Hello! I recently wrote a guide on how to bind an x-node and perform the VEN to VET token swap via LBank. It got a great response, but there were also a significant amount of questions. I have also noticed a ton of questions on the telegram so I decided I would try and compile a running list of questions with answers!
****IMPORTANT UPDATE**** Binance has recently announced a 100 million VTHO airdrop to people holding VET on Binance. This snapshot will be on August 1st, 0:00 UTC. HOWEVER, those planning on receiving early bird rewards on July 27th CANNOT participate in the Binance airdrop. If you have an x-node in your mobile wallet already, you have two options for the Binance airdrop which are listed below.
YOU CANNOT HAVE YOUR XNODE IN MOBILE WALLET ON JULY 27th AND THEN MOVE YOUR FUNDS AFTER. YOU WILL LOSE YOUR XNODE STATUS.
For the addresses with over 600,000 VET but missed X Node program, we will randomly pick 5 addresses, all 5 winners will be granted X Node designation and announced on August 18th at 12pm UTC+8!
When is the deadline for binding x-node? The deadline to bind your x-node to the VeChain mobile wallet or ledger application (which is unreleased as of 7/26) is August 10th. THIS DOES NOT MEAN YOUR VET MUST BE IN THE MOBILE WALLET. This simply means you must create a wallet in the VeChain mobile wallet and bind your x-node by sending 0.01 ERC20 VEN to the intermediary address.
Do I need VET in my wallet to receive the early bird rewards? Simply, yes.
Is it worth binding to the mobile wallet now versus waiting for ledger? If you want the early bird rewards then yes! VeChain team also states that there will be a way to migrate your x-node from the mobile wallet to ledger in the future.
Should I bind my x-node before making any transactions? YES!!! Bind your x-node first and then move your VEN out of your wallet. Once your x-node is bound, you are free to move the VEN/VET around until x-node monitoring resumes 00:00 UTC+8 on September 1st. Many people have accidentally moved all their ERC20 VEN out of their ethereum wallet and are unable to bind their x-node now! (There is a fix currently for this, please see below)
I accidentally moved all my VEN from my ethereum wallet and can no longer bind my x-node, what do I do? Well, you have to get 0.01 VEN back into your ethereum wallet! Exchanges like Lbank and Binance no longer sell VEN as they have already swapped to VET, however, other exchanges such as KuCoin have not performed the swap yet! The other option is if a wonderful community member can help you out by sending you 0.01 VEN!
What are nodes and how do I know if I have one? There are two types of nodes, economic and x-nodes. If you have had 6000 VEN in an ERC20 wallet since March 20th you are possibly eligible for an x-node. Economic nodes can be acquired at anytime. The minimal amount for an economic node is 1 million VET. Please read through the following link to see VET amounts for each node. https://medium.com/@vechainofficial/vechain-x-series-6b77b746b4b2
Guides for binding x-node:
Guides for swapping VEN TO VET:
Basically it works like this, assuming you have an X-node:
say you have 800,000 VET on the exchange. Withdrawal fee is 10 VET.
you transfer VET to your mobile wallet. after deducting withdrawal fee from the exchange, you end up with 799,990 VET in your wallet.
snapshot on 27th July shows 799,990 VET. You get additional 1%. Total balance now is 807,990 VET. You cannot go below this amount.
snapshot on 3rd Aug shows 807,990 VET. You get additional 0.5%. Total balance is now 812,030 VET. You now cannot go below this amount.
If your VET balance is below your X-node threshold, then yes you'll have to buy additional VET (from exchanges like LBANK and Binance when they have it available) to be able to pay for the withdrawal fee in order to qualify for the early bird bonus (since you'll have to meet your x-node thresholds). If your VET balance after withdrawal is higher than the X-node threshold, you don't have to.
Thanks to /u/silv3rbl8/ for the explanation!
I have not gotten my tokens swapped yet but I want the early bird rewards, what do I do? You have to get the tokens swapped as soon aspossible. I believe the only option as of right now is to utilize LBank using thisguidehttp://goedhartvoordieren.nl/?page=r/Vechain/comments/91ep7t/how_to_bind_xnode_and_perform_token_swap_before/ It is quite easy to do but can befrustrating due to the limited withdrawal times that Lbank offers each day.
If I do not have an x-node, do I need to have my VET in a wallet before July 27th or can I wait? You can wait, however, if you have over 50k VET in your wallet, you can be eligible for a daily lottery for 1k VET. This daily lottery event goes from July 25th to August 31st! If you win the daily lottery, 1k VET will automatically be sent to your wallet address holding the 50k+
-Bind your x-node asap (before August 10th) using the guides above. Do this before moving VEN out of your ethereum wallet. If you already moved all your VEN out before binding x-node, ask someone to send you 0.01 VEN or buy it on an exchange that has not swapped VEN to VET yet
-Move your VET to your wallet before September 1st
-To receive early bird rewards, your VET must be in your wallet before July 27th. Once there, do not move your VET until after September 1st.
-Binance will no longer swap your VEN to VET. Use LBank to do this at anytime or wait for another exchange to swap (KuCoin is next on July 27th). You will be able to swap from your mobile wallet on August 10th
As more questions appear (as there always will be more questions) I will keep updating this post!
