VeChain launches its VeChainThor blockchain, upcoming events to look forward to
VeChain announced on Twitter that its independent blockchain VeChainThor is live and has generated its first block. This is the first major step of VeChain to migrate from Ethereum.
The foundation even published an official timeline informing the community about the important dates. The main net officially initiated with authority Masternode deployment for the live net, followed by the generation of genesis block. Reportedly, the snapshot will be taken on Ethereum with X-Node monitoring pauses, on the same day.
Upcoming VeChain events
On July 9, X-Node Binding service will become available. The token swap will take place in mid-July. A number of exchanges have already offered support to the blockchain. The token swap would come to an end with VET tokens ready for trading on exchanges where available. The exact time for the live trading of VET tokens is not known. It is to be arranged with the exchange platforms that support the VeChain trading and transactions. Till the end of July, VeChain Foundation will provide token swap service after exchanges complete the token swap.
According to the timeline, August 1 is marked as the day when X-Node status monitoring will resume. However, the team reportedly feels that resuming X-Node status monitoring largely depends on how successful the token swap turns out to be.
The Singapore-based blockchain provides a Blockchain-as-a-Service (BaaS) aiming to offer its services to a wide range of enterprise-level companies. They have a number of ambitious plans to bring supply chain logistics to the blockchain to verify product authenticity and also to prevent counterfeit goods. Meanwhile, VeChain announced recently that it will be working with global supply chain company DB Schenker.
VeChain token migration has been supported by a number of exchanges. Bithumb also joined the list by recently announcing that they’ll be supporting the blockchain. Bithumb’s announcement came exactly a week after it was hacked where they lost cryptocurrency worth $30 million. Later, it was reported that they recovered half of their funds.
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