One Year Anniversary and X Node Binding Lottery Event
VeChainOfficial last edited by VeChainOfficial
Originally published on July 20th, 2018.
It has almost been one year since our token sale! We are very thankful for so many things like our new partners, products, team members, and most of all our VeChain community! We have an extensive plan for community development in the coming year but we wanted to celebrate this one year anniversary mark with those of you who have been here since the beginning. This one year anniversary falls in line with our token swap and X Node binding. In our eyes the X Node holders have made incredible commitments and have dedicated their passions to us. Alongside our own longevity, this is worth celebrating.
To celebrate, we have designed a reward program and lottery to happen during our X Node binding and token swap process. This reward program and lottery event will be comprised of four rounds, each with their own rules and rewards. At the end of the event (September 1st), the X Node monitoring will begin.
###Round 1: Early Bird X Node Rewards
In order to facilitate the X Node Binding process, we are now introducing the ‘Early Bird X Node Binding Rewards’ event, running from today until August 10th.
How to participate?
- Eligible participants MUST meet the following criteria:
- X Node holders based on the June 30 Ethereum snapshot;
- Complete X Node binding;
- Store corresponding amount of VET required by your X Node category in a wallet before the Early Bird X Node snapshot dates correlated with each round;
There will be THREE snapshots on the VeChainThor Blockchain during this round, i.e., 12pm UTC+8 on July 27th, August 3rd and August 10th;
In order to receive the VET reward after each snapshot, you need to lock up the corresponding amount of VET in your wallet address compared to your prior VEN balance.
For example, you were a Mjolnir X Node based on the June 30th Ethereum snapshot. And you completed the X Node binding storing at least 15,600,000 VET in your VeChainThor wallet address before the first snapshot, you will be awarded 156,000 VET. If you continue holding more than 15,600,000 VET through the second snapshot happens, you will be awarded 78,000 VET again. Likewise, if you keep your possession through the third snapshot you will be awarded 39,000 VET. Therefore, if you participate in the ‘Early Bird X Node Rewards’ event from the beginning, will be awarded 273,000 VET in total!
For X Node holders, if you decide to participate in ‘Early Bird X Node Rewards’, your X Node monitoring will start immediately once you receive an award. For example, if you are a Mjolnir X Node holder, and have received your VET reward after the first snapshot then you are not allowed to decrease the amount of VET (15,600,000) stored in your wallet. If you do move below the threshold of the VET amount in the previous snapshot, you will be dropped from the X Node program and will not receive the next round of Early Bird rewards.
The ‘Early Bird X Node Rewards’ event ends on August 10th, rewards will be sent out every week.
The Early Bird X Node program does not replace the official economic node monitoring date i.e. Sept 1st. Therefore, if you do not receive any Early Bird X Node awards, you are still eligible to wait until September 1st to convert your economic node to VET without missing any earned VTHO.
Round 2: Token Swap Lucky Draw
After the X Node Binding service is completed, we will start VET Token Swap within the VeChainThor Wallet at 12pm UTC+8 on August 10th.
To celebrate the launch of the VeChainThor Wallet and token swap service, we are introducing the ‘Token Swap Lucky Draw’ starting from July 26th to August 31st.
All winners will be awarded 1,000 VET!
How to participate?
- All addresses with more than 50,000 VET (not VEN) are eligible to participate in the ‘Token Swap Lucky Draw’;
- Starting from July 26th, we will announce the hash of the first VeChainThor Blockchain block after 0am (UTC+8) every day as well as a random number between 1–40. The random number selected represents the position within the last 40 characters of the block hash. All the addresses of which the last character is the same as the randomly selected character will be awarded 1,000 VET.
For example, the hash value of block height 175139 is 0x0002ac23db17f46ecb189386db3df2601cf74a1e8b49e7fcef9332d422292c48.
Let’s assume the randomly selected number is 7. The 7th character of the last 40 character is ‘6’. Therefore, all addresses with over 50,000 VET and ending with ‘6’ will be awarded 1,000 VET;
- ‘Token Swap Lucky Draw’ event ends on August 31st, rewards will be sent out every day.
Round 3: X Node Maturity Period Waive
As we announced, X Node monitoring will be resumed on 1st of September. To celebrate mainnet launch and the VeChain project’s one year anniversary, we introduced the ‘X Node Maturity Period Waive’ event!
Before X Node monitoring resumes, all node holders need to store their corresponding amount of VET in their bound VeChainThor wallet address. To upgrade your X Node, you need to endure 30–60–90 day maturity period.
Now, with the ‘X Node Maturity Period Waive’ event, you will have the chance to get your maturity period waived!
How does this work?
For example, you have 600,000 VET and are a valid VeThor X Node holder. From March till now, you have purchased up to 5,600,000 VET and store them in your VeThor X Node wallet. When X Node monitoring resumes on September 1st, your VeThor X Node will be upgraded to Thunder X Node! If at any point prior to September 1st your VET total reached 15,600,000 of higher, your Node will be upgraded to Mjolnir X Node without any waiting!
Round 4: Big Winner
For the addresses with over 600,000 VET but missed X Node program, we will randomly pick 5 addresses, all 5 winners will be granted X Node designation and announced on August 18th at 12pm UTC+8!
For the addresses that already have an X Node, the winner can present the X Node designation to any address that they select meeting the minimal VET requirements. X Nodes get a separate pool of VTHO split among them, ICO whitelisting benefits, and future unannounced benefits. You can read more about X Nodes here.
Note to Ledger owners
We have been in contact with the Ledger team and have a general idea of the launch of their wallet. This event coincides with those dates. However, like any technical implementation, launch dates can be postponed for additional screening and testing. If you are waiting for the Ledger support to arrive and it is not made available prior to the close of this event, please complete the process and receive your VET through the mobile wallet.
There will be means in the future to transfer your X Node to a Ledger (or any third-party) Wallet.
We respect Ledgers ability to take as long as they see fit to ensure the quality of their product. With that said, our users need to generate VTHO as quickly as possible to use the blockchain and the September 1st cut off helps that cause.