VeChain has a mission to enhance the transparency of its governance model. In order to foster and achieve this move, VeChain announced the launch of a decentralized voting platform christened VeVote.
According to the information inferred from a VeChain news channel, the VeVote backs two types of voting events, namely, Steering Committee Voting and All Stakeholders Voting.
Until the approval and incorporation of the voting model in the Governance Charter, the All Stakeholders Voting feature of the platform will not be available.
Purpose of the VeVote Platform
The VeVote platform is designed to make provision for immutable, transparent, and decentralized avenue for stakeholders to cast their votes in relation to their voting power when moving to make important decisions.
The record of the result of all votes cast will be sent to VeChainThor blockchain, after the completion of the voting process through VeVote smart contracts.
In order to enable Steering Committee to dully cast their votes, steps have been properly taken to publish the proposal for