VeChain (VEN, VET) has rolled out a mobile wallet but users waiting for a hardware services will have to wait more before receiving node rewards.
VeChain (VEN, VET) has moved to the next phase in the deployment of its new network with the release of a mobile wallet. The VeChain Thor Mobile Wallet will be instrumental to the system of nodes and node rewards with the VeThor digital asset.
Questions about a desktop wallet, to which many crypto users are used, were explained by the VeChain Foundation. The reason for relying on a mobile wallet was to popularize the project, and bring crypto assets in line with modern use of computer resources through mobile devices. VeChain Foundation explained in a recent blog:
“Our goals and intentions are to adopt the go mobile strategy facilitating the mobile computing age in the ways that we knew our clients were accustomed. 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.”
The VeChain Thor Ledger application for use and staking in a hardware wallet would be released in August. To swap the tokens, users need to transfer 0.01 VEN from their ERC-20 wallet into an intermediary address, to bind the balances for monitoring. The small amount is a security precaution against losses. It is important that balances are not sent in their entirety to new VEN addresses, else they would be lost – the old tokens are absolutely incompatible.
The new wallet will also complete the process of X Node binding. X Nodes were a special early adopter offer, for owners of 6,000 VEN tokens, who took a snapshot of their balances at the end of March 2018, and kept the coin balance.
The VEN market price hovers around $2.48, without significant changes. The VEN price has lost more than 20% against BTC since the last peak, and sinks toward 37,000 Satoshi, with volumes cooling down.
Still, the asset remains relatively stable, as around half the supply is locked in nodes. VEN is the leading asset being traded on the relatively new exchange, LBank. More than 17% of volumes are concentrated on the VEN/BTC pair. The current price weakness of VEN is partly due to the low BTC levels, as VEN has a slim pairing with Ethereum and a small market in the Tether (USDT) pairing.