The VeChainThor Wallet was released on July 9th and the X Node Binding Service is now available. If this service ends in mid-July, the token swap will start for VeChain owners.
A whole range of features
The VeChainThor Wallet has been released on the Apple App Store and the Google Play App Store. This allows users to receive Thor Power (VTHO) tokens to replace their VeChain Token (VET) once the migration is complete. The system works similar to NEO and GAS, where GAS is used for the use and execution of intelligent contracts. VeChain aims to reward companies that have VET.
„The VeChainThor Wallet will be the portal to all kinds of Dapps on the VeChainThor blockchain. This Wallet will be full of functions, services and possibilities that may even limit the word Wallet“.
They argued that the Wallet is perhaps one of the safest on the market after it has been tested by third parties. This will reassure users after large crypto exchanges and now also decentralized exchanges have been affected by security gaps in recent weeks. VeChain also confirmed that their Mainnet has been tested by several world-class cyber security companies and developers.
VeChain tweeted: „With the release of the VeChainThor Mobile Wallet the X Node Binding process has begun! X node owners who want to use ledgers must wait for ledger support in August and follow the instructions for correct integration.“ The X-node process allows nodes that have a significant amount of VET as early adopters to receive more VTHO than standard nodes.
The token swap is scheduled for the end of the month in which users can exchange their ERC20 tokens. Binance*, Huobi Pro and Bitfinex have already announced their support for the token swap.
VeChain relies on DSGVO
The General Data Protection Regulation (DSGVO) is a potential problem for the Blockchain, as the DSGVO requires that data of EU citizens be deleted and not passed on without permission.
VeChain has a set of security and privacy policies based on ISO27001 standards, the DSGVO and the China Cybersecurity Law to ensure that minimal personal information is collected.
Since the blockchain is unchangeable, transaction information cannot be deleted. However, they may refer to other personal information that the company holds about users.