- The VeChain Foundation has announced a concrete action and time schedule for the election of the VeChain Foundation Steering Committee.
- The candidates from three different groups are expected to be elected until the end of May 2020.
For the VeChainThor blockchain a major decision is upcoming this summer. The current term of the Steering Committee ends after two years on June 30th, so new board members have to be elected. The Steering Committee is a very powerful authority in the VeChain ecosystem, making important strategic decisions in the background and representing the interests of the VeChainThor blockchain to the public.
What is the Steering Committee responsible for?
The Steering Committee is responsible for the long-term development of the technical infrastructure, business expansion and value enhancement of the VET token. Furthermore, the Steering Committee is responsible for setting the general oversight and framework, including the design of the blockchain’s operating rules.
Each member of the seven-member Steering Committee represents the VeChain Foundation at various events such as professional associations, academic organizations, industry forums, technical conferences, where they present the VeChain strategy and vision. SC members are also expected to provide strategic guidance for the operation and continuous development of the VeChain Foundation, the blockchain technology and the ecosystem.
In accordance with the VeChain Foundation’s Governance Charter, candidates for the upcoming summer elections will be nominated in three categories: Existing SC members who are running for the next term, candidates (up to three) who are proposed directly by the Foundation’s Committee, and candidates who run publicly. The total number of candidates may not exceed 14 in the final vote of all parties involved.
Public candidates must declare their intention to stand for election. They must also go through numerous steps to be nominated for election. Thus, candidates must provide a letter of intent in which they submit a detailed resume with information on identification, profile, education, skills, professional certifications, and present a personal strategy and vision for the VeChainThor blockchain.
In the blog post, the VeChain Foundation also presented a schedule for the election of the Steering Committee.
- February 2020 – Candidates in the three categories announce their intention to run and provide a statement at the VeChainWorld Forum.
- March 2020 – Through VeVote, all stakeholders (Economic Nodes, X Nodes and Authority Masternodes) can vote on the candidates to exclude additional candidates (if any) based on the composition of the Steering Committee.
- April 2020 – In the second phase of the election, all stakeholders vote on the VeVote platform for the public candidates.
- End of May 2020 – The foundation counts the votes of the stakeholders and announces the members of the VeChain Foundation Steering Committee for the second term.
- July 1, 2020 – Opening day of the 2nd term of the VeChain Foundation Steering Committee.
VeVote decentralizes the VeChain governance model
In mid-December the governance of the VeChainThor blockchain was amended and partially replaced by VeVote. VeVote is an unchangeable, transparent and decentralized voting platform to record votes on important decisions and make them publicly available. Voting is done via VeVote smart contracts. The result is recorded on the VeChain Thor blockchain and can be viewed via the VeChain Sync app.
During the first vote, the steering committee approved the introduction of public voting via the VeVote platform. The approval required at least 5 of 7 votes. In the end, exactly five voted “Yes”, while two members abstained.
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The aim of VeVote and the stakeholder votes is to increase the decentralization of proof of authority-based governance to “meet the needs of regulators, governments and large corporations”.