Everything you need to know on the VeChain X Node program

0

In March 2018, the VeChain Foundation announced an early supporters rewards program called X Nodes. In this guide you will learn everything you need to know about the benefits of having a X Node and how you can get one.

The X Node program

To show appreciation for early supporters of the VeChainThor ecosystem, the VeChain Foundation introduced the X Nodes program in March 2018.

A large part of our motivation comes from the trust given to us by our community. We are determined to show our appreciation for our true supporters. Knowing the glorious future of this platform, the committee members found it necessary to honor our true supporters in meaningful ways. – VeChain Steering Committee

Any wallet which held 6.000 VEN (600.000 VET) or more during the snapshot on March 20th, 2018 was given a special X status.

In December 2018 the Foundation announced that all Nodes became Tokenised, meaning that your Node Status became represented by a NFT (Non-Fungible Token) in your wallet.

With this, a decentralized trading market was introduced within the VeChainThor mobile wallet, where anyone could now buy an X-Node status from someone else, using VET.

This means that using the market, now every true supporter of the VeChainThor blockchain has a chance to acquire an X Node, while giving the early supporters who got their status for free a chance to sell their status for VET.

The types of X Nodes

There are four types of X Nodes. From the smallest VeThor X node that requires 600.000 VET to the biggest X Node requiring you to hold at least 15.6 million VET! Each type of X Node comes with their own requirements (min. amount of VET) and benefits.

  • VeThor X – 600.000 VET
  • Strength X – 1.600.000 VET
  • Thunder X – 5.600.000 VET
  • Mjolnir X – 15.600.000 VET

Upgrading your X Node

To upgrade your X Node to the next level, you will have to wait a certain amount of time before it is upgraded. This period is called the maturity period.

The maturity period to upgrade to the next level are:

  • Vethor X > Strength X = 30 days
  • Strength X > Thunder X = 60 days
  • Thunder X > Mjolnir X = 90 days.

As an example, to upgrade from a VeThor X to a Mjolnir X Node you will have to wait 30+60+90= 180 days!

You can upgrade your X Node by opening your VeChainThor mobile wallet > select the wallet that holds your X Node >Rewards > click on the Upgrade button.

Upgrading your X Node from the rewards tab in the mobile wallet

It is not possible to downgrade an X Node, when you drop below the VET threshold required for your level your X Node will be destroyed and lost forever.

X Node rewards

The main benefit of having a X Node is that you get additional VTHO generation.

As explained in this medium post by the Foundation, the Foundation has created a special pool in which they placed 5 billion VET. The VTHO generated by this pool is given to X Node owners.

How much VTHO you get from this pool, depends on your X Node level and the amount of VET you hold. In the table below you can find how much VTHO your VET generates per day depending on your X Node type.

 Mjonir XThunder XStrength XVeThor X
VET Required15,600,0005,600,0001,600,000600,000
Basic generation0.0004320.0004320.0004320.000432
Normal Node reward pool0.0002300.000173
0.000115-
X-Node reward pool0.0001400.0001050.0000700.000018
TOTAL VeThor generated per VET per day0.0008020.0007100.0006170.000450
VeThor generation compared to Non-node186%164%143%104%
Stats provided by VeChainstats.com

Next to additional VTHO generation, X-Node have various other benefits, of which the most important ones are:

  • Get special privileges for VeChain products and services.
  • Get discounts and exclusive participation in VeChain ecosystem ICO’s.

The Foundations aims to give X Node holders additional rewards and privileges, beyond the currently perceived scope in the future.

How to buy a X Node

You can buy a X Node token using the market available in the VeChainThor mobile wallet. To buy an X Node:

  1. Open the mobile wallet and go to Collectibles
  2. Click on VeChainThor Node
  3. At the bottom click on “Check the trading market”
  4. From here you can see the various Node Tokens that are up for sale
  5. If you see a Node Token you like, you can buy it here.
You only buy the Node Token and not the VET that is needed to hold for that Node! So for example when you buy a VeThor X Node for 300.000 VET, you also need to have an additional 600.000 VET required for that Node.
Browsing the Market to buy a (X) Node Token

X Node tokens are quite expensive, at the time of writing a VeThor X Token is worth around 300.000 VET (~$1700).

Points to remember when buying a X Node

  1. After you buy the Node status you have 4 hours time to have the required VET in the wallet. If you don’t have necessary VET in your wallet within 4hrs from buying the node, the node status token will be destroyed.
  2. After buying a node, there is a cool down period of 24 hours in which you can not sell or transfer the status.
  3. After you buy a xnode remember to never go below the required VET threshold based on your node.
  4. You can always upgrade your xnode by clicking upgrade on rewards page. But once you upgrade you can never downgrade. For example : You have Vethor xnode which requires 600k VET in the wallet at given time, if you choose to upgrade to strength xnode your now minimum threshold is 1.6m VET.

LEAVE A REPLY

Please enter your comment!
Please enter your name here