The marketplace always sets the cost. Exchanges never set the cost, that is not a factor. The markets is going to be locked for many time period throughout the token switch. When it’s been completed effectively, the marketplace for VET will open, everybody may have 100x as numerous tokens because they did before, buying and selling will start and also the market will decide whether or not this fully adjusts lower to 4 cents
An order books gradually fill with purchase and sell orders and also the market determines the cost. Whenever a new market opens on any exchange, there’s no cost before the first trade occurs.
Why Did Vechain Team Made The Decision To Complete The Split?
Based on them, for the reason that they expect there to Vechain vet vethor mainnet VEN a lot of use cases and thus many enterprises using VET, that eventually tokens would need to start be damaged into “cents” (think buying .02 btc now). This really is confusing for most of us as well as in general just isn’t very appealing, so they’re doing a “coin split” to ensure that we are able to always offer full VET tokens.
That’s most likely exactly why this split is going on. They expect the cost of VEN to improve considerably and want to keep liquidity for his or her enterprise partners to possess versatility.
They’ve spent considerable time staring at the economy of the plan, the huge reason behind the whitepaper delay. So we are beginning to determine their plan unfold.
They’re essentially using the technique of the hype coins (Tron, Verge, etc.), and applying it right into a blockchain project which has massive partnerships and employ cases throughout the whole world. I can tell how this might increase the cost a little (following the split) within the next bull run because as with 12 ,/jan, newcomers just begin to see the “small” cost per gold coin and think “oh wow, it’s so cheap now, if this would go to $500 per gold coin i will be wealthy with my 100.000 coins.”
How You Can Convert Your VEN Coins To New VET Coins?
Alteration almost needs to be a good contract that you simply send VEN along with a new address to that particular will be sending VET towards the new address. VEN can exist with an exchange alongside VET, as each VEN is going to be convertible to VET.
The conversion and communication using the smart contract is going to be handled through the new VET wallet software, to really make it simple, however the underlying technique would let VEN/VET coexisting for some time, so individuals have time for you to transition.
The only real other method of doing it might be when they simply employ an overview of all of the addresses in a particular some time and give individuals addresses VET around the new chain. That will leave all of the old VEN at the disposal of people though, so soon after the snapshot is taken there will be a mad dash to try and sell now-useless VEN towards the naive, which appears just like a bad plan and definitely bad optics.