The VeChain foundation has announced the official launch of its own platform after the first block on the network was mined successfully.
At exactly 08:00:09 the first block was successfully mined. The VeChain Thor Blockchain has officially launched. pic.twitter.com/aYZs19GoAO
— VeChain Foundation (@vechainofficial) June 30, 2018
VeChain is aiming to create a decentralized ecosystem with fully traceable products and is hoping successfully to combine blockchain technology with hardware tracking devices.
Using a Proof-of-Authority consensus algorithm, the blockchain’s main network launch was prepared by establishing the first authority master node. This has been criticized over the potential for centralization, but VeChain has suggested instead that this mechanism is going to be beneficial for businesses, as it will offer a higher-performing network and will be best suited to cater for supply management.
Before the launch of its own blockchain, the VeChain Token’s network existed on the Ethereum blockchain as an ERC-20 and the project plans to undergo a token swap, changing from VEN to VET in mid-July.
For now the cryptocurrency’s foundation has provided details of the timeline moving forward for the token, stating that mobile wallets and the token swap are still on the way.
The VeChainThor Blockchain is days away from being unleashed. Please review the following timeline and be prepared to witness Blockchain X! pic.twitter.com/kxlQkcc6PI
— VeChain Foundation (@vechainofficial) June 21, 2018
Bithumb, a major Korean-based cryptocurrency trading exchange, has announced that it is in support of the token swap and the process will be “carried out automatically without requiring any further actions from [their] customers.”
VeChain’s token is currently down by -2.37% day-on-day, and, at press time, is trading for $2.56 USD.