VeChain (VEN) Sees Renewed Growsh, Wallet Promised Soon

June 7, 2018

Plair, the first ICO on VeChain, plans to allocate the new assets, as BitOcean ICO prepares to launch soon.

VeChain (VEN), one of the up and coming platforms, seems to be doing well in the past weeks. Prices are near their peak in both BTC and dollar terms. But the project is also attracting attention with two important points.

Plair, the first gaming ICO established on the platform, will be distributing its funds soon.

As for VeChain itself, the proprietary VeThor wallet is coming soon. The VeChain foundation is warning users against providing private keys to any site pretending to have the real VeThor wallet:

Currently, the wallet has been launched in closed beta. VeChain plans to migrate to its own digital asset in the coming months. There is no set date for the migration, but the expectations are VeChain would set up a portal for the swap.

The VeChain (VEN) market price remains robust, with the asset gaining more than 19% in the past week to $4.15 as volumes are on an upward trend. LBank has taken over Binance with the largest concentration of VEN trades.

Only after the swap owners of the new VET tokens will be able to receive the rewards of VeThor, an asset resembling gas, similar to the Ethereum and NEO networks. VeChain has already performed a snapshot of nodes, but owning VET tokens for the right tier of node would also be necessary.

The tentative day for the VeChain mainnet is June 30, but the project is still undergoing security audits, and the date may be pushed back.

Different tiers of nodes will have to swap their tokens at a different schedule, starting with the largest Authority nodes. Lagging in the token swap would mean losing VeThor (VTHO) rewards. For more intuitive accounting, each ERC-20 VEN coin would be turned into 100 VET new digital assets.

VeChain supporters are also warning of a potential sell-off after the news of the mainnet launch. Still, a large part of the VEN supply is to be locked in nodes, boosting the price position. At the moment, there are no indications of how much VTHO would cost on the open market – gas-like assets often fluctuate.

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