The VeChainThor wallet has been released on July 9 and the X Node Binding Service is now available. When this service ends around mid-July, the token swap will begin for VeChain owners.
“Chock Full of Features”
The VeChainThor wallet has been released on the Apple App Store and the Google Play App Store. This will enable users to start receiving Thor Power (VTHO) tokens for holding their VeChain Tokens (VET) once the migration timeline has finished. The system works similarly to NEO and GAS, where GAS is used to deploy and run smart contracts. VeChain aims to reward businesses who hold VET. VeChain said, in a post:
“The VeChainThor Wallet will be the portal to all kinds of dapps on the VeChainThor Blockchain. This wallet will be chock full of features, services, and opportunities that the word wallet may even be limiting.”
They argued that the wallet is possibly one of the most secure in the market after having gone through third party audits. This will reassure users after major cryptocurrencies and exchanges have been hit by security flaws in recent weeks. VeChain also confirmed that their mainnet has undergone security testing from ‘multiple world class cybersecurity firms and developers.’
⚠️Do not send ERC20 tokens to VeChainThor Wallets⚠️
Only send ERC20 VEN to your unique intermediary address. For more clarity please read the published instructions:https://t.co/KzLkd8Q4U4
— VeChain Foundation (@vechainofficial) July 8, 2018
VeChain tweeted: “With the release of the VeChainThor Mobile Wallet, the X Node Binding process has begun! X Node holders wishing to use Ledger need to wait for support from Ledger in August and pay careful attention to the instructions to bind properly.”
The X Node process allows nodes, who were early adopters and hold significant amounts of VET, to receive more VTHO than standard nodes. Each token holder has 6,000 VET or more locked up. The X Node Binding Service will allow these nodes to start collecting their VTHO. VeChain argued that the lockup originally resulted in a reduction in the supply of VET, leading to ‘steady upward pressure on price.’
The token swap is set for later this month where users can swap their ERC20 tokens for VET following its mainnet launch on June 30. Binance, Huobi Pro and Bitfinex have already announced their support for the token swap.
VeChain Tackles GDPR Compliance
The General Data Protection Regulation (GDPR) has been a potential issue for blockchains as it requires data on EU citizens to be deleted when necessary and not shared without permission. In a post, VeChain looks at the regulations and made several changes in response.
As soon as GDPR was introduced, we began working with the world’s best consultants to ensure the VeChainThor Blockchain would remain usable by our clients under these potential regulations. See how – https://t.co/hbcLlmYhDU
— VeChain Foundation (@vechainofficial) July 7, 2018
Their responses include making a series of security and privacy policies aligned with ISO27001 standards, GDPR and China Cybersecurity Law and ensured only the minimum personal information is collected based on need. The post states they have:
“Reviewed and enhanced VeChain solutions to adopt the principle of “privacy by design” and provide the users with the right to be forgotten and data erasure and data portability as required by GDPR.”
As blockchains are immutable, transaction information cannot be deleted. However, they may be referring to other personal information held by the company on users.