By Max Bibeau | USA

VeChain is currently one of the blockchain’s top prospects to revolutionize the industry of the Internet of Things (IoT). Its goal is to make the management, collection, and sharing of product data between consumer and producer simple and safe. While most blockchain startups only have ideas, VeChain actually has proven implementation into plenty of different industries already.

However, while the team is already making huge strides within the IoT market, they’re looking to go even further. The team recently announced that they will be heavily rebranding the current VeChain (VEN) into VeChain Thor (VET/THOR), implementing many changes detailed below.

Technologically, VeChain Thor is an upgrade to the current VeChain blockchain. The change is scheduled by the VeChain team to take place in late February 2018, with no set date announced yet. The proposed change is looking to delve more into Decentralized App (Dapp) technology, similar to what Ethereum is currently doing. This shows VeChain’s interest in going even further into the IoT market. Developing easy to use applications for their consumers could be critical in ensuring the technology takes hold in the economy.

The largest change to this that will affect consumers is the creation of the new Thor Power (THOR) Token. VeChain Tokens will continue to exist (now rebranded as VET, not VEN), but now, holders of VeChain Tokens will receive Thor Power in dividends, extremely similar to how NEO holders receive GAS dividends. Thor Power will be used to execute smart contracts and run blockchain applications. The primary VeChain Tokens will continue to be used as the primary currency for business transactions on the VeChain blockchain.

As far as wallets go, there isn’t currently a VeChain wallet developed solely for the token by the team. However, it has been announced that a wallet will be made available in Q2 2018 that will likely not only allow users to store their VeChain Tokens but their Thor Power Token dividends as well. It is likely users will have to store their VeChain in this wallet in order to receive their dividends.

Right now, VeChain has a price of around $6.30, with a circulating supply of around 460 million. It can be bought and stored on Binance.com.