VeChainThor Releases Mobile Wallets, X-Node Binding Enabled

VeChain (VEN, VET), a Singapore-based non-profit organization managing the development of the VeChainThor blockchain platform, launched its mainnet in the last week of June 30. The Blockchain-as-a-Service company yesterday announced the release of a mobile wallet. Following the release of the mobile wallet, the X Node Binding Service is made available.

Both iOS and Androind versions of the wallet are made available. This enables VeChain investors to receive Thor Power (VTHO) tokens for holding their VeChain Tokens (VET) once the migration is completed. The system is almost similar to NEO and GAS, where the latter is used to deploy and run smart contracts. VeChain network has been designed such that it will reward businesses who hold VET.

VeChain said

“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.”

The VeChainThor Mobile Wallet is now available for download in the Apple App Store and Android marketplace.

To understand fully our mainnet launch, token swap details, and mobile wallet functionality, please view the following video:https://t.co/mmL8qCcjab

— VeChain Foundation (@vechainofficial) July 8, 2018

With the release of the VeChainThor Mobile Wallet, the X Node Binding process has begun!

X Node holders wishing to use Ledger need to wait for support from Ledger in August and pay careful attention to the instructions to bind properly.

— VeChain Foundation (@vechainofficial) July 8, 2018

The X Node plan enables nodes, who invested early in the project and hold large amounts of VET, to receive more VTHO than standard nodes. Each token holder will have at least 6,000 VET or more locked up. The X Node Binding Service facilitates these nodes to collect their VTHO rewards. VeChain believes that the lockup results in a reduction in the supply of VET, leading to a ‘steady upward pressure on price.’

The queries about the need to introduce a mobile wallet were answered by the VeChain team as follows:

“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.”

The VeChainThor Ledger application for use and staking in a hardware wallet is expected to be released in August. To begin token swapping, users need to transfer 0.01 VEN from their ERC-20 wallet into an intermediary address. This will bind the balances for monitoring. Small amounts of VEN is only required as a precautionary measure to prevent losses. The entire balances need not be sent to new VEN addresses. The new wallet will also perform the process of X Node binding.

Furthermore, the VeChain Foundation’s Twitter account (@vechainofficial), also published a eleven-minute-long video explaining the features included in the VeChainThor Mobile Wallet, the important dates related to the imminent VeChainThor mainnet launch, particulars of the upcoming token swap, and precise instructions for hassle free X node binding.

According to a video published on Sunday, as many as seven cryptocurrency exchanges and brokerage services have agreed to support the mainnet token swap on behalf of their customers holding VeChain’s ERC-20 virtual token on their corresponding hot wallets. The exchanges, which have offered their support, are Bithumb, KuCoin, Binance, CoinSpot, Bitfinex, Huobi, and LBank. The video also informs that these token swaps will happen “around mid-July.” A month later, VeChainThor mobile wallet will be able to handle the token swap. Leaving the tokens on the hot wallets provided by the exchange is the easiest way to perform a token swap, according to the video presented by the VeChain team.

The mobile wallet supports five core functionalities.

users will be able to:

• transfer and receive both VET and VeThor (VTHO)
• bind their X node to their wallet
• perform the token swap by themselves (instead of getting it done through the exchange)
• claim their VTHO rewards, and
• observe a wallet.