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Binance supports VeChainThor’s distribution of VTHO and VET

Simran Alphonso

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Binance supports VeChainThor's distribution of VTHO and VET
Source: Pixabay

On 25th July, Binance announced the support for distribution of VTHO to VET holders. This announcement was the result of Binance completing the VEN Mainnet token swap to VeChainThor [VET] on 24th July.

Binance tweeted:

“#Binance Will Support the Distribution of #VTHO to #VET Holders https://support.binance.com/hc/en-us/articles/360008868451 …”

Hannah Mumford, a Twitter user commented:

“Can I still send my ven to binance for token swap? ??”

Louis Jenner, a crypto-enthusiast said:

“if only someone explained how do i invest in vechain or ven or vet or vtho i would understand this system goshhhh”

Binance stated that after holding a discussion with the VeChain team, Binance has decided to support the distribution of VTHO to VET holders. Binance will distribute VTHO on a monthly basis, which will be calculated based on daily snapshots of each user’s VET balance.

The daily VTHO generated by each user will be equal to the total VTHO generated by Binance every day. The ratio is stated to be 1:1. Binance also exclaimed that users’ VTHO holdings ratio is equivalent to the total VET held on Binance.

Binance further instructs that VET balances under 1 VET including the ones in trade orders will not be included in the daily VTHO calculations. The calculations of VTHO will be done on a daily basis even though its distribution will purely be monthly. The distribution of VTHO will be carried on for VET holders before 5th of every month.

On 25th July, trading for the new VET/BTC, VET/ETH, VET/BNB, and VET/USDT trading pairs opened at 4:00 AM [UTC]. The commencement of withdrawing and depositing VET tokens took place simultaneously.

VeChain ecosystem is similar to the two-token system that NEO and GAS follows. Both the tokens drive NEOs network and Binance distributes GAS tokens to its NEO holders on monthly basis. Similarly, Binance will distribute VTHO tokens to all its VET holders.

VEN is the old token of VeChain, as VeChain carried its token swap and blockchain migration movements, the token changed from VEN to VET. The VEN holders received 100 VET for every 1 VEN.

VeChainThro team has further explained VTHO in their whitepaper saying:

VTHO description | Source: VeChainThor Whitepaper

VTHO description | Source: VeChainThor Whitepaper

It was recorded that Redditors were complaining about their being disappeared on Binance after the completion of VeChainThor’s Mainnet. However, this changed as Binance introduced the distribution of VTHO tokens for VET holders.

Dennisbailey, a Redditor said:



“I just set up a vechain wallet and sent my funds there. It actually is really simple and it looks great. And I can see my balance live, dont have to wait a month for it to be changed. And exchanges can have issues sometimes. Binance seems to be handling those really well, but still just to be sure 😉 In the end I dont see a reason to not use the wallet over Binance if you intend to hold.”

Sannyrk, another Reddit user said:

“Does this mean long term it is better to keep funds on Binance if you have a smaller node reward? It appears they are distributing all their VTHO linearly which means you will get more if they get their node bonus.”

Reddit user Criptolete replied:

“Nope, Binance will distribute only basic VTHO rewards. VeChain just tweeted about it to confirm that.”





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Simran Alphonso is a Journalist at Ambcrypto. She has a background in Financial Markets and holds expertise in Digital Marketing.

Bitcoin

Bitcoin’s [BTC] biggest threat is its users, not governments, says Bitcoin.org’s Cobra

Febin Jose

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Bitcoin’s [BTC] biggest threat is its users, not governments, says Bitcoin.org’s Cobra
Source: Pixabay

Bitcoin [BTC], the world’s largest cryptocurrency, saw a significant surge earlier this month, helping the coin break strong resistance at $5,000 and $5,200. Following the great fall of the king coin in early 2018, the Bitcoin ecosystem was struggling with scalability and technological issues, eventually leading to the hard fork.

Bitcoin.org’s Cobra, who is also the co-owner of Bitcointalk.org, has always maintained that Bitcoin was the cryptocurrency to look out for through his various Twitter bouts with prominent personalities in the cryptoverse. Due to his strong, unbridled support for Bitcoin, he has often trashed altcoins for their low market dominance.

In a new Twitter thread, Cobra spoke about the “biggest threat” to the Bitcoin ecosystem. Even though many crypto-enthusiasts believe that governments and technological issues were the biggest threats to the king coin, Cobra had a completely different opinion.

According to the Bitcoin maximalist, users have the potential to signal Bitcoin’s doom. His tweet read,

Source: Twitter

Source: Twitter

Though most Bitcoin supporters usually support his opinions, this tweet was met with a lot of resistance. Twitterati swarmed the thread in an attempt to prove him wrong. A user named @MrHodl alleged that this could not be true as Bitcoin had “no community.” He added that this, in turn, prevented toxicity in the ecosystem.

Cobra replied to the tweet stating,



“I think there is a community, it’s just not fully representative of everyone with a stake in Bitcoin. Most holders are quiet and not too familiar with what’s going on. There’s people with 1000+ BTC and they don’t engage at all with discussion platforms, just lurk.”

Some Twitter users took it as an attack on Bitcoin investors and opposed Cobra’s stance. A user @CarstenBKK commented,

“Maybe I am lost in translation. What do you wanna tell us? That you are part of Bitcoin network of people owning/using it, but you are just disgusted by the idea, that the network is called community in the sense of direct human collaboration and affection to the groups ideals?”

Previously, Cobra had accused Twitter’s Jack Dorsey and Square Crypto of pandering to Bitcoin users, while also suggesting that the crypto project was merely a way to bring in more users for Dorsey’s CashApp. His tweet read,

“Gotta respect how hard @sqcrypto is pandering to Bitcoiners. Very clever how @Jack has embedded himself in the community; in return the community promotes @CashApp, which gives that service a small but dedicated and activist group of early users.”





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