VeChainThor Blockchain Launch and Token Swap FAQ

Siamak Masnavi

This article tries to answer any questions you may have regarding the launch of VeChain's native blockchain (i.e. VeChainThor Mainnet) and the process by which ERC-20 VEN tokens on the Ethereum blockchain will get swapped for VET tokens on the VeChainThor blockchain.

What Is the Timeline for the Blockchain Upgrade and Token Swap?

On 21 June 2018, the VeChain Foundation sent out a tweet that provided this very helpful roadmap for the launch of the VeChainThor Mainnet:

As you can see, there are several interesting dates here:

  • 30/06/2018: VeChainThor Mainnet is launched (i.e. goes live). 
  • 09/07/2018: VeChain mobile wallet should become available around July 9th. 
  • Mid July 2018: Exchanges that have officially announced support for the VeChain's blockchain upgrade will start the VEN to VET token swap process. 

How Many VET Coins Will I Receive After the Token Swap for Every VEN Token I Hold Now?

After the VeChainThor Mainnet goes live and the token swap process has been completed, for every VEN token you have now, you will receive 100 VET tokens. 

This is how a VeChain Foundation tweet sent out on 18 May 2018 explained the reasoning behind this 1:100 split:

So, for example, if you have 100 VEN tokens now, you will have 10,000 VET coins after the token swap. It is likely that sometime in July 2018 data providers such as CryptoCompare will be showing prices for VET that are 1/100 of what they would have been had the VeChain Foundation not decided to do a 1:100 split. The total value of your holdings will, of course, remain the same.

What Exchanges Are Supporting the Token Swap?

So far, the following exchanges have officially promised support for the token swap:

We don't know yet the deadlines on these exchanges for depositing your tokens, but it should be around mid July 2018. 

What If I Don't Want to Move My VEN Tokens to an Exchange?

Well, although letting one of the exchanges that has officially announced support for the token swap is probably going to be the easiest ways to get your VEN tokens swapped for shiny new VET coins, the good news is that it seems that VeChain Foundation will support the token swap independently of exchanges for quite a while (this support will probably come from the official VeChain mobile wallet, but we don't know for sure at this time). So if, for example, your currently hold your VEN tokens in a MyEtherWallet (or on a hardware wallet such as the Ledger Nano S), and you don't feel safe in moving your VEN tokens and leaving them there for some time, you are definitely OK for now; just remember that at some point (we will update you via a future article as soon as more information becomes available from the VeChain Foundation), probably within the next few months, you will need to migrate your VEN tokens to a VET wallet.

Please remember that at this time there are no VET wallets and it is not possible to do a VEN to VET token swap; so if some website you have never heard of offers to do the token swap and asks you to give them your private keys for the Ethereum wallet holding your VEN tokens, please regard this as a scam. 

 

Feature Image Credit: Photo by via Pexels; licensed under "CC0"

Reddit Co-Founder: Investing in Cryptocurrencies Should Be a Long-Term Commitment

Alexis Ohanian, the co-founder of Reddit, has said that digital asset investors should not be discouraged by the prolonged crypto bear market - as he thinks it has helped in significantly reducing the number of speculative traders and investors.

Ohanian, a history graduate from the University of Virginia and Coinbase investor, told Yahoo Finance:

This is the Crypto Winter, no doubt. But a friend of mine, Brian Armstrong — who’s the CEO of Coinbase — said, ‘This is the spring of crypto innovation.'

"Some Of The Smartest People" Now Working On Crypto Projects 

Ohanian explained that this means cryptocurrency prices are currently “depressed”, however most of the speculators may have finally exited the digital asset ecosystem. This, according to Ohanian is “great” because the people that are left are now are involved in “building” real-world solutions. He remarked:

They’re actually building the infrastructure that it’s going to take to really make this happen.

Ohanian also revealed:

Some of the smartest people I know in tech are still working on solving these problems. They’re building companies that are built on blockchain.

Expressing views similar to other prominent business leaders and entrepreneurs, Ohanian believes:

The hype [around cryptocurrencies and blockchain] is gone. The fervor is gone. But I think that’s a good thing for all of us who have been in this [from the technology’s early stages of development].

Investing In Coinbase Back In 2011

Ohanian also pointed out that he was a “seed investor in Coinbase back in 2011, back when it was a pipe dream of devoted engineers.” He mentioned that JPMorgan, the largest bank in the US, and other established established financial institutions are starting to enter the crypto space. According to Ohanian, the introduction of the JPMorgan coin suggests that “there is real innovation that is happening now that all the wild speculation is gone. And that’s a good thing.”

Acknowledging that the extended bear market may be tough to endure for many crypto industry participants, Ohanian recommended taking a long view when investing in digital assets. He said: .

The [prolonged bear market] is painful. But if you were investing ... in [crypto] in the first place, you really should have been thinking long-term. That’s just generally good advice for any kind of investing, but especially something so nascent as crypto.

Comparing Crypto Adoption To The Growth Of The Internet

In October 2018, Ohanian, a best-selling author, had compared the current state of crypto technology to that of the growth and adoption of the internet. The Reddit co-founder had noted at that time that the present state of blockchain-based platforms is similar to how the internet was during the early 1990s. However, Ohanian had also said last year that crypto technology was improving and that the initial coin offering (ICO) craze of 2017 had gone away. He remarked (in late 2018):

Now is a good time because it's scattered all the hucksters and scenesters.