VeChainThor (VET) Releases Node Tokenization Update And Mobile Wallet Features

2018-12-5 09:48

VeChain has recently announced the latest updates on node tokenization and mobile wallet. In a blog post released on December 4, VeChain informs about the latest developments that are taking place on its network.

Introducing VeChainThor Node tokenization! In the VeChainThor Mobile Wallet 1.3.0 update you will find that node management is decentralized and options to trade/transfer tokenized Nodes in the Node Exchange Market are added. Update will go live Dec 5th.https://t.co/tsMffK9vSb

— VeChain Foundation (@vechainofficial) December 4, 2018

Once users upgrade to the version 1.3.0 of the VeChainThor Node, if they have a VeChain Economic X Node or VeChain Economic Node, this will be displayed in the Collectibles section. In the future, it might be possible to integrate third-party VIP181 non-fungible tokens in the VeChainThor wallet.

Users will be able to upgrade their node in the ‘Rewards’ function when their address meet the minimum VET holding requirement. After doing it, the node will be upgrading to the next tier.

The company has also written about node downgrade or drop, explaining that this issue continues to work exactly as in the previous version.

The VeChainThor wallet is also offering support to the collection of VTHO rewards. However, instead of a weekly scripted distribution, the collection and distribution of these rewards will be executed using smart contracts as soon as a user triggers them.

Users that want to claim their VTHO rewards in the new version will have to go to the ‘Rewards’ page and an unclaimed VTHO orb will be displayed. As soon as the user clicks ‘Collect Reward’ a smart contract will be executed sending VTHO using MTT protocol in just a few hours.

It will also be possible for the node holder to transfer the ownership of the node token to another address. In order to do so, the node holder will have to input the receiving address, set a sales price and sign off on the smart contract transaction with the password of the wallet.

Finally, a node holder is also able to choose to put the node on the market for a public auction. Users will be able to choose Fixed Price and Dutch Auction. Each of those has different characteristics and works in a different way. Nevertheless, in both cases, the node purchased opportunity is based on the first come first serve principle.

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