- The VeChain Steering Committee has approved the new governance model for the VeChain Thor blockchain.
- As the VeChain Foundation announced, the very first vote in the public Steering Committee was completed succesfully.
As CNF reported a few days ago, the VeChain Steering Committee had to decide on the change of the governance model of the blockchain and the introduction of the voting platform VeVote. A few hours ago, on 13 December, the VeChain Foundation announced via its Twitter account that the very first vote on the VeVote platform had been successfully completed.
The new governance model for the #VeChainThor #Blockchain has been approved by the Steering Committee, completing the very first public on-chain Steering Committee vote! All community members can check the results on #VeVote:https://t.co/ENDbLbI9ab https://t.co/Z3d7125YhQ
— VeChain Foundation (@vechainofficial) December 13, 2019
VeVote is an unchangeable, transparent and decentralized voting platform to record the votes of important decisions and make them visible to the public. Voting takes place 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 on the VeVote platform. The approval required at least 5 out of 7 votes. In the end, there were exactly five who voted “yes”, while two members abstained.
In the future, not only the Steering Committee is to make publicly available decisions on VeVote, but also all stakeholders will be able to vote on future developments. The aim of VeVote and the stakeholder votes is to increase the decentralisation of the Proof of Authority-based governance. The VeChain Foundation hereby intends to “meet the requirements of regulators, governments and large corporations”.
How VeChain’s new governance model works
The proposed amendments do not only include VeVote, but go much further. Until now, the Steering Committee has been a very powerful authority in the VeChain ecosystem, as it has practically been in charge in the background.
The new governance model will give the majority of votes and authority back to the community by giving Economic Node and X Node operators a voting right that can account for up to 60% of votes. The remaining 40% of the votes are held by the owners of the Authority Masternodes. These are various companies, authorities and developers who own at least 25 million VETs.
With the new governance model, the community now has the power to decide on the future of the VeChain Thor blockchain by having the power to reject or approve the entire Steering Committee. The release of VeVote can thus be seen as a milestone on the road to greater decentralization of the VeChain blockchain platform.
The introduction of VeVote can also serve as a model for the entire blockchain industry. It shows a fundamental change in how it works to create a decentralized consensus by recognizing token owners as voting members of a decentralized network.