VeChain Thor Mainnet Goes Live

Business-focused blockchain project VeChain succeeded in launching its Thor mainnet, with the VeChain blockchain going live at midnight UTC June 30, 2018.

The launch of the VeChain Thor mainnet follows the release of the project's new development plan and whitepaper in May, with the distributed ledger-based product ID and supply chain initiative releasing details on governance, partnerships, and initial coin offerings on the new blockchain.

The VeChain alpha test, which concluded late June, saw a team of over 100 third-party security expert and auditors assess the VeChain code ahead of mainnet launch.

The new VeChain mainnet aims to address the obstacles that stand between enterprise organizations and large-scale blockchain adoption, allowing big business to access the benefits of distributed ledger solutions without the attendant development cost.

The launch of the VeChain mainnet marks the entrance of a new blockchain solution geared towards enterprise organizations that rival those offered by platforms such as IBM-backed Hyperledger or the community-driven Ethereum Enterprise Alliance.

The VeChain Proof of Authority consensus model is defined by low computational power requirements, no requirement of communications between nodes to achieve consensus, and system continuity independent of the number of available nodes.

The VeChain mobile wallet is set to become available on July 9, allowing VeChain token holders to obtain full control over VeChain assets.

Several exchanges officially confirmed support for the Vechain Thor mainnet launch, including Binance, Bithumb, Huobi, Kucoin, and Coinspot and will conduct a VEN to VET token swap.

The VeChain mainnet launch saw Vechain capture over 8% on positive market sentiment and is currently trading near the $2.60 mark.

Interestingly, the VeChain Thor mainnnet launch could see VeChain become one of the most profitable projects for node operators - should VET reach $1.66 after the 1:100 split, the smallest tier of X node will be worth $1 million USD.Cover Photo by Pedro Lopes on Unsplash.