Connect with us
TEST TEST
()
()
()
()
()
()
()
()
()
()
()
()

Altcoin News

Vechain Mainnet Launch Guide

Published

on

Vechain

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.

Executive summary:

  • 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:

sOrw9r0RPhfy3-EKIO8felwcfdLAgVnH8tVGGq0uujE Vechain Mainnet Launch Guide

Vechain Mainnet Launch Timeline

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.

Thor Power

1ac9ec1e6de868afb729186c751b8d3d Vechain Mainnet Launch Guide

Thor Power (VeThor)

Vechain Thor Power (VeThor) 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.

Context  Huobi Denies Participation in Voting Manipulations in the EOS network

Vechain Wallet

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:

Smart-Contracts-Protocol-First-800-Million-Token-Swap_-Old-ICX-Tokens-Swapped-For-Live-ICON Vechain Mainnet Launch Guide

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.

Additional details:

Vechain Thor Power calculator: https://thorcalculator.com/

Vechain Thor Github: https://github.com/vechain/thor

Vechain Website: https://www.vechain.com/#/

14 Comments

14 Comments

  1. D

    June 27, 2018 at 5:10 pm

    You don’t even have the launch date right in the first paragraph

    Try a little bit harder pls

    • admin

      admin

      June 27, 2018 at 5:19 pm

      Fixed the typo

  2. W.P

    June 27, 2018 at 5:13 pm

    “If you have VEN on ethereum wallets like MyEtherWallet you will need to wait for token swap details.”

    Any ideas of when these details will be released. can i leave in MEW for later or do i need to transfer to Binance for the exchange. Also on MEW its listed as VET and Binance list it as VEN. Very confusing.

    • admin

      admin

      June 27, 2018 at 5:32 pm

      If you have VEN on myetherwallet, you will be able to swap it for VET tokens when the details are available mid july. Currently there is name confusion going on between the old VEN token and new VET token. This will be fixed after the mainnet launch.

  3. Salman

    June 28, 2018 at 9:37 pm

    I wan to get that 1:100 Vet air drop tokens as well as the token swap.. So should i keep my tokens on Binance or my ledger Nano S ??

  4. Ralph

    June 28, 2018 at 10:47 pm

    If you are on MEW and have to wait till July – will your THOR be awarded based on mainnet launch or when you are finally swapped

  5. Hydro Perfect Regimen One

    June 29, 2018 at 6:32 pm

    Nice post. I used to be checking continuously this weblog and I am inspired!
    Very useful information particularly the closing phase :
    ) I care for such information much. I used to be seeking this particular info for a very long time.

  6. Okezie

    June 30, 2018 at 7:59 am

    When is the exact time for the manner swap or rather the snapshot taking place?

  7. Okezie

    June 30, 2018 at 8:00 am

    *mainnet swap

    • admin

      admin

      June 30, 2018 at 9:01 am

      It won’t be by snapshot – rather a token swap. Exact details of the swap haven’t been released yet

  8. Pingback: Vechain successfully launches - here's what you need to know - Asia Crypto Today

  9. Pingback: what is Blockchain? – vechainvetvethormainnetven

  10. Pingback: Prepping for a Cryptocurrency global: China edition | Promoteyoufirst.com

  11. Pingback: How Bitcoin ought to Make Asset Managers of us All

Leave a Reply

Your email address will not be published. Required fields are marked *

FOLLOW US ON TWITTER

Trending

Copyright © Shenzhen Wujiexian Information Consulting Co. Ltd.

Click to Hide Advanced Floating Content

Follow us on Twitter or join our Telegram