Coin of the Week
Coin: Vechain (VEN)/ Vechain Thor (VET)
Market Cap : $886,170,740
Price : $0.0132 ( Up 19% the last 24 hrs, Up 97% the last 7days)
Wallet: VechainThorWallet (iOS and Android), Ledger Nano (pending)
VeChain (VEN) is a supply chain logistics company that evolved into a DApp platform, in order to compete in the market space with other platform providers that are expanding their infrastructure.
VEN began as an ERC20 token based on Ehtereum’s blockchain, like many other tokens (Tron X, EOS, ICON, OMG, for example). Recently they initiated a token swap where we saw Vechain (VEN) become Vechain Thor (VET), becoming independent from Ethereum. Customers who take part in the swap in the token swap are being rewarded be receiving 100 VET for every VEN swapped.
In addition to the 100:1 exchange ratio, token holders can now earn Thor Power (VTHO) which is the equivalence to NEO’s GAS token, where coinholders can earn VTHO over time simply by holding VET in a designated VET wallet. The payout is .00042 VTHO per VET per day.
This token swap has played out well for VET coin holders, with Vechain being one of the few coins in the top 50 to have seen growth throughout the month of August, up over 11% for the month and a solid 19.13% in the past seven days at the time of the publication of this article. Vechain Thor now independent from Ethereum’s blockchain is proving to be a healthy addition to a well-rounded Cryptocurrency Portfolio.