VeChain launches first decentralized VeChain all-stakeholders voting

  • VeChain announced a few hours ago that the first decentralized vote on the fate of the hack’s frozen VET will be held.
  • All involved stakeholders of the community can vote whether the VET should be burned and thus withdrawn from circulation.
  • Since this vote is very urgent, but VeVote is still in the development phase, an alternative was developed.

As we reported earlier, on December 13, 2019, the largest VeChain hack in history occurred. Hackers were able to steal more than one billion VET due to a bug in the creation of a private key. VeChain recently announced that the foundation, in cooperation with exchanges and a whitehat hacker group, has identified 469 addresses of the hack and the situation is under control.

These wallet addresses have since been frozen and the relevant exchanges notified, so that the hacker does not have much opportunity to sell the VET and thus manipulate the market. Therefore the emergency patch VeChainThor v1.1.5 was implemented, which forces a temporary blocking of the addresses controlled by the thief.

VeChain community should vote on further fate

VeChain describes in a new blog post that in the interest of collective understanding and decentralization, the community should vote on the final decision on the fate of the blocked addresses and stolen funds. Therefore VeChain will initiate the first VeChain All-Stakeholder Vote on this issue based on the recently adopted VeChain Governance Charter.

The result of this vote will decide whether the block list on the VeChainThor Blockchain will be implemented permanently or not. The total of 469 contaminated addresses could be removed from the total and circulating inventory forever. To date, following the recent completion of the updated governance model, the function of reconciliation of all stakeholders at VeVote is still under development.

However, due to the urgency, VeChain has chosen an alternative method of VTHO transfer to the addresses named in the article, which follow exactly the same rules of the VeChain Governance Charter. The topic of the vote is in detail:

Do you agree to implement the block list introduced in VeChainThor v1.1.5 permanently as a result of the recent Foundation buyback wallet theft?

Follow us for the latest crypto news!

Depending on whether the stakeholder agrees or not, 1 VTHO must be sent to the respective wallet address mentioned in the contribution. The voting will take place from 25.12.2019 to 30.12.2019. Depending on the final result VeChain will act with the appropriate consequences and implement these measures immediately. Further details can be read in the current VeChain article.

This step shows how a decentralized community can work together and find a suitable solution even for difficult problems with which all involved actors agree.

VeChain founds Blockchain Initiative

VeChain has founded a new initiative together with its long-time partner DNV GL to promote the use of the blockchain technology. The initiative is designed as a global development strategy of the Chinese government, in which more than 130 countries, from various international organizations, participate.

Meanwhile, VeChain’s price increased yesterday, contrary to the current market trend, by more than 10% to 0.0060 USD. It remains to be seen whether this short-term price increase can be sustained in the longer term.

Follow us on Facebook and Twitter and don’t miss any hot news anymore! Do you like our price indices?

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.

Comments are closed.