VeChain Proposes Decentralized Governance Model For VET Holders

VeChain proposes a new decentralized voting and governance model for the VET holders as we are about to read further in the VeChain coin news.

The foundation is a non-profit organization that oversees the development of VeChain announced the launch of the new decentralized voting platform for VET token holders. VeChain’s steering committee will put the platform up to the test on December 6 when they can approve or reject several amendments to the VeChain governance model.  Managing a decentralized community for developers, founders, entrepreneurs, and token holders has been one of the hardest tasks for the crypto community.
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According to VeChain, this is mostly a social problem rather than a technical one.

The ability to adapt the new situations is critical for the success of the startups. This has been simple so far, one CEO and a few employees can quickly arrive at a consensus for defining progress and in the world of crypto where the transparency, decentralization and the absence of the hierarchy are emphasized by reaching an agreement is much more difficult.

VeChain proposes the new dynamic and various projects have adopted the new voting procedures. Decred is a well-known example of the adoption which is combined with proof of work and proof of stake model offers the computing security of PoW but still gives the members a say as to how the protocol is operating the staking of DCR tokens. VeChain aims to integrate the voting platform called VeVote where the community can view incoming changes to the VeChain ecosystem:

 “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 VeChainThor blockchain is a blockchain-based solution focused primarily on improving the supply chain and the Internet of Things and DNV GL partnered with VeChain in July 2019 with the intent of leveraging the technology that can improve Vechain’s quality assurance services. The four points are pending a vote on December 6 make up proposed revisions to the original foundation governance charter.

The first round of votes is planned to be stored on the VeChainThor blockchain with a redefining category that provides voting authority and determines which subjects demand an all stakeholders’ vote. The platform can also adjust the voting authority model based on the amended category and simplifying the voting procedure overall.