Information for the Misinformed Regarding VeChain:

I get it, there's been a lot of shilling on VeChain recently. But with any good amount of shilling, there's also a lot of misinformation that gets perculated (I just wanted to say perculated) through the threads. Hope this clears some things up.

1) VeChain is rebranding to VeChain Thor in mid-January. VEN will become VET. That's why you see both tickers. Think of it this way: You used to call your friend Mikey in middle school. Now he likes to be called Michael. He's the same guy.

2) VET (after rebranding) will produce a second coin called Thor Power (like GAS is to NEO, Thor Power is to VET) By simply holding VET in your wallet, you will be rewarded Thor Power.

3) YOU DO NOT NEED TO OWN A NODE TO GET THOR POWER. Simply owning VET will produce .15 Thor Power PER VET per year. Owning a node simply means you get even more Thor Power per VET per year (~0.2 Thor Power and up)

4) Nodes in VeChain do not require staking or CPU usage or mining or anything of the sort. Simply owning VET and stashing it in your wallet will generate Thor Power coins.

5) VET starts producing Thor Power with mainnet launch(Q2)

6) VET can be stored in MEW for now. Once they release their mainnet (Q2) and break away from the Ethereum blockchain for their own blockchain, you will have to store VET in the VeChain wallet. More information to come later. Also, they are working with the exchanges to automatically convert VET for you, when the time comes.

7) VeChain is no longer just a luxury goods tracking anti fraud service. If you think that's all they are, you've got a lot of catching up to do. That was their infancy vision. They've since changed and are completely overhauling their original business model. They're looking to do everyhing that NEO and Ethereum do. If you want a good way to think of VeChain, think of an enterprise solutions focused Ethereum. With enterprise partnerships already established and plenty more under Non-Disclosure Agreements.

8) They CAN do 10,000 tx/s. It's a matter of scaling the blockchain with it's usage whenever they need to upscale. Just because you can leave all the lights on in the house, doesn't mean you should. Save that energy usage for when you need to throw your annual new years eve rager.

9) VeChain plans to be a new years eve rager every night (and day)

Hope this clears some things up. I'm sure I missed a lot of common misconceptions. Let me know what and I'll add it to the list.

submitted by /u/Lurks_no_longer
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