VeChainThor is Live!
The long awaited mainnet launch of VeChain’s public blockchain has now gone live. On the morning of June 30th, at precisely 08:00:09am (UTC+8), the genesis block of VeChainThor was successfully mined.
This is another big step towards VeChain’s vision of building a trust-free and distributed business ecosystem platform to enable transparent information flow, efficient collaboration, and high-speed value transfers.
Continuing to show his gratitude for Ethereum (blockchain 2.0), Sunny Lu (VeChain CEO) included a special tribute message to Ethereum & co-founder Vitalik Buterin within the genesis block:
“‘Salute & Respect, Ethereum!’ where we start from but are marching to the new world! Thank you @VitalikButerin and entire ETH team and community” — Tweeted by Sunny Lu
The first transaction on the network also included a hidden ‘easter egg’ message from an Authority/Thrudheim Node who cheekily played on the fact that all of the current VEN (VeChain’s ERC-20 token) holders had to wait until after the mainnet deployment to swap their current VEN tokens for the new native VET.
“0x6861686168612c20796f752067757973206172652077616974696e6720666f7220746f6b656e2073776170".
By using any online Hex to ASCII text converter, you can convert the hidden message as seen below:
VeChainThor to Solve Enterprise Adoption
VeChainThor represents the next generation of public blockchains, called Blockchain X. It includes the following key features to address current pain points for enterprise adoption of blockchain:
- New Governance Model
- New Economic Model
- Regulation and Compliance capabilities
- VeChainThor Mainnet and Matching Infrastructure Services
View these key features of VeChainThor in greater detail in the recently released whitepaper:
What’s Next for VeChainThor? 100x?
As for token holders, there is a few steps to ensure they safely swap their current ERC-20 ‘VEN’ tokens for the new native ‘VET’. The token swap will also incorporate a token split at a ratio of 1:100 which will help to avoid the possibility of the need for using fractional VET in the future. Similiar to a stock split which companies like Apple have undertaken multiple times now, we should see the price reduce by 100x while giving token holders 100x more tokens. So for every 1 VEN token you have, you will receive 100 of the new VET. So instead of having 1 VET at $3, you will have 100 VET at $0.03. Obviously nothing changes to the total value of your tokens, you just have more of them at a lower price which makes the entry price point for new buyers very, very attractive.
VeChain has released a detailed guide for manually performing the token swap in their upcoming Mobile wallet (iOS & Android) which is due out on July 9th known as the ‘Token Swap Service’. Users can also choose to use one of the supporting exchanges to do the token swap for them. So far Binance, Bithumb, CoinSpot, lBank, DragonEx, KuCoin and Huobi have announced their support and we’ll perform the swap around mid-July (exact times TBA). The mobile Token Swap Service starts when the exchange token swap concludes.
Note: While the rebranding of ‘VEN’ to ‘VET’ happened quite some time ago, the majority of exchanges still use the old ticker of ‘VEN’. So to avoid confusion, the use of the ticker name ‘VEN’ in this article refers to the pre-mainnet, pre-split, ERC-20 token. ‘VET’ refers to the new native VeChainThor token.
Download the official VeChainThor Wallet manual here.
Activity on the Network
After taking a look at the transactions on the network since going live a few days ago (June 30th), the useage is obviously very low currently and will most likely stay that way until the token swap and the migration of some of the existing clients & dApps switch from the private consortium chain, to the public blockchain. Some have been using the consortium chain since as early as 2015. No dates have been released for the migrations as yet but hopefully we’ll see some activity over the next month or two and really see the power of VeChainThor.
“It’s going to be the public blockchain facilitating the most business activity in the world”. — Kevin Feng (VeChain COO)
Enterprise & Media Commend the Launch of VeChainThor
Tweets and messages of congratulations and support soon followed the successful deployment of VeChainThor from various media, enterprise partners, individuals and community members. Coindesk also notably covered the successful launch:
