VeChain Foundation Offers Economic Node Maturity Period Waive Event
VeChain foundation offers the cryptocurrency community and its user's economic node maturity waive event. The event to take place by September was made known through the official twitter handle of the foundation and details made available via a press release on medium.com on August 16. The waive event is meant to waive the period a wallet takes to advance to a higher tier of master nodes.
The Economic Maturity Period Waive Event
The offer of the VeChain node maturity waives event has to do with “node maturity period.” As defined by the press release the node maturity period is regarded in the VeChain ecosystem as a “…period in which a wallet has to wait before advancing to a higher tier of masternode. Once a wallet has the amount needed to qualify for a particular node, and the corresponding amount stored in a trackable wallet, then the Node Maturity Period starts to count after the user applies in the VeChainThor wallet app.” When the official period ends without a reduction in the number of VET tokens in the wallet, then the node status will be officially designated, and the rewards generated.
Another monitoring period for counting node maturity period on the VeChain ecosystem is to start by September 1. But this time around the VeChain foundation is offering a bounty waive of maturity period based on some rules. This is a reward to members of the VeChain ecosystem as it celebrates a year after launching its MainNet. The maturity period of 10 to 20 to 30 and 60 in all will be waved if the rules are followed.
The maturity period for each phase of node maturity as stated in the press release are;
“Strength Nodes Maturity Period: 10 days after a trackable wallet has a minimum balance of 1,000,000 VET;
Thunder Nodes Maturity Period: 20 days after a Strength Node has a minimum balance of 5,000,000 VET;
Mjolnir Masternodes Maturity Period: 30 days after a Thunder Node has a minimum balance of 15,000,000 VET.”
The rules are, by August 20, VET holders are to store at least 1,000,000 VET tokens in a VeChainThor wallet address, before September 1st snapshot. Your VET token balance should stay intact; should be the same with the August 20th snapshot.
Your economic node will be determined by the amount available in your VeChainThor wallet by September 1. The range of your balance determine your node maturity as between 1,000,000 VETs, and 4,4,999,999 VETs get the period to waive and reach the strength node. Balance between 5,000,000 and 14,999,999 VET, Thunder Node and above 15,000,000 VET Mjolnir Node.
Token holders and investors still have time to acquire some VET tokens before the 20th of August.