VeChain have moved to their mainnet VeChain Thor, this means VeChain is no longer an ERC20 Ethereum based token but moves to its own native blockchain with the VET token. This of course means the wallet requirements have changed for the token, this article seeks to provider a guide to compatible VeChain wallets for VET and VTHO.
Best VeChain Wallets
A table of compatible VeChain wallets is shown above. The table is pulled from our cryptocurrency wallet finder tool, use it to find compatible wallets for any crypto asset.
The official wallet for the token is the Vechain Thor wallet which is a mobile wallet available for both Android and Apple devices. Cryptocurrency wallets are a user’s gateway into the blockchain and utilising a token, making them user friendly and accessible is key. Nearly everyone has a mobile device and using them is second nature to both young and old, VeChain realised that to make practical use of crypto and drive mass adoption you need a well designed and easily accessible wallet in the palm of people’s hands. Whilst the wallet functionality is being expanded at launch the wallet sought to fulfil 5 functions:
- Send and receive – The basic function of any wallet it to spend and receive cryptocurrency. The VeChain Thor Wallet allows send and receive operations for both the VET and VTHO tokens. For reference VET is the primary token and store of value whilst VTHOR is the VeThor Token which powers transactions on the VeChain Thor blockchain.
- Token swap – When VeCHain moved to the mainnet and VEN tokens had to be swapped for VET, users could swap via a cryptocurrency exchange or by using the VeCHain Thor wallet. The swap rate was 1:100 do for every 1 VEN token you would receive 100 VET.
- Bind your X node – This is the process of migrating your X node to the mainnet to begin earning VTHO
- Claim VTHO rewards – There are currently four ways to earn Thor power which range from simply holding any amount of VET to owning an X Node
- Observe address – This is a neat function that allows you to view transactions held outside your mobile wallet. This can be useful when holding funds in a separate wallet such as a ledger Nano S. You can see all the transactions activity but your view is effectively read only so if your mobile wallet is compromised all your private key are still safe in your hardware wallet.
Ledger Nano S
The Ledger Nano S has been the hardware wallet of choice for many for some time. Those that are familiar with the wallet will find that the way it functions is somewhat different to how other coins function with the hardware wallet.
The Initial steps will seem familiar:
- Open the Ledger Live app
- Connect and unlock your device with it’s pin
- Install the VeChain app
This is where it gets funky, rather than just using Ledger Live to send and receive crypto you need to use VeForge Vault. VeForge Vault is a web site you use to interact with your Ledger Nano S to send and receive VET.
The steps to complete a transaction would be as follows:
- Open https://vault.veforge.com from within Google Chrome
- Connect and unlock your device with it’s pin
- Open the VeChain app on the device
- On the Veforge Vault site click Launch Wallet
- When the site opens you will see a clean simple to use interface. The following screenshot shows the dashboard view
- From the VeForge dashboard choose to send or receive. In this example we will run through the example of a receive.
- When you have chosen receive you will see a range of addresses to receive to. Click on the address you wish to receive to and will see the full address and QR code
The steps are relatively similar to with other crypto assets but it differs with VET by using the third party VeForge site.
If you do choose a Ledger Nano S to store your VET remember to take advantage of the observe functionality in the mobile wallet which allows you to view transactions on your hardware wallet without any danger of compromise. You basically need to import the wallet and then authorize the access full steps in this guide
VeChain Hardware Wallet
The current option for a hardware wallet is the Ledger Nano S, however the VeChain foundation are developing their own hardware wallet. Details on the official VeChain hardware wallet are scare, but the VeCHain website lists it as coming soon. We will of course update this article once it becomes available.
VeCHain foundations approach to wallets reflects the overall ambitions of this project and that this is a working project for which they wish to drive mass adoption. It will be interesting to see how features are added to the VeChain Thor wallet and to review the hardware wallet once it becomes available.
Find suitable wallets for any of your cryptocurrencies using the wallet finder.