VeChain has long been one of crypto’s most hyped projects, with an ardent following and major partnerships ranging from enormous international consultancy firm DNV GL to Chinese automobile manufacturer BYD and French luxury fashion house Givenchy.
VeChain’s primary use case is as a supply chain solution, with RFID chips implanted in products being identified via the VeChainThor blockchain network to guarantee the authenticity of goods. It has also expanded its remit, with multiple ICOs being launched on the network over the past couple of months.
This summer, VeChain moved from being an ERC20 token on the Ethereum network to its own VeChainThor mainnet. The migration was accompanied with the launch of a mobile wallet, allowing users to swap ERC20 VEN tokens for the mainnet’s native VET tokens.
Installing the App
The VeChainThor mobile wallet is available through both the Google Play Store and Apple App Store. The installation process requires users to set a six-digit passcode and record a recovery phrase. This process should be familiar to anyone who’s ever utilized any kind of crypto wallet.
The app rose toward the top spots of Tending Finance Apps on the Google Play Store on launch. It’s currently been downloaded more than 10 thousand times and has an average rating of 4.7/5.
The mobile wallet has a slick interface with an attractive purple-hued color scheme.The app is easily navigable, with a simple and minimalist design. The first page lists the users’ current VEN holdings, followed by the amount of the proprietary Thor token that has been generated. This is then followed by a listing of other tokens issued via the VeChainThor network.
The “Rewards” tab allows users with enough tokens to upgrade their Node status, with the “Me” tab bringing up a variety of settings and also being the access point for the ERC20 to mainnet token swap service.
The VeChainThor token count is updated in real-time, fulfilling the wallet’s primary function as satisfactorily as possible. An option to automatically convert this back into the main VET token has long been rumored but hasn’t been added yet.
The wallet’s other primary function - converting ERC20 VEN tokens to mainnet VET tokens - is explained pretty thoroughly. Anyone who’s made transfers between crypto exchanges or other crypto wallets shouldn’t have any problem understanding and executing the clearly explained steps.
The first step of the token swap requires sending an arbitrary amount of 0.01 VEN from an Ethereum wallet to an intermediary Ethereum address to bind the user’s Ethereum wallet with the mainnet mobile wallet.
The next step has proved a source of frustration for many users, however. After completing the transfer, a notification appears saying that the binding process will be completed within about 10 minutes of the transaction being broadcast to the Ethereum network. In practise, it seems to take several hours until this process to be completed.
This aside, the process of converting ERC20 VEN tokens to VET tokens occurs seamlessly.
RATING: 4/5 ★★★★☆
The wallet works well and is attractive. But given the minimalist primary functions expected of it, the “wait 10 minutes” notification is a notable oversight.
Overall though, this is a App that functions exactly as it should and looks good while doing it.