Since the launch of the VeChainThor Blockchain, the VeChain Foundation team has been closely monitoring the operational status of the governance model as well as the feedback from our enterprise partners, developers and community.
The VeChainThor blockchain has seen a continuous rise in adoption by major enterprises, startups and community, with more and more applications being deployed and run on the blockchain.
In order to continue VeChain’s main goal of operating a decentralized public blockchain with the capacity to scale, and at the same time complying with regulators, governments and to meet the needs of large enterprises, the next step in VeChain’s decentralization journey is to improve its governance model with the ability for continuous iterations alongside rapid progression in ecosystem development.
During the most recent Steering Committee meeting on November 11, 2019, the Foundation operation team proposed updates on the VeChain governance model. The Steering Committee members discussed at length about the most suitable governance model based on the current status of the VeChain ecosystem. As a result, an updated VeChain Foundation Governance Charter was compiled for the Steering Committee’s approval, which will be later incorporated into the VeChain Whitepaper 2.0 upon approval.
The updated charter includes the following major changes:
- 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 foster the transparency of the VeChain governance model, we are excited to announce the launch of VeVote, a decentralized voting platform for the VeChain ecosystem.
The VeVote platform supports two types of voting events, Steering Committee Voting and All Stakeholders Voting. The All Stakeholders Voting function of the platform will be available after the updated voting model is approved and incorporated in the Governance Charter. 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 VeChain Governance Model updates has been published on the VeVote platform for Steering Committee members to cast their votes on. The ballot is open between Dec 6, 2019 10AM to Dec 13, 2019 10AM (UTC+8), and at least 5 affirmative votes are needed for the proposal to pass.
Users can access the VeVote platform using Sync or the discover tab of VeChainThor mobile wallet. You will be able to see all upcoming and completed voting events, and the details of each proposal.
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.