This token swap is quite pain free if you do your own reading so take some time to read up on VeChains official pages on the token swap!
Welcome to the Daily VeChain Discussion! Please take note of the rules in the sidebar and remember to stay civil and polite when commenting. Feel free to use this thread to introduce yourself, ask a quick question or to share your thoughts on the latest developments. We’d like to hear your ideas, suggestions and concerns regarding VeChain.
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Latest News: Here is a list of the latest developments and important dates
Hello Carbon Bank?
Check schedule for Wednesday 29th August. Sunny Lu on panel for:
ONS Conference: Energy (Science Fiction) Reality
We address the innovation areas that will influence the entire energy industry. Advances in automation, advanced analytics and artificial intelligence open a world of new opportunities. As emerging technologies challenge existing structures and transform the industry - which are the technologies to watch out for? And who will emerge as industry leaders?
Apart of my VeChain Thor chrome extension suite (a phrase i just coined now) I added a VTHO balance checker chrome extension.
A few days ago I added a VeChain Thor price ticker and someone posted that they would like to have a VTHO balance checker chrome extension. So I built one. Here is the link:
Let me know if there are any bugs and or there are some features you'd like to see.
Again let me know if there is anything else you guys would like to see. I love building stuff so I'm happy helping out this community. Also rate the extension if you want! It would help me out.
update: I wanted to add the VTHO balance right on the icon so you wouldn't have to click on the badge but unfortunately chrome only allows 4 characters and some of y'all got like 100k VTHO. So i opted to show it upon clicking the badge.
update 2: you can now view your VTHO balance by hovering over the VTHO icon.
From the telegram channel.
I know it's been quite the rollercoaster as of late but I am hoping to get some suggestions/feedback and verification regarding a real-world use case of the VeChain ecosystem for a project I am working on. Let me start off by saying that I am a huge proponent of VeChain, lurker of this sub, and a long-term HODLer, but am by no means a coder/programmer so if these questions are a bit basic, please bear with me.
Without getting into too much detail, I have a business partner who is building a luxury goods business (jewelry/watches) and is interested in using blockchain tech to verify inputs for the goods and provide buyers with secure authenticity. Naturally, I suggested that he look into using the VeChain platform given its recent main-net launch and the relevance to the project.
After diving deeper into the white-paper and doing some more research I was curious to learn more about the App building process as it pertains to VeChain. If I understand correctly, these applications can be coded in various languages and would operate using an API gateway and distributed storage system on top of the VeChainThor platform. Is it currently feasible to hire developers to help build out a small app that can be used for authenticating these luxury goods and building a consumer experience?
What else would be required (VID? RFID chips?) and is the ecosystem functional enough to start building? Or would we need to wait for some more updates, functionality, integration etc?
There is a good amount of money being considered for this project and the exiting part, from an enthusiasts perspective, is that this has really nothing to do with price (for once) but instead, getting to work building out something with real-world implications. I am very eager to hear how we might be able to make this work so any advice or feedback is certainly welcome and appreciated. Thanks so much in advance!
Vechain is going to revolutionize RFID technology, did they mention or maybe I missed the news if they are focusing on on popular NFC payments?
Long story short...bound my X node before the deadline and waited until the token swap via the mobile wallet went live. Sent my ERC-20 VEN to the same intermediary address I used to bind my X node about 2.5 hours ago and have yet to see it show up as processing. Is this normal?
I have been holding VeChain for a little while now and I come to this sub almost every day to check out whats being said and the general mood of the reddit investor community for VET. I am not the most knowledgeable member here although I spend a good amount of time making my self familiar with VeChain. Lately I find myself asking some questions...
Is Vechain a Public BlockChain? Is VeChain adequately decentralized? I see a lot of pushing and pulling over these two subjects in the community.
I would ask some of the more knowledgeable members of the reddit to come forward and explain why VeChain is adequately Decentralized, and if the BlockChain they are running is indeed truly Public. I would like to put some of the FUD to rest that I see day in and out on here and other places.
Bonus: How different is VeChain Public BlockChain/ Database than IBM Supply Chain? I see some talk of how IBM is very similar and also how it is completely different.
i have my ven on mew, have installed vechain app on ledger. but when i go to veforge.vault i don't get any option to open ledger. im using firefox, maybe i need to download chrome.
also i have downloaded mobile app, can that not create any address i can link to ledger or is vault my only option
There's a significant number of tokens locked up for management and workers. They've seen this "bonus" drop by 90%. So right now the workers have gone from dreaming about buying a house to now being able to afford a car. Any thoughts on the impact to the workers?
Second, how in the world are the ICO's coming onto the VeChain platform going to be able to properly work? There's something like 5 ICO's and each one would have been expecting to draw in $20M-$30M. With the current market cap there's no way they can do that because it would take up 30-40% of the available supply of VET. So they either have to now aim for a $5M ICO or.....?
VeChain is a global leading blockchain platform for products and information. In the past two years, VeChain has accumulated great amount of experience in providing blockchain solutions to various industries including liquor, auto, luxury goods, pharmaceuticals, retail, logistics, supply chain, food and cold storage etc. To view the full subreddit design visit https://old.reddit.com/r/Vechain/.