stake model.
What events marked the release of the VeChainThor blockchain?
VeChain held a token swap event when launching VeChainThor. Users exchanged their old VEN tokens for new VET tokens at a 1:100 ratio.
The team also hosted launch events and demos to showcase the new platform’s capabilities. Partners began migrating their projects to VeChainThor.
What are the key features that were introduced with the VeChainThor mainnet?
VeChainThor brought multi-party payment protocols and multi-task transactions. It enabled fee delegation for dApp users.
The new blockchain supported sidechains and cross-chain interoperability. It also improved scalability through its dual-token economic model.
How did the transition from VeChain to VeChainThor affect existing stakeholders?
Token holders had to swap their VEN for VET tokens. Node operators needed to update their systems to run the new blockchain.
Developers had to adapt their applications for VeChainThor’s new features. Some early partners launched new use cases on the upgraded platform.
What technological advancements did the VeChainThor mainnet present at the time of launch?
VeChainThor introduced a unique governance model with Authority Masternodes. It also implemented native token management for easier enterprise adoption.
The platform offered improved tools for building decentralized applications. Its architecture allowed for faster and cheaper transactions than its predecessor.
