Voting for change of governance
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.
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.
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”.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.
Author : Jake Simmons