VeChain (VEN) has recently launched an updated version of its whitepaper, which indicates a different approach taken towards dealing with its token rewards system. The entirety of the rewards system is said to be done through VeThor, the VeChain blockchain.
The reason for VeChain’s extra steps in updating the whitepaper, is apparently to clear up any doubts or fears of its two-token system, which is believed to be far more complicated than it sounds. To ensure that traders are confident with what is going on, the VeChain team believes it is crucial to outline the steps that will be taken in the process as well as some of the set developmental goals. This shows VeChain’s commitment in ensuring that they are transparent.
On May 18, 2018, the VeChain Foundation made the following comment via Twitter:
“Due to the rate of adoption, we recognize that VET would primarily be calculated using fractionals in smart payments. With the MainNet launch’s token swap, we will conduct a 1:100 coin-split to alleviate this concern. At that time every 1 VET owned will be exchanged for 100.”
Based on the statement made above, it is clear that the VeThor swap is still on and that each VeChain coin owned can possible bring traders 100 units in the future MainNet. Many are curious as to how this might play out for VEN’s value in the long run, as it currently sits steadily between 4 and $5. According to the claims made, VeChain trading will be mostly done on the LBank exchange, a change of direction from its previous launch on Binance. Simply put, regardless of the new updates made – the drastic changes in VeChain’s case – there is bound to be some fluctuation in value.
To add to this news, an announcement was made indicating that ZebPay, an Indian exchange, will be listing VEN, which was announced via Crypto Insider as follows: “#Zebpay – one of The Largest Exchanges in India adds #VEN (VeChain Coin)”. Further information related to the role crypto exchanges will have in the new token distribution are yet to be revealed.