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VeChain Thor (VET) is blockchain with the posited goal of "solving real world economic problems".
VeChain leverages the Proof of Authority (PoA) consensus mechanism. PoA is a Byzantine Fault Tolerant probabilistic consensus mechanism, based on HotStuff, which relies on Authority Masternodes (AM) associated with verified identities.
The core protocol of the Vechain Thor blockchain has four meta transaction features: Controllable Transaction Lifecycle, Multi-Party Payment (MPP), Multi-Task Transaction (MTT), and Transaction Dependency.
VeChain has two kinds of tokens, VeChain Token (VET) and VeThor Token (VTHO). While VET has a fixed supply of ~86.7bn token, VTHO is issued as a block reward for VET staking AMs. VTHO is required for smart contract and transaction executions. Consensus is achieved on a threefold-level: (1) technical level, (2) business level, and (3) governance level.
The issuance of VTHO is adjusted via the on-chain governancemodel to stabilize the fiat-denominated transaction costs. This clear governance model differentiates between three kinds of voters with various operational permissions.