VeChain Tokenizes Thor Nodes to VIP181 Tokens: A marketplace for X Nodes
Singapore-based blockchain project, Vechain has announced that they will be tokenizing VeChainThor nodes into VIP181 tokens. This new system encompasses both Economic Nodes and Economic X Nodes, and will allow for increased network flexibility.
Some of the benefits of the node tokenization includes:
- Improved and simpler integration of nodes with third-party applications
- Easy maintenance and transfer of nodes between addresses
- Easy liquidation of node tokens by node holders
- Node ownership and participation from non-node holders
The tokenization process will foster decentralization, since smaller-scale investors and users can now participate in the network. Additionally, VeChain is letting go of its traditional weekly VTHO distribution, in favor of using smart contracts. Users can cash out whenever they want.
The team noted that “the VeChainThor Node token smart contract will be open source and it has been independently audited by Slowmist with a satisfactory result.” They also called on third-party developers to create dApps that leverage on the functionality of this new feature.
With regards to Node Exchange and transfer of the ownership of nodes, users can opt for Designated Transfer or Public Auction.
For designated transfer, a node holder can transfer the ownership of a node to any designated address. The node transfer process is however valid for 4 hours. If nothing is done within the timeframe (either the recipient fulfilling the terms of the contract or accepting the transfer), the transaction will be canceled.
As the name suggests, during public auction, a node holder put his node on sale in the public market. He can either set a fixed price or perform a Dutch auction.
Details of VeChain node tokenization process as well as the rules for node exchange are on their official blog post.