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  • The current selloff is reflected in the decreasing trading volume.
  • The wallet was test by third parties before being released and is currently available for both iOS and Android devices.

VeChainThor cryptocurrency project has been a beehive of activities in 2018. The platform launched its own mainnet in addition to rebranding from VeChain (VEN) to VeChainThor. The price has been confined within a contracting triangle that has existed since the beginning of the year. VEN/USD has been trading lower highs and lower lows since the all-time high above $9.00 in January. The crypto is trading at $2.09 testing the lows traded in April this year. The current selloff is reflected in the decreasing trading volume which has gone down by 17.7% from the start of July. Consequently, the market capitalization has also gone down from $1.4 billion to $1.2 billion in in the same period.

VeChainThor mainnet was launched on June 30, however, it was overshadowed by Tron and EOS mainnet releases which took place in the same week. The migration of tokens from ERC-20 standard to the new VET token is in the works at the moment. Various exchanges have committed to support the token switch.

VeChainThor “aims to connect blockchain technology to the real world by providing a comprehensive governance structure, a robust economic model as well as advanced IoT integration, and pioneers in real world applications.”

The network has also released a new mobile wallet that will function on VeChainThor blockchain. The project is also working on the vision to “go mobile.” The wallet will also support the decentralized applications built on the protocol. It is currently available in both iOS and Android. Before the release, the wallet went through a thorough testing phase handled by third parties to achieve the highest levels of security and functionality. The mobile wallet was announced via Twitter message which read:

“The VeChainThor Mobile Wallet is now available for download in the Apple App Store and Android marketplace. To understand fully our mainnet launch, token swap details, and mobile wallet functionality, please view the following video.”

The users have, however, been advised to use the new VeChainThor wallet for the new VET tokens only. The tokens are required to be sent to exchanges for the them to be flipped to the new blockchain.