Have you bought your Vechain and are looking for the best VET wallet to store it and earn VTHO? Well, you have come to the right place. Our Vechain Thor wallet guide will show you how to set up and get started on the most popular Vechain wallet.
What is the VeChain Thor Wallet?
The VeChain wallet is one of the many cryptocurrency wallets out there. It is set up to handle two specific cryptocurrencies: VET and VTHO.
VET is a utility token, which means it can be spent on the service that VeChain provide, or within their blockchain ecosystem. You cannot mine VET, instead you have to buy it.
VTHO is generated by holding onto VET (similar to how GAS is generated by holding cryptocurrencies like NEO). If you have VET and hold onto it, over time you generate VTHO. Essentially, it works a little like a dividend, where an initial investment sees a steady trickle of income.
To understand the VeChain wallet, VET and VTHO it is useful to understand exactly what it is that VeChain offer as a company.
Who are VeChain?
VeChain’s product attempts to solve the difficulties enterprise companies face in managing the complexities of supply chain management. While this may sound vague, this is because VeChain is designed to be incredibly flexible, so is appropriate to a vast range of applications. At its heart is using blockchain as a way of managing transactions across a business.
A recent example is that VeChain have signed a contract with Fuji MARAMO – a Japanese tea producer. The idea is that consumers can scan a QR code on a Fuji MARAMO product, and the VeChain blockchain will provide the exact providence of the product – from picking and drying, through to storage and transit. This is powered by the way that VeChain is designed to work within the Internet of Things (IoT). This allows a huge range of smart devices to interface with the VeChain ecosystem, meaning workers at each stage of the supply chain can log a particular product’s progress.
All this has placed VeChain at the forefront of blockchain technology, so much so that PwC announced that they are buying a stake in VeChain back in May.
How to Use VeChain Thor Wallet
VeChainThor is available on both Android and iOS. To start, you need to download the app. Currently, there is no desktop wallet available, although this is set to change in the future with one rumored to be in development. However, there is an “observe wallet” function that allows you to add hardware or desktop wallets to your mobile VeChainThor app.
- The most popular VeChain wallet.
- Store: VET, VTHO, OCE, PLA, YIC, SHA & DBET.
- Available on iOS & Android.
- Secure your VET with thumbprint or facial recognition technology.
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How To Get Started?
Once you have downloaded it, read and agreed to the terms and conditions, you set up a passcode that keeps the wallet secure. If you are using an iPhone you can also use the thumbprint or facial recognition to secure the app. From there, you’re in! You can either create a new wallet, or import an existing VeChainThor Wallet.
Press create a ‘new’ and then give the wallet a name to differentiate it from any others you may create or import in the future. Upon creation, you will be given a list of words. These are your seed. If you ever need to import or recover your funds, you will need this list of words, so make sure you write them down. However, make sure you do not store them digitally, as these seeds are a hacker’s dream come true – they allow anyone with them in their possession to recover your wallet onto a new device.
Once you have recorded the seed safely on paper, the app will delete the seed so it cannot be recovered digitally. You have now created your VeChainThor Wallet!
How to Recieve Funds to the VeChain Thor Wallet
The process for receiving each supported crypto to the wallet is the same, so we’ll just focus on sending to or receiving VET to the VeChain Thor Wallet.
You can get VET on many exchanges. However, once you’ve bought it, if you don’t want to trade and instead want to hold on to them for a while, you’ll probably want to transfer it out to your VeChain Thor Wallet. A good reason to do this is that holding onto your VET in your VeChain Thor wallet will generate VTHO without you needing to do anything.
You deposit to your VeChain Thor wallet the same way you deposit to many other cryptocurrency wallets. On the Assets tab, all the different assets you can store in your VeChain Thor Wallet are displayed. From here, select the Asset you want to receive – in our case VET.
Once you select VET, you’ll see a detailed view of your VET assets. It’ll show you a history of all your transactions, in and out, and at the bottom of the screen there are the transfer and receive buttons. Press receive to set up to receive an amount of VET from another wallet.
Pressing receive prompts a warning that the VeChain Blockchain only supports certain cryptocurrencies, so don’t try to send anything other than VET to the wallet address this generates. If you send other cryptos to this address you may well lose them forever.
Once you click ‘I understand’, you’ll be shown a QR code and an alphanumeric address that you can use to send VET to your wallet. You can either scan the code, or rewrite that address into the wallet you are sending from. Either way, once you’ve copied that address, you just need to send the funds and wait for the payment to clear. It shouldn’t be too long a wait, as the VeChain Blockchain ecosystem is optimized for quick transfers.
How To Send Funds From Thor?
Sending from the VeChain Thor wallet is also really easy. Simply select the ‘Transfer’ option on the detailed view for the particular asset you want to send. Again, we’ll look at VET here, but the process is the same for all the other supported assets.
