Vechain Mainnet Launch Guide

Hey guys, this video is going to be a comprehensive guide to the VeChain mainnet launch. So in this video, I'm going to talk about what's the new token that's coming out. It's the VeChain Thor token, and the token swap details as well, because it's not a one-to-one ratio. It's actually a one-to-one hundred ratio. I'm also going to talk about why we're doing this. What's the significance of the mainnet launch, and the new cryptocurrency that's going to be out, the fuel for VeChain called VeThor. Of course, there are details for this that's coming out in the list and the timeline, so I'll link that down below, and a comprehensive article detailing what's going to happen here. So let's start with the purpose of the VeChain mainnet launch. So why all this fuss? What are we swapping for? So currently, if you own VeChain, you own a token called Venn. Venn is actually kind of like a pre-order for VeChain. It's like a little token that lives on Ethereum, actually, and when you hold it, you get the promise of a VeChain Thor token. So it's kind of a pre-order for that. Now, when the mainnet launches, that's when VeChain becomes an independent blockchain of its own, and now it can start doing the functions that people promised it to do. So at this point, when the mainnet launches, you have to switch out the Venn tokens and get the VET tokens. Now, it's not going to be a one-for-one swap, actually. So there's going to be a one-to-one hundred swap. So if you have owned one Venn, you actually get a hundred VET, VeChain Thor. The reason for that is because they want to make the value, like the cost of one token, a little bit less, and that way it's a little bit easier for people to access. So it increases the accessibility of VeChain Thor. Now, when the mainnet launches, that's when it can start generating blocks and generating transactions. And it's going to consume a new fuel. So this is very much similar to how NIO consumes NIO gas, and also Ethereum consumes gas when it charges for a transaction. So VeChain, when it starts processing transactions, it's going to cost something called VTHOR. So VTHOR is going to be a new cryptocurrency. And when the mainnet launches on June the 30th, then that's when it starts generating VTHOR. So we don't really know what the price of VTHOR is right now until the mainnet launches. This will be a currency for transactions. So it will be used for setting up contracts. And it will also be the currency that's going to be used when transactions do happen in the smart contracts or the decentralized applications. So this will also be burnt. So VTHOR, the VTHOR token will be the one that's burnt every time a transaction takes place. Very much like gas. So it will be the fuel. And VeChain Thor, currently the VeChain that you're holding now, which will be called VeChain Thor, well, that's going to be the transfer of value. That's going to be the currency that generates more VTHOR. So it's kind of like very confusing terminology to have VeChain Thor and VTHOR. The two names do sound similar, but they do have different kind of symbols on exchanges. So talking about symbols as well, right now on exchanges, VeChain should be called VEN, VEN. Well, once the mainnet launches, the technical name for it will be VET. So it will do a name swap. And the main confusion now is that some exchanges already did the exchange token cost migration. They actually called it something else. So it does get a little bit confusing. But once this is all complete, once this process is done, then it will be quite clean and simple. Now in terms of the token swap. So when the VeChain mainnet is deployed, what happens is that the authority master nodes will start generating and creating new blocks. So if you have your VEN, VeChain right now on a cryptocurrency exchange, for example, Binance, you can just search up what they're doing. So I can confirm for a fact that Binance will support natively the token swap. So you don't have to do anything if your exchange already supports this. So do check it up and do a search for it, you know, if your exchange that you're using right now supports this. Now in terms of if you hold it in your MyEther wallet, if you hold it on the Ethereum blockchain, what do you do then? Well, the details will be released in mid-July. So that's when the details of how to kind of a new address to send a token and do the swap. That's when it's going to happen. So we don't know the exact details, but you kind of just have to sit tight and wait until that happens. Now, if you want to start generating VTHOR, you must be on, of course, the new VeChain platform and you want to be staking it. So do keep that in mind if you want to start generating VTHOR. Next up, wallet. So now that VeChain is leaving the Ethereum blockchain, wallets that supported Ethereum and ERC authority tokens, they will no longer support VET. So VeChain themselves, they're going to release a wallet themselves on July the 9th. So that's when you can actually start playing around with the new network and interfacing with the new network. If you use a Ledger wallet, if you use Ledger Nano S, their support is being built in progress. Currently, it's stated to be at August. So somewhere in August, that's when they're going to have official Ledger support for VeChain. And probably in the last month, you've seen a few mainnet launchers, namely the EOS one that stirred up a lot of drama. So the main difference between the EOS mainnet launch and the VeChain Thor mainnet launch is that EOS had the switch between the software developers and the community that's going to run EOS network. VeChain is going to be very different because VeChain, the foundation, is launching this with the help of the community through the AMs, the authority nodes. So the process will be much cleaner and it will be more planned out. So the blocks will be generated. The foundation itself has been working for some time. And it's also a time for the new authority node owners to have kind of voting rights in the foundation as well. Okay, finally, what's the benefit of all this? Well, at this point, once the mainnet's deployed, that's when all the decentralized applications can start moving. As you guys probably know, VeChain, they've been working on private blockchains. So permission, private blockchains for a while. And those decentralized applications can start migrating to this current public mainnet. The reason for it being public is that you have additional trust from decentralized sources. And it has a kind of whole ecosystem to run it. So what we can try to notice is that existing DApps that were built on VeChain, they can start migrating, be it the stuff that they work with different partners, such as DMVGL, PwC. And then the new decentralized applications can be built as well. So we've seen quite a few new ICOs pop up for VeChain. And the whole idea here is to build an ecosystem for enterprise. So people that are using kind of decentralized applications at an enterprise business level, well, they can work together now. And they can communicate transfer value. And, of course, communication, communicate data between themselves. So this is why it's exciting. It's because this is the birth of the VeChain mainnet. This is when the Genesis block, the first block of VeChain, is going to be mined. And this is when people will start building those applications that we've been promised for quite a long time. So I'm definitely very excited for it. And I hope this cleared up the confusion between what's VEN, what's VET, and what's V4. There's just so many different names coming through. But once this procedure is done, it will become quite clear. I'll link down, of course, the kind of schedule that is below, the comprehensive guide as well. And, of course, if you guys have questions, do shoot down a comment below. I'd love to have a discussion with you guys about the VeChain or mainnet launch. Thank you guys so much for watching this video. Remember to click the subscribe button for more videos like this. And, of course, the like button if you're excited for the VeChain mainnet launch. Thank you guys so much for watching. See you next time. Bye. Bye. Bye. Bye.