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313
Posted byRedditor for more than 1 year21 days ago
Stickied post

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.

  1. Skip the Binance airdrop and keep your x-node status safe!
  2. Move your VET to Binance before 12pm UTC+8 on July 27th . After the Binance snapshot on August 1st, you can move VET back to your mobile wallet before August 3rd to receive the second and third early bird rewards. Keep in mind when doing this, there will be transaction fees in VTHO and withdrawal fees from Binance in VET.

YOU CANNOT HAVE YOUR XNODE IN MOBILE WALLET ON JULY 27th AND THEN MOVE YOUR FUNDS AFTER. YOU WILL LOSE YOUR XNODE STATUS.

COMMON QUESTIONS REGARDING X-NODES and X-NODE BINDING

  1. How can I get an X-node? Unfortunately, the deadline to obtain an x-node was in March of this year. However, the VeChain team did announce that 5 lucky wallets holding over 600k VET will be given x-node 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!

Source: https://medium.com/@vechainofficial/one-year-anniversary-and-x-node-binding-lottery-event-51be44dd0738

  1. 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.

  2. Do I need VET in my wallet to receive the early bird rewards? Simply, yes.

  3. 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.

  4. 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)

  5. 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!

  6. 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:

COMMON QUESTIONS REGARDING TOKEN SWAP

  1. What exactly is the token swap? Well, VEN is an ERC20 token on the ethereum blockchain and was held in ethereum wallets. We are swapping VEN tokens for VET tokens at a rate of 1:100 which are the tokens on the VeChain Main Net.
  2. Can I send my VEN directly to my mobile wallet or intermediary address? NO! You can only send VET! Never send tokens directly from your ethereum wallet to your VET wallet.
  3. What is the easiest way to swap my VEN for VET? The easiest method will be to bind your x-node if you have one (if not, simply make a mobile wallet in the VeChainThor app) and then send your remaining tokens to an exchange that will perform the swap. Once the swap is complete, you can withdraw VET to your mobile wallet!
  4. What exchanges are performing the token swap? Almost all that trade VEN are, however, some exchanges have already performed the swap, including Binance. Lbank offers the easiest conversion right now for VEN to VET and can be done at any time! KuCoin announced they will be performing the token swap on July 27th! Please refer to this link for their withdrawal and deposit times https://news.kucoin.com/en/kucoin-will-upgrade-ven-into-vet/
  5. Can I perform the token swap from the mobile wallet? Starting on August 10th, you will be able to swap your tokens directly through the mobile app!
  6. What if I accidentally send all my VEN to my intermediary address? I believe the VeChain team said that your tokens will be recoverable. Send an email to [support@vechain.com](mailto:support@vechain.com) explaining the situation. Be sure to include your ERC20 address and your intermediary address!
  7. I have not kept track of my VEN for a few months and they have been on Binance or another exchange, what do I need to do? First check to see if your exchange has already performed the token swap, if they have great your all set. Download the mobile app and make a wallet. Withdraw your tokens to the wallet to start producing VTHO. You may leave them on exchanges such as Binance or LBank and still be rewarded VTHO. HOWEVER, if your exchange has not swapped yet, check to make sure they will in the future!
  8. How do I know my VEN was swapped to VET? Your balance will be 100x what it was originally. Example: Before swap balance is 10,000 VEN and after swap it is 1,000,000 VET.
  9. I use MEW and it says “VET” there - does that mean I already did the swap? No, MEW changed the name after the rebranding event, but please know that MEW is an Ethereum wallet meaning it can only hold ETH and ERC-20 tokens. Therefore, what you hold there is VEN even though it’s named VET. You will still need to perform the token swap by sending them to an Exchange supporting it or by using the mobile wallet after August 10th

Guides for swapping VEN TO VET:

COMMON QUESTIONS REGARDING EARLY BIRD REWARDS

  1. Do I need to have VET in my x-node in order to receive the rewards? Yes, they will be taking snapshots on July 27th, August 3rd, and August 10th and will award rewards accordingly. IT IS IMPORTANT TO NOTE THAT AFTER EACH AWARD IS GIVEN OUT THERE WILL BE A SNAPSHOT. AFTER EACH SNAPSHOT, IF THE BALANCE IN YOUR WALLET GOES BELOW THE SNAPSHOT AMOUNT YOU WILL LOSE YOUR X-NODE STATUS. AKA DO NOT MOVE YOUR VET OUT OF YOUR MOBILE WALLET FROM JULY 27TH TO SEPTEMBER 1st! What does all of this crap mean?

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.

etc.

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!

  1. 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.

