VeChain has shared a mainnet launch roadmap that takes us through the blockchain shift, token swap, mobile wallet, X-Node binding service, and integration with the ledger. However, the timeline does require clarification and more details as it left the VeChain community with questions.
“Be prepared to witness Blockchain X”
VeChainThor is just days away from its launch which is scheduled for month end i.e. June 30. In the wake of the upcoming event, VeChain shared a mainnet launch timeline and asked people to get prepared to witness Blockchain X.
The VeChainThor Blockchain is days away from being unleashed. Please review the following timeline and be prepared to witness Blockchain X! pic.twitter.com/kxlQkcc6PI
— VeChain Foundation (@vechainofficial) June 21, 2018
As per the timeline, on June 30 the Mainnet will go live and the authority masternode will be deployed. This will further mean VeChain will leave Ethereum blockchain and will shift to its own. Also, VEN tokens will be no more ERC20 tokens rather VET tokens will take its place.
On June 30, the genesis block will also be generated and as the timeline says “VeThor forged”. This day will also mark the snapshot on Ethereum that would further involve the pause of X-Node monitoring. VeChain team has been aggressively working on the successful launch of its mainnet by ensuring that it is bug-free and secured. With this timeline, the company is not only updating the community about being the mainnet on time but also shares a series of further developments.
Apparently, the team has more interesting things coming up in near future. On July 9, the VeChainThor mobile wallet will be made available along with X-binding services. Now, one of the most crucial aspects of the shift to another blockchain, the token swap. In Mid-July, the migration of VEN token to its own VEChainThor blockchain will take place. The roadmap also mentions that after the 1:100 split, the VET tokens will start trading on its new blockchain.
Once the exchanges have completed the token swap, VeChain will provide the ongoing swap services to its users at the end of July. As for the August month, depending on the token swap completion, the monitoring of X-nodes status will resume on VeChainThor blockchain and VET will be further integrated with the ledger.
Questions and confusion
However, with the confusion and questions going in the Reddit community, VeChain team has to make detailed clarifications.
One Redditor wrote,
“OK I’m obviously happy to get more info released, and to learn that the mobile wallet comes on July 9th and Ledger integration in August. But please, release soon a Medium post to explain what those dates mean and clear step-by-step instructions about the token swap, when do we start generating VTHO, etc. This picture is too simple and it’s generating some confusion IMO.”
Another Redditor couldn’t help but ask, “Looks like we start forging VeThor on June 30th ahead of the token swap?”
Well, another one,
“So what would be the process of transferring the VET I own now on my Trezor to a Ledger? Would I simply exchange the ERC-20 VET tokens for the new tokens sometime in July on their wallet and then transfer those back to a Ledger once the integration with Ledger starts in August?”
Someone did try to answer it,
“Most likely connect to a vevid ID for node purposes Then just send them Ven and they’ll send equivalent VET to whatever address you want.”
So, for now on, as this Redditor comments, “We wait for further instructions.”
VeChainThor has been increasingly gaining a lot of attention as its mainnet launch is coming near. It would be interesting to see the details VeChain team provides with each of the developments and most importantly if this will affect the VEN price as well.
At the time of writing, VEN has been sitting at $3.21 with a rise of 0.86 percent in the last 24-hours.
Do let us know your views on the timeline shared by VeChain and its upcoming mainnet launch!
Having a background in writing, I worked on a wide array of industry topics and have recently entered the world of Blockchain and Cryptocurrency.