On 30th December 2017 VeChain revealed Apotheosis Part II. This outlined the economic model that would underpin the operation of their blockchain.
This included the birth of a new token, Thor Power, which is a utility token required to use the VeChain blockchain.
By simply holding your VET tokens in the THOR Power Forge which is part of the wallet software, VET holders are eligible for rewards based on the number of VET they hold, and other criteria, paid in Thor Power.
You'll receive at least 0.00042 THOR Power per VET per Day, which means holding 2,381 VET you'll receive 1 Thor Power per day.
The rate of production of Thor Power is determined based on the tier of node you are eligible for. Anyone holding VET tokens in the THOR Power Forge will generate the base amount.
| Node | Rewards |
|---|---|
| Thrudheim Node | +75.2% of the base rate. PLUS 30% of all THOR Power consumed by transactions on blockchain |
| Mjolnir Node (150,000 VET+) | +75.2% |
| Thunder Node (50,000 - 149,999 VET) | +57.0% |
| Strength Node (10,000 - 49,999 VET) | +38.7% |
Node holders who later accumulate VET to make themselves eligible for a higher tier, or meet certain other criteria determined by VeChain, can upgrade their node status.
Thor Power will be tradeable on exchanges, and therefore will hold a value against BTC, ETH and USD. In essense, this is FREE MONEY just for holding your VET in the official wallet and not on an exchange.This will restrict circulating supply of VET and that in itself will likely bring stability to the market.