VeChain is on the verge of undergoing some big changes, big changes that VeChain are doing their utmost to ensure the community is totally ready for. Within these changes, we will see the implementation of VeChainThor, including a token migration and a new VeChainThor wallet.
Please view our VeChainThor Wallet Manual. This manual provides instructions for token swaps and X Node migration.
— VeChain Foundation (@vechainofficial) June 30, 2018
The VeChain token swap will see VeChains VEN token swapped for VET. These swaps can be made via a supported exchange or of course via the VeChainThor wallet.
According to VeChain:
“The exchanges will support swapping mid-July. The mobile wallet application will support swapping on the 24th of July (expected.) Either method of swapping and transferring will work, you may use whichever method you prefer based on the instructions here and your personal preference. The end result in either method is the same.”
This token swap is a part of VeChains new X node programme, which will appoint X node status to previous VEN token holders who have accumulated a certain amount of VEN in a publically traceable wallet. Within this, these holders will be given exclusive status within the VeChain ecosystem and thus will be offered a range of benefits, including discounts in a future VeChainThor ICO.
The token swap will involve a binding process, which will ‘bind’ the current VEN ERC-20 token to the VeChainThor blockchain. You can find out more information about this process in the VeChainThor manual, here- https://cdn.vechain.com/vechainthor_wallet_manual_en_v1.0.pdf
The VeChainThor wallet will play a big role within this and of course, within the future of the VeChain ecosystem.
What does this mean for VeChain?
VeChain is maturing, as a result of this it needs to continue to grow and expand on its own blockchain, hence why this update is going ahead. The next few months mark a very important transition period for VeChain. Whilst the value of VeChain as a currency may be hard to determine during this time, the project will settle and thus, in 3-6 months time we could see VeChain on a very different trajectory indeed.
If you are a VeChain investor, keep an eye on the VeChain website and of course VeChain social media for more information regarding this update, including what your responsibilities are as an investor.