VeChain Launches Improved Governance Model, VeVote
As part of efforts to strengthen the transparency of its governance model, VeChain has announced the launch of VeVote, a decentralized voting platform its network. This will provide new governance perks to VET holders. While making the announcement on Medium, the VeChain Foundation said:
The VeVote platform provides an immutable, transparent and decentralized platform for stakeholders to cast their votes on important decisions based on their voting authority.
VeVote is already being put to test by VeChain’s Steering Committee. The Committee has between Dec 6 to Dec 13, 2019 to either approve or reject several amendments to VeChain’s current Governance Model. After which, the result will be recorded on the VeChainThor blockchain.
The proposed amendments include redefining the categories of VET holders that enjoy authority, specifying which subjects require all stakeholders to vote, adjusting the voting model based on the new categories, and a general simplification of the voting process.
As earlier stated, the voting process between Dec 6 to Dec 13 is open to only members of the VeChain’s Steering Committee. This inaugural casting of votes on the VeVote platform will enable all stakeholders to participate in future voting processes, if the amendments are approved.
The release of VeVote signifies a milestone step towards greater decentralization of the VeChain blockchain platform. With VeVote, all stakeholders are now empowered to determine the future of the VeChainThor blockchain. Remember, the future is in your hands.