VeChain (VET) is taking the plans it has for its community a step further. The network will be having a reward program where more than 100 Million VET would be shared, and a lottery event is scheduled to occur during their X Node binding and token swap process. The event will end on September 1st, 2018 after which the X Node monitoring will begin.
After about a year since the network launched its token sale, it has designed a reward program and lottery event as a sort of appreciation to its new partners, team members, and its community. The ‘Token Swap Lucky Draw’ will be starting from July 26th to August 31st. The event has been divided into four rounds, and each winner will be awarded, 1,000 VET.
A Partner in Automobile
VeChain had just participated in the recently closed private round of Cahrenheit ICO. The auto service related ecosystem which is being powered by the VeChainThor Blockchain is revolutionising the auto industries and bringing new heights into the auto experience.
The company is taking no chances by acquiring partnerships. Sunny Lu, CEO of VeChain strongly believes that Cahrenheit will soon disrupt the trillion-dollar automotive industry becoming one of the world’s largest blockchain based ecosystems. However, the event Vechain has lined up will be made up of four rounds with the first round tagged the Early Bird X Node Rewards running till August 10th.
More than Just a Lottery
VeChain has announced that they will start the VET Token Swap within the VeChainThor Wallet on August 10th at precisely 12 pm UTC+8. Participants will, however, have to adhere to specific rules such as having an address with more than 50,000 VET (not VEN).
Random numbers between 1–40 will be selected daily from July 26th. The network will be announcing the hash of the first VeChainThor Blockchain block after 0 am (UTC+8) each day.
VeChain had developed its blockchain and even started it’s Mainnet this year. It now runs a twin token system made up of the VeChainToken (VET) and VeThor token (VTHO). VET which enables the combination of blockchain technology and internet of things smart chip technology. This makes it possible to track items to ensure authenticity. This makes the partnership between VeChain and Cahrenheit one that will bring a much-needed change to the auto industry.
VeChainThor became the name of the platform in a late-February, 2018 event where CEO Sunny Lu announced it.
VeChainThor currently has under 900 million tokens in circulation. However, during the ICO period, around 14% of the tokens have been burnt. It utilizes the Proof-of-Authority and has in place a disaster recovery model that protects the platform in the likelihood of an attack.
Since VenChain is an Ethereum based platform, it is geared towards inventories and various industrial uses cases. These use cases range from implementation in Luxury goods, Liquor sales, Autos, Retail, Logistics. VenChain Thor has partnered with DNV GL’s data management platform, Kuehne & Nagel, PwC China and PwC Singapore and even the China State Tobacco Monopoly Administration, and the China National Tobacco Corporation.