The long-awaited Thor blockchain has been officially introduced by VeChain (VEN/VET) recently. The main aim of this platform is to drive enterprise businesses with help from blockchain solutions. The platform deployed the first authority master node prior to launching the main network.
VEN to follow Proof of Authority Protocol
With the launch of Thor, VEN has now made the transition to its independent blockchain-based platform. Incidentally, immediately after the launch, the VEN Foundation mined the first block. The launch is expected to allow implementation of the double-token innovation. One of the biggest differences between VeChain and other blockchain platforms featuring Proof of Stake (PoS), and Proof of Work (PoW) is that VEN’s Main Net uses Proof of Authority protocol. It makes faster mining possible for the validators as compared to other blockchain platforms.
It naturally will increase the utility of transactions on the platform. The platform includes the creation of a network that can be used by entities and businesses when they want to adopt blockchain-based technology for fulfilling requirements in the market. The platform will operate using two coins including VeThor (Thor) and Vechain Token (VET).
VEN’s Main Net to clear blockchain hurdles
VEN’s Thor will try to clear the hurdles including issues with an economic model, governance inefficiencies, and difficulties with a design that are a regular part of popular blockchains including Bitcoin (BTC) and Ethereum (ETH). Apart from that, the new platform will also bypass the need for using solutions such as Hyperledger that until now has been the go-to platform for most cryptocurrency businesses.
According to Sunny Lu, the founder of VeChain, with the launch of Thor, the platform is hoping that ‘real’ business applications will be possible on the public blockchain. According to the former CIO of Louis Vuitton China, “Right now, if we look at all the existing public blockchains, there is a common economic model which is from bitcoin that tries to motivate more people to join the network.” He further added that the cost of using public blockchains is directly linked to the valuation of the token on the blockchain.