VeChainThor (VET) Unveils VeVote for Decentralized Governance and Voting

VeChain (VET), a distributed ledger technology (DLT) project aiming to enhance supply chain management and business processes, has announced the launch of VeVote, a decentralized voting system designed to foster transparency and improve VeChain’s governance model, according to a blog post on December 5, 2019.

VeChain Fostering Transparency 

In an effort to function as a genuinely decentralized public blockchain network, become more compliant and continue to meet the needs of enterprises, VeChain has decided to tweak its governance model.

As stated in its blog post, after carefully studying the mode of operation of its current governance model and receiving feedback from its enterprise partners, developers as well as members of its community, the VeChain team has come to the conclusion that now is the right time to revamp its governance model.

Reportedly, during its Steering Community meeting held in November, the committee formulated an updated VeChain Foundation Governance Charter that would be incorporated into the VeChain whitepaper if it gets approved by the committee.

Notably, the updated charter if approved will bring significant changes to the way things are done in the VeChain ecosystem, including stakeholder voting, redefining the categories of stakeholders, adjusting the voting authority model and streamlining the stakeholders’ voting procedure.

The Launch of VeChain (VET) VeVote 

To make the implementation of the proposed changes easier, the team has introduced a new decentralized voting platform named VeVote, to offer stakeholders a decentralized, immutable and transparent system of voting.

The team says the VeVote system is powered by smart contracts and it  will support both Steering Committee Voting and All Stakeholders Voting, but the latter will only go live after the “updated voting model has been approved and integrated into the VeChain Governance Charter.”

VeChain says:

“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 December 6, 2019, by 10 AM to December 13, 2019, 10 AM (UTC+8), and at least five affirmative votes are needed for the proposal to pass.”

The team has noted that VeVote will be available to members of the VeChain community via Sync or the Discover tab of the VeChainThor mobile wallet.

VeChain remains one of the credible DLT projects dedicated to promoting broader adoption of blockchain technology. 

Earlier in November 2019, BTCManager reported that VeChain and its partners have launched a highly functional blockchain-powered cross-continental trade solution.

At press time, the price of VeChain (VET) sits at $0.006832, with a market cap of $378 million as seen on CoinMarketCap.