A Revised Timeline for VeChainThor Wallet Migration and Token Swap

Image for post
Image for post

Your voice has been heard.

The world has entered the mobile computing age. Our goals and intentions are to adopt the go mobile strategy facilitating the mobile computing age in the ways that we knew our clients were accustomed. The VeChainThor Wallet will be the portal to all kinds of dapps on the VeChainThor Blockchain. This wallet will be chock full of features, services, and opportunities that the word wallet may even be limiting.

With the wallet being so important for our vision, we have made sure that the mobile wallet is as secure as it could possibly be. We dare say, it might be one of the most secure wallet in any market. We have utilized the weight of third party auditors and combed through every line of code to ensure security.

It was always in our plans to make VET a migratable asset easily integrating with third-party wallets while retaining your X Node status. This is one of the many designed perks of VeVID. But, we have heard your concerns and truly care to make sure you protect yourself the way you choose. Here is our revised plan:

  1. We are in the process of confirming the release date (tentatively early August) of the VeChainThor Ledger application, will let you know as soon as it’s confirmed;
  2. The VeChainThor Wallet releases — July 9;
  3. X̶ ̶N̶o̶d̶e̶ ̶B̶i̶n̶d̶i̶n̶g̶ ̶S̶e̶r̶v̶i̶c̶e̶ ̶w̶i̶l̶l̶ ̶b̶e̶ ̶f̶r̶o̶m̶ ̶J̶u̶l̶y̶ ̶9̶t̶h̶ ̶u̶n̶t̶i̶l̶ ̶1̶0̶ ̶d̶a̶y̶s̶ ̶a̶f̶t̶e̶r̶ ̶t̶h̶e̶ ̶V̶e̶C̶h̶a̶i̶n̶T̶h̶o̶r̶ ̶L̶e̶d̶g̶e̶r̶ ̶a̶p̶p̶ ̶i̶s̶ ̶a̶v̶a̶i̶l̶a̶b̶l̶e̶ ̶f̶o̶r̶ ̶m̶i̶g̶r̶a̶t̶i̶o̶n̶;̶
  4. Meanwhile the exchanges will provide token swap services to users around mid-July;
  5. The mobile wallet token swap service will start on the same day that the X Node Binding Service ends;
  6. X Node monitoring will resume roughly three weeks after the mobile wallet token swap service is available;
  7. VeChain Foundation will backdate and compensate VTHO to token holders for the X Node binding and token swap period as the entire migration timeline is completed. Details to be announced.

To meet these new needs, we will add wallet observation function to the VeChainThor Mobile Wallet that enables users who prefer to create their VeChainThor Wallet addresses via other methods (i.e. hardware wallet or desktop wallet). This function will allow users to perform X Node Binding, token swap and X Node/Economic Node management via the mobile wallet. We believe this is the best way to strike a balance between our desired security level and user functionality.

Users intending to bind their X Node to their Ledger must wait for Ledger support. When support arrives you will create the VeChainThor address using the Ledger application and not through the VeChainThor mobile application. This Ledger address will also generate and store VTHO. Economic and X Node rewards distribute every Monday.

Image for post
Image for post
An example of the intermediary address

REMINDER: Intermediary addresses are cryptographically generated by using your input ETH address and the VeChainThor address starting with 0x followed by 20 0s. Everyone will have a unique intermediary address. Anyone claiming otherwise is trying to scam you. (An example of the intermediary address)

Written by

The VeChain Foundation is a non - profit entity established in Singapore.

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store