On 9th July, VeChain officially announced the launch of its mobile wallet on Android and Apple’s app store. The app promises to make token swaps and cryptocurrency management much more seamless and hassle free than what it already is.
VeChain Foundation’s tweet | Source: Twitter
The VeChainThor wallet, being a critical part of VeChain’s vision, aims to be sure that their mobile wallet is ‘as secure as it could possibly be’. They have employed the weight of third-party auditors and picked through every line of code to ensure security. VeChain said:
“We dare say, it might be one of the most secure wallet in any market.”
The revised timelines given by VeChain show that there will be drastic changes coming up in the proceeding months that will make the wallet more functional. The process started on 30th June with the first X Node snapshot being uploaded on Ethereum.
The wallet’s release also marks the start of the X Node binding. The company has released a statement saying that the existing VeChain tokens will be swapped with the VET token in the middle of July in a 1:100 ratio.
Once the existing tokens are swapped, the company plans to start the token exchange within the wallet in the middle of August. This time period also marks the end of the X Node binding which started on 9th July. By early September there will be a second X Node snapshot on Ethereum. Users are advised to perform the token swap before this time or may lose all their existing VeChain tokens.
VeChain has assured these users that all the existing VeChain tokens on popular exchanges such as Binance and Bitfinex will be directly transferred to the wallet.
Main functionalities of the wallet
- The wallet allows the user to transfer and receive VET tokens
- It allows the user to bind X Node to the user’s wallet if they own it
- The user can swap tokens using the wallet
- The wallet can be used to claim VTho rewards which appear after transactions
- It allows the user to observe the wallet. This function will enable users to create their VeChainThor Wallet addresses through other methods [i.e. hardware wallet or desktop wallet]. This observation function is said to allow users to complete X node binding, token swap and economic node management through the mobile wallet.
VeChain wants users to know that the tokens can be transferred by two methods. It can either be transferred manually or initiated by the exchanges.
The post [Video]: VeChainThor [VET] mobile wallet officially released appeared first on AMBCrypto.
Source: AMBcrypto
Original Post: [Video]: VeChainThor [VET] mobile wallet officially released
