The Innovationlab Developer Hub

Welcome to the Innovationlab developer hub. You'll find comprehensive guides and documentation to help you start working with Innovationlab as quickly as possible, as well as support if you get stuck. Let's jump right in!

Two-token design

Financial characteristics are inherent in every blockchain. A proper economic model is one of the fundamental elements in a blockchain ecosystem, and a key factor for its success. We have learned from our business partners, especially corporations and enterprise business owners, that one of major obstacles to adopting blockchain technologies is the unpredictability of the cost of using blockchain, due to the price volatility of cryptocurrencies.

To tackle the problem, we designed a two-token system that includes the VET and VTHO. The function of VET is to serve as a value-transfer medium, or in other words, smart money, to enable rapid value circulation within the VeChainThor ecosystem. On the other hand, VTHO represents the underlying cost of using the VeChainThor blockchain and will be consumed (or, in other words, destroyed) after on-chain operations are performed. In VeChainThor, VTHO is generated at a constant rate by holding VET. In this way, we are able to detach the direct cost of using VeChainThor from the VET price.

Let V be the amount of VET, G the amount of gas, t the amount of time (in terms of the number of blocks), p the gas price in VTHO and last but not least, v the VTHO generation speed. Mathematically, we can write

Formula1

where E_{\textrm{gen}}</span> denotes the amount of VTHO generated from holding V VET and E_{\textrm{gen}}</span> the amount of VTHO consumed after conducting on-chain operations that require G gas.

Velocity V is a constant equal to $5\times10^{-8}$ VTHO per VET per block. In other words, if you had 10K VET, you would be given 4.32 VTHO every 24 hours. The gas price p can vary in the range Pbase1 where Pbase2 is a parameter that can be adjusted according to the market supply and demand of VTHO. Currently, we set .

VET

Type: coin
Precision: 18 decimal places
Total supply: 86,712,634,466

VTHO

Type: VIP180 token
Token contract address: 0x0000000000000000000000000000456E65726779
Precision: 18 decimal places
Supply: VTHO is the energy or the cost of carrying on the payment and smart contract transactions on the VeChainThor blockchain. VTHO is generated from VET in each block over time in a linear manner. (0.00000005VTHO is generated per VET per block)
Consumption: 70% of the transaction fee paid in VTHO in each block is burned and the remaining 30% is rewarded to the Authority Masternode which produces the block

How to get VET and VTHO?

You can find the markets with VET and/or VTHO available on CoinMarketCap, among which OceanEx is a crypto exchange focusing on the VeChain ecosystem and provides liquid markets for VET, VTHO and VIP180 tokens on VeChainThor blockchain.

Two-token design


Suggested Edits are limited on API Reference Pages

You can only suggest edits to Markdown body content, but not to the API spec.