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Community

Introducing VeChainThor Mobile Wallet v1.3.1 and Instant Node Transfer Function

VeChain | 03.06| 277

After releasing the VeChainThor Wallet v1.3.0, we received a lot constructive feedback and recommendations. After the assessment, we decided to provide an update, in v1.3.1, to the wallet App and introduce the new “Instant Node Transfer” function as well as other enhancements to the VeChainThor Node tokenization function. The VeChainThor Wallet v1.3.1 will be available for download from Dec 25 UTC+8.

Many VeChain node holders would like to transfer the node to Ledger hardware wallet. The Instant Node Transfer will enable users to transfer their node status token to any address in the same wallet app including observing wallet addresses. If you have the VeChain app installed on the Ledger hardware wallet, you can import the VeChainThor address displayed in the VeForge Vault onto the VeChainThor mobile wallet App via the “observe wallet” function.

The key difference between “Instant Node Transfer” and “Designated Transfer” is that Instant Transfer DOES NOT require the receiving address to accept the node status token. As a result, the ownership is transferred instantly once the transfer transaction is executed. The receiving address still has to meet the VET holding requirement corresponding to the node type within approximately 4 hours after the transfer transaction is executed.

We didn’t include this function in v1.3.0 as we recommend that you use “Designated Transfer” wherever possible so that the receiver knows the exact time window to fulfill the VET holding requirement corresponding to the node type. However, in v1.3.1 we added the support for this function which is a function of VeChainThor Node tokenization smart contracts so that it could work seamlessly with VeForge Vault by Totient Labs.

The Instant Node Transfer works as follows:

  1. After entering the “Designated Transfer” menu, you can initiate an instant transfer by clicking “instant transfer to another address of your own” at the bottom. You will be shown with a Notice about the Instant Node Transfer function.

2. You can select any address including observe wallet address in the wallet App which currently does not own any node status token. When selecting the wallet address, you will also be shown whether the target address currently meets the VET holding requirement corresponding to the node type. If you choose to transfer the node to an address without the required VET holding, you will have to fill the VET requirement within approximately 4 hours after the transfer.

3. After you select the target address, you will be prompted with another reminder about the VET holding requirement before inputting the wallet password to sign off the smart contract transaction. The node status token ownership will be instantly transferred to the target address after the transaction is executed.

VeForge Vault Support

Thank you to Totient Labs for their great support of the VeChain ecosystem. With the Instant Node Transfer function, the VeForge Vault also added the “Collectibles” function which allows users to see their VeChainThor Node on the Ledger hardware wallet address as well as transfer the node status token on other addresses.

If you hold a VeChain Economic X Node or VeChain Economic Node on the ledger address, it will be displayed in the “Collectibles” section in the VeForge Vault. Please note that the Node Upgrade function is not available in the VeForge Vault yet, please wait for further announcement on this.

The transfer function in the VeForge Vault works the same way as the “Instant Node Transfer” function in the VeChainThor mobile wallet, except that VeForge Vault allows users to transfer the node status token to any address. To initiate a transfer, the node holder needs to input the receiving address, and VeForge Vault will indicate if the receiving address currently meets the VET holding requirement corresponding to the node type.

After confirming the transaction on the Ledger, the user can confirm and send the transaction through the VeForge Vault. A notice will be shown to remind the user that the ownership of the node status token will be automatically transferred without the need to accept it.

VeChainThor Wallet and VeForge Vault are two user interfaces utilizing the functions of the VeChainThor Node Tokenization Smart Contracts. We hope for more third-party developers to create interesting applications integrating these functions.

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