VeChainThor Blockchain Launch and Token Swap FAQ

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"

UAE, Saudi Arabia to Jointly Launch Cryptocurrency for Interbank Transactions

UAE, Saudi Arabia to Jointly Launch Cryptocurrency for Interbank Transactions
Francisco Memoria

The central bank of the United Arab Emirates (UAE) is reportedly working on a blockchain-based cryptocurrency with the Saudi Arabian Monetary Authority (Sama). The cryptocurrency is set to be used for interbank transactions only.

According to a report published by local news outlet Gulf News, the financial institutions will issue the digital currency to use it in cross-border transactions between both countries. The report quotes Mubarak Rashed Al Mansouri, the governor of the UAE’s central bank, who was speaking at a high-level meeting for global bank standards and regulatory and supervisory priorities for the Arab region.

He was quoted as saying that this is “probably the first time ever” that two countries cooperate on creating a blockchain-based cryptocurrency, and that regulators hope “this achievement will foster similar collaboration in our region.” He added:

It’s just a study between UAE and Saudi [Arabia] and have not gone deeper into it. We have not put a framework when the study will be completed and who will be involved from both parties.

Al Mansouri clarified, however, that the cryptocurrency won’t be seen by consumers in general, as it’s set to only be used between banks. Per his words, it will be a way to make interbank transactions “much more efficient.”

In a separate statement, the UAE’s central bank reportedly said:

CBUAE and Sama intend to execute a joint crypto-currency and Distributed Ledger Proof-of-Concept (PoC). The PoC’s design mainly focuses on the transfer of ownership of a central bank asset (crypto-currency) among participants.

Notably, the UAE’s central bank, as CryptoGlobe covered, has earlier this year warned against cryptocurrency scams, including money laundering and their use to finance terrorism or other illicit activities, but predicted electronic money would replace cash in the future. Saudi Arabia has also warned against cryptocurrency trading, as cryptos are outside of regulators’ reach.

The space has seemingly been growing in the country, however, as a new cryptocurrency exchange called Bitex was launched there last month. The new trading platform reportedly offers BTC, BCH, ETH, and LTC trading pairs.

Reports suggesting Saudi Arabia itself has been planning to launch its own cryptocurrency have been circulating since last month. Per the Innovation Center (SPARC) director of the Sama, Mohsen Al Zahrani, the crypto is set to be launched next year.