Selecting ‘Transfer’ will again trigger a warning similar to the one we saw above, reminding you not to send VET (or any other VeChain Asset) to a wallet outside of the VeChain blockchain. So, it is worth double checking at this point that the wallet you are trying to send your VET to can accept VET. Once you’ve verified that, dismiss the warning to bring up the transfer screen.
On this screen, you put in the address of the wallet you want to send to, and how much you want to send. Also, you will see on this screen the fee for transferring, in VTHO. This fee can be varied depending on how quickly you want the transfer to take place – the more VTHO, the faster the transfer. You can alter this by selecting the blue ‘Change’ text next to the fee.
Once you’ve input the amount and the address, select next and you’re taken to a confirmation screen. Double check all your details are correct, then send. It’s that simple!
The speed of the transfer will depend on how much VTHO you chose to spend, and also the wallet you are sending to. However, currently users report speeds of around 2 minutes for a transfer.
Is the VeChain Thor Wallet Safe?
The VeChain foundation, who do all the technical development surrounding VeChain, are a very experienced operator in the world of blockchain. In fact, VeChain is one of the oldest blockchain companies. This means that a wealth of experience has gone into the creation of the VeChain Thor wallet, so you can rest assured that the wallet has been rigorously tested.
Something that is particularly reassuring is that VeChain did not just test the wallet in-house, they have also had third parties carry out a wide range of tests on the wallet to ensure that it is secure.
If you have an iPhone, the IOS version of the app also allows a range of two factor authentication options, including facial recognition and fingerprint recognition.
It is important to note that the security of your wallet does depend on how securely you have recorded your mnemonic seed, the twelve word phrase that you were given upon creating the wallet. It is imperative that this is not stored digitally, that this is written down on paper and stored somewhere safe. In fact, it is well worth making multiple copies of this phrase, and keeping them in various secure places.
Of course, the fact that the wallet functions primarily as a smartphone app may worry some people, especially if you do not have a spare, or ‘burner’, phone. You may worry that your phone could be lost or stolen, and the person now in possession of your phone could attempt to access the wallet.
While the security measures discussed above should make it impossible for someone else to get into your wallet, even if they have your phone, there is an optional extra layer of security you can use if you don’t plan to move any of you VET or VTHO for a while. You can use the ‘observe’ feature of the wallet to essentially track your own wallet while disabling the ability to withdraw from it. In this way, even if someone else did have your phone, and somehow made it through all the layers of security, when they got into the app they would still not be able to move any of your VET and VTHO around.
To do this, make sure you have you mnemonic seed phrase to hand. Then, you can remove the wallet you have from your app and then import it using the seed phrase. When you import it, select the observe function, meaning that you now just observe the wallet, but cannot access it. When the time comes that you wish to move your VET and VTHO, simply import the wallet again using the seed phrase but do not select observe, meaning you can once again access the currency within the wallet.
Lastly, for those who prefer the security of a hardware ledger, the VeChain foundation are currently working on one with a release date set for 2019.
Vechain Wallet Fees and Speed
Early reports from people using the VeChain Thor wallet suggest that it is fast and easy to use. Most people report that deposits appear in app within a few minutes of being sent.
As for fees, the apps for both Android and IOS are free, with no fee incurred when moving VET and VTHO into or out of the wallet. Of course, while your VET is stored within the wallet, you also accumulate VTHO at a rate of 0.000432 a day per 1 VET. So actually, you are making money while using the wallet!
VeChain Thor Wallet Review
- Primarily the VeChain Thor wallet is a lightweight smartphone app, with support for both Android and IOS. However, there is talk of a desktop version of the wallet to be released in the future, although no firm dates have been set.
- There is ledger support for the Vechain Thor wallet.
- VeChain’s wallet is free and easy to use. It is also very safe, and has undergone extensive testing by third parties to ensure rigorous security.
- VET stored in the wallet passively generates income in VTHO without you needing to anything. Currently this happens at a daily rate of 0.000432 per VET.
- The observe function allows you to monitor wallets without being able to access them, giving both extra security and practicality.
- VeChain represents a very interesting and exciting blockchain prospect, with both big name backers and a lot of innovative and interesting products on offer. This means that there could be a bright future ahead for VET and VTHO as investments.
In conclusion, if you’re at all interested in investing in VeChain’s project, the VeThor Wallet is a good place to store those assets. It’s sleek, safe and well designed. And, just by holding onto your VET, you’ll be generating VTHO passively, meaning your investment is growing.
As for whether or not the VeChain project as a whole is a success, only time will tell. However, there are a lot of positive signs, with big-name backers and proven utility in a whole host of businesses. Certainly, VeChain is one to watch in 2019.