VeChain Revises Roadmap to Address Token Swap Concerns

Blockchain project VeChain announced on Monday that it has revised its development roadmap in response to community concerns related to its token swap.

The technology is not yet live, and will only be active after VeChain migrates from the ethereum blockchain - where it exists as an ERC20 token - to a wholly independent network.

The swap has also been a point of contention for some token holders, especially those with so-called 'X Node' status.

According to the VeChain Foundation, the X Node program rewards early project supporters who hold a set amount of tokens by giving them the opportunity to run a low-level node in the network.

To maintain their X Node status, users must continue to hold the necessary balance, which will be "Monitored" by the VeChain foundation.

In order to transfer users' X Node status from ethereum to the VeChain mainnet, the foundation initially said in its wallet manual that eligible users must transfer their tokens to VeChain's mobile wallet app by August 1.

On Monday, the foundation announced that it would address the community's concerns by extending the X Node migration period for ten days after the VeChainThor Ledger app is available.

It also said that X Node monitoring will start three weeks after the mobile token swap service becomes available - though it has not yet provided exact dates for these events.

VeChain will introduce a "Wallet observation function" that will allow users who create their VeChain private key addresses through alternative means to manage and swap their X Node status through the mobile wallet.

The foundation also said it will "Backdate and compensate VTHO to token holders" for the X Node migration and token swap period "As the entire migration timeline is completed," though it did not provide further details on when or how it will do so.