On Saturday 08:00:09 (Beijing Time, 00:00:09 UTC) the first block was mined on the VeChain network. The VeChain platform is built upon the Ethereum source code, and as a tribute, the message "Salute & Respect, Ethereum" was placed in the VeChain genesis block.

On Twitter, CEO Sunny Lu explains: "Salute & Respect, Ethereum where we start from but are marching to the new world! Thank you @VitalikButerin and entire ETH team and community #VeChainThor #GenesisBlock".

In the block that was first mined, another message was placed by the block producer, teasing the token-holders: "hahaha, you guys are waiting for token swap".

According to schedule, the mobile wallet will be made available on July 9th. On that date, it will be possible for X-node holders (those who had a specific amount of VEN in their wallet before a specific date) to bind their special X-node status to their wallet. Ledger hardware wallet integration is expected in August.

After the split has taken place, all previous VEN holders will receive 100 VET (VeChain Thor) for every VEN they had on the time of the snapshot. This decision was made to handle the projected growth of the platform.

After VET has been placed in a VeChain wallet, it will start to generate THOR. At specific tiers, the amount of generated THOR increases by a percentage. Only pre-selected wallets with the highest tier have to run an actual node.

*Source: VeChain Foundation