Firstly, Vechain will launch the Vechain Mainnet (VET) on June 30th 2018. This event marks the official start of the Vechain Blockchain – it will no longer be a separate token on the Ethereum blockchain but rather a complete blockchain of its own. This guide deals with all the aspects of the Mainnet launch including token swap details, the creation of Thor Token (VeTHOR), the 1:100 token swap, and the block creators of Vechain Thor – authority master nodes.
- Mainnet Launch on June 30th
- Token Split – When Vechain launches, current VEN tokens will be swapped to Vechain Thor tokens at 1:100 ratio – this means 1 VEN will give you 100 VET.
- Vechain Thor (VET) – VET will be the primary value token of the for the Vechain
- Thor (VeThor) – Thor will be used to “power” of Vechain network. It will be consumed to power smart contracts
- Authority Master Nodes (AM) – Authority nodes will be used to produce blocks on the Vechain Network (just like miners do for bitcoin). They will also be given voting power in the Vechain foundation to guide the governance of Vechain
Vechain Mainnet Launch sequence:
The Vechain Genesis block will be created by the Vechain Foundation on the 30th of June. This block marks the start of the Vechain network and will whitelist the approved Authority Nodes to produce blocks for the network.
VeThor (Vechain Thor Power) will be generated by all ranks of node holders. This will be the separate currency that will be consumed during the creation of smart contracts – very much like NEO GAS and Gas in Ethereum. The design is such that the Authority nodes would produce Thor Power at a rate that maintains price stability to allow developers and dapp users to predict contract prices without too much price volatility.
As Vechain is powering a separate mainnet, it will have a separate need a separate wallet to send and receive Vechain and Thor power. A new wallet will be generated and you will need to keep the mnemic (backup key phrase). Vechain is also working on integration into hardware wallets like Ledger Nano S (Currently set to be completed by Aug)
Token Swap Details:
Token swap between currently existing VEN tokens with the new VET tokens during Mid-July. Exchanges such as Binance natively support the Vechain Tokens swap. So if you have VEN on these exchanges you don’t have to do anything. If you have VEN on ethereum wallets like MyEtherWallet you will need to wait for token swap details.