So many exciting things are happening within the world of digital assets and cryptocurrencies at the moment, one of the most enticing topics has to do with one of the major players, Binance. Binance has shared that it will be most definitely moving on course with the VeChain or rather VEN token swapping project. This particular project has been in the pipeline for many months now, VeChain tweeted out their thanks and heartfelt gratitude to the world’s largest crypto-exchange for believing in them. Let’s explore what this latest development means for the future of cryptocurrencies.
The News Breaks
Recently it was confirmed by the media that VeChain has officially launched their version of blockchain technology, and it’s hardly more than a few weeks old. The new information shows that there is likely to be the switch from the current framework of Ethereum Blockchain onto VeChain’s preferred Thor Blockchain. The reason behind is that the Thor Blockchain has more applications, such as the ability to track logistics operations in real time. However, there is a lot more to this new move than just extended application use.
Features Of Thor Blockchain
One of the many extra features that Thor Blockchain has over Ethereum Blockchain is that can now make use of the much-prized Proof of Authority or POA protocol. The POA procedure is preferred to the more mainstream version known as the Proof of Work or POW policy. The benefit of using the POA is that speed can be greatly improved, because verification can now be distributed directly into the pre-mined blocks. There is an, of course, a slight catch in that through this particular method to ensure greater utilization and reduce the time taken to execute functions, and we lose a slight percentage of community control as there must be central control over this operation.
Currently, the movement to Thor Blockchain is in its final stages, there are a few more steps that must be completed before Ethereum Blockchain will no longer be in use. In the next few days, VeChain will be able to support Exchange Token Swapping, and towards the end of the month, the Vechain Foundation will give customers support to swap any token after the exchanges have closed for the day. On the 1st of August, X-Node Monitoring will once again commence on Thor Blockchain, and finally, all VeChain token’s must be stored in some form of an indexed system.
The Particulars Of The Move
Quite interestingly, Binance will be at the forefront of this innovation and has already begun informing all of its current patrons on the steps they should take to be able to acquire VeChain tokens. The initial step would be to recognize that VeChain will be rebranding now that is moving to Thor Blockchain from VEN to VET or VeChainThor. On the 21st of July, all VEN token purchases will be ended, and Binance will automatically begin syncing all VEN tokens and transforming them to the VET. All current data stored within the particulars of your VEN account will be transferred to your VET balance. VEN is converted to VET in 1 VEN = 100 VET.