VET
VET / VTHO supported
VeChain (VET) Wallet
Download Ownbit wallet to secure your VET assets now! VTHO is also supported.
About VeChain (VET)
What is
VeChain is an enterprise-focused blockchain platform targeting a multitude of industries and business applications with its VeChain Thor public blockchain. The development and funding of the platform are overseen by the VeChain Foundation, a non-profit organization, and governance decisions are executed by the ‘Steering Committee’ -- an elected governing body that administers functional committees that represents the platform’s stakeholders.
Features
The first block of the VeChain Thor blockchain was officially mined in June 2018, kickstarting a public blockchain tailored towards business services. VeChain represents an intriguing compromise between the pure decentralization of public blockchains and a more conventional hierarchical governance structure that includes participating enterprises.
As a result, VeChain has already attracted the attention, and partnerships, of prominent global businesses such as BMW and DNV GL.
Another unique prospect of VeChain is its economic model. The platform utilizes a dual token system, VET and VTHO, with VET primarily a store of value and ‘smart money’ on the network while VTHO is consumed as the ‘energy’ for transactions in the network -- somewhat similar to GAS in Ethereum or Neo.
VTHO
VET generates VTHO, so by holding VET you will earn VTHO, which can then be used to pay for your transactions. The amount of VTHO that is needed for a transaction depends on the size of the data you want to send. A simple VET transaction costs you around 30 VTHO, while sending a transaction filled with data to a smart contract can cost 1000 VTHO.
Each VET will create 0.00000005 VTHO with every block that is created (a new block gets added to the chain 10 seconds). This translates to a generation rate of 0.000432 VTHO generated per VET per day. A user that owns 10K VET in his wallet will earn 4.32 VeThor each day.
Recovering
Different wallets may implement VET support (generating VET address) in a different way. Ownbit uses the same address of ETH for VET address. i.e. BIP44 path: m/44'/60'/0'/0/0 for generating the VET address. For recovering VeChain assets in other wallets, or vice versa, you may export / import by VET private key.
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