  2. 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+

COMMON QUESTIONS REGARDING VTHO PRODUCTION

  1. Will exchanges be awarding VTHO to people hold VET in their accounts? Certain exchanges will and certain will not at the moment. The two that currently are giving VET holders VTHO are Binance and LBank! Lbank gives out VTHO daily. Binance will deliver VTHO monthly. Please refer to the top of this post regarding the VTHO airdrop from Binance.
  2. What is the current VTHO production rate? Each VET produces about 0.000432 VTHO a day. This is the base rate which EVERYONE is currently receiving. After September 1st, X-node and economic node rewards will go into effect!
  3. Will there be an option to trade VTHO directly back to VET via the mobile wallet? Eventually, yes. The team has though about this and will implement this feature in the future.
  4. Do I need to do anything to claim my VTHO? No, VTHO will be directly deposited to your VET wallet approx. every 10 seconds
  5. Where can I trade VTHO? Currently, LBank is the only exchange trading VTHO however deposits and withdrawals have been halted on LBank for VTHO.
  6. Will VTHO be backdated? Yes, VTHO will be backdated and awarded to VEN holders. No more details regarding this are currently present however.

COMMON QUESTIONS REGARDING LEDGER USE

  1. Can I keep my x-node on my ledger? Currently, no. Ledger has not released an application for VeChain Main Net yet.
  2. Can I keep my x-node on my mobile wallet using the observe function with my ledger address? No, because you have not been able to make a VeChain Main Net wallet on ledger yet.
  3. I have a ledger but want to do the swap, what do I do? Currently, your only option is to bind your x-node and swap using the guide above. You cannot keep funds on the ledger for now.
  4. Will I be able to use the ledger eventually? YES! VeChain team has announced that x-nodes will be able to migrated from the mobile app to ledger in the future.
  5. BE CAREFUL WAITING FOR LEDGER. If you have an x-node and are waiting for ledger support before binding your x-node, make sure you bind before August 10th. There is a possibility the ledger support will come after August 10th! Don't lose your x-node because you waited too long.

TLDR

-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!

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231 comments
38
Posted byRedditor for more than 1 year23 hours ago
Stickied postModerator of r/Vechain

Welcome!

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.

For the new people, make sure to keep up-to-date on the latest developments by following the official VeChain Twitter or the VeChain Telegram announcement channel and please take a look at the FAQ in the VeChain wiki before asking questions.


Latest News: Here is a list of the latest developments and important dates


Guidelines:

  • Please make sure to read the VeChain wiki. It should get you started on what VeChain is, what it strives to do and gives you a solid basis for discussion of all things VeChain.
  • News, articles and announcements should be posted in separate threads.
  • Make sure to report any inappropriate comments or behavior. You can contact the moderator team by modmail or by sending a PM to u/GreatWhiteSharkCIA, /u/xSeventhwavex, /u/tendeer or /u/strifesfate.
  • The VeChain Subreddit Rules apply in this thread.
  • Keep discussion related to VeChain.
  • For price discussion, moon talk and memes stick to the Daily Discussion thread.

Resources:

  • Check out the sidebar for good resources on VeChain, such as the subreddit rules, the FAQ, links to social media, the latest reports and partnerships, where to buy VET and other important links and tools.
  • For more price speculation and trading focused discussion check out our VeChain Trader subreddit.

Disclaimer:

  • This is a community-governed subreddit and the posts and comments here do not necessarily reflect the views of VeChain or the VeChain Foundation.
  • If you suspect this thread is being used for ill intent, notify the moderator team via modmail.
  • There are NO VeChain airdrops or giveaways of any kind. Please be aware of scammers trying to impersonate moderators or members of the VeChain team. We will never ask for your private keys or personal information.


Please remember to always operate within the Reddit and subreddit rules and be respectful towards each other. Thank you for being a part of this community and enjoy your stay!

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524 comments
37
Posted byRedditor for less than 1 year3 hours ago
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Comments are locked

Get Bolted and Volted with Reddit Gifts Steampunk exchange! Sign up by August 19th to get matched!

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88
Posted byRedditor for less than 1 year13 hours ago

Hello Carbon Bank?

http://www.ons.no/programme/

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?

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20 comments
54
Posted byRedditor for more than 1 year16 hours ago

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:

https://chrome.google.com/webstore/detail/vtho-balance-ticker/ehbonhlcehnkdfimpcchcmhfcgmgiogp

What this extension does

  • Displays your VTHO balance
  • Updates your balance every 10 seconds
  • Saves your public address in YOUR browser and nowhere else

What this extension does not do

  • Collect sensitive information
  • Mine any coin

Todo

  • Put code on github for you guys to view

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.

// Raleigh_CA

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124
Posted byRedditor for less than 1 year22 hours ago
124
27 comments
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Posted byRedditor for less than 1 year20 hours ago

Hey VETerans!

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!

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7 comments
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Posted byRedditor for less than 1 month20 hours ago

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?

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15 comments
10

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?

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16 comments
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Posted byRedditor for less than 1 year1 day ago
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19 comments
56
Posted byRedditor for more than 1 year1 day ago

Let's hope Binance and all the other exchanges follow soon.

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68 comments
13
Posted byRedditor for less than 1 year1 day ago

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.

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25 comments
4
Posted byRedditor for less than 1 month1 day ago

Hi VETerans,

Anyone knows when we will be able to withdraw VET from KuCoin?

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21 comments
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Posted byRedditor for more than 1 year1 day ago

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

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9 comments
19
Posted byRedditor for more than 1 year1 day ago

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.....?

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46 comments
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