VeChain announces new governance model with VeVote voting platform

  • Yesterday VeChain presented a new governance model with the decentralized voting platform VeVote.
  • VeChain wants to increase the transparency of its governance model and involve the community in future decisions.

Since the introduction of the VeChain Thor Blockchain, the VeChain Foundation has received a great deal of feedback from its partners, developers and the community on the governance model of the VET Blockchain. VeChain now wants to realize this with the new voting platform VeVote.

VeChain announces VeVote

With the platform, VeChain aims to ensure that the blockchain will retain its ability to scale while fully meeting the needs of regulators, governments and large enterprises. As a result, VeChain has decided to revise its governance model to create a flexible system that can be rapidly implemented for further development.

The decision was taken by the operations team on 11 November 2019. The result is a revised VeChain Foundation Governance Charter that has been approved by the Steering Committee and will subsequently be included in VeChain Whitepaper 2.0. The following changes have been made to the Articles of Association:

  • Specified the scope of fundamental subjects that require all stakeholder voting
  • Redefined the categories of stakeholders with voting authority as Authority Masternode, Economic X Node and Economic Node
  • Adjusted the voting authority model according to the new stakeholder categorization
  • Streamlined the all stakeholder voting procedure

To further increase the transparency of the governance model, VeChain has announced the introduction of VeVote, a decentralized voting platform for the VeChain ecosystem. The platform will initially support two different types of voting. The vote in the steering committee and the vote of all stakeholders.

The latter function will be available after the updated voting model is approved and included in the governance charter. VeChain describes VeVote as follows:

The VeVote platform provides an immutable, transparent and decentralized platform for stakeholders to cast their votes on important decisions based on their voting authority. The voting is done via VeVote smart contracts and the result will be recorded on the VeChainThor blockchain.

The proposal for the new model has been published on the VeVote platform so that all members of the steering committee can vote. The vote will be open between 06 December and 13 December 2019. At least 5 votes in favour are required for the proposal to enter into force.

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Users can access the VeVote platform via Sync or the VeChainThor mobile Wallet tab. All changes and completed votes as well as further details will be documented on the platform and can be viewed unchanged. VeChain sees the launch of VeVote as a further milestone towards greater decentralisation, which will improve the entire ecosystem in the long term.

VeChain continues to expand

The VeChain community is actively involved in the further development of the ecosystem and announced the launch of its own VeChain Explorer two days ago. Furthermore, VeChain, in cooperation with Fudan University, has discussed current issues in information technology and the blockchain sector with policy makers in their premises.

Most recently, VeChain was able to win the Australian shoe manufacturer Chase Shiel as a new partner who uses VeChain to verify the authenticity of their high-priced brand shoes. VeChain is also working with the DNP Group to implement the sustainable development agenda by 2030.

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About Author

Collin is a Bitcoin investor of the early hour and a long-time trader in the crypto and forex market. He's fascinated by the complex possibilities of blockchain technology and tries to make matter accessible to everyone. His reports focus on developments about the technology for different cryptocurrencies.

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