Crypto News & ICO Reviews
VeChain has gained support from new partnerships with DB Schenker and PwC, ahead of its highly anticipated mainnet launch.
VeChain in Last Stages of Preparation Before Mainnet Launch
VeChain has posted their official launch schedule to Twitter comments are a mixed bag of congratulations and questions about how to convert existing VEN to the new VET token.
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
Once the launch takes place most exchanges are expected to handle the token conversion, swapping the ERC20 VEN tokens to the new VET symbol. Users should look for a message from their exchanges that they are on board and ready to make the change.
For those keeping their tokens in their own wallet and don’t plan to transfer them over to an exchange for the mainnet launch, there’s another way to manage the exchange. Once the mainnet is launched any VEN tokens can be transferred to a new wallet to be released by VeChain that will effectively make the swap from VEN to VET for the owner.
After the swap, every single VEN token will be converted to 100 VET. This is designed into the mainnet launch to facilitate smaller transactions, as well as some of VeChain’s use cases such as IoT. For example, VeChain is currently being sold at 3.10$ per unit, after the swap the VET unit is being traded at the price of 0.31$ per one unit. Though the change creates more coins for the user the overall fiat value stays the same.
VeChain understands that the token swap will take some time to complete, so they will allow VEN and VET to coexist for a while so that all holders would have enough time to get through the process of the transition. After the mainnet launching, all exchanges for VET will be closed. Investors can book trades on their exchanges but the price won’t be available until the first trade of the newly swapped coin is processed through an exchange that had listed the VEN token.
VeChain Set Up for the Future
On it’s run up to the mainnet launch VeChain has sealed two major deals that should ensure a solid future for the Chinese company through the current unstable market.
“Big Four” auditing giant PricewaterhouseCoopers (PwC) recently lent support to the company through an investment and DB Schenker, a logistics division of German railways has partnered with VeChain to develop an application poised to transform the global logistics ecosystem. As of the time of writing the mainnet is set to launch in 8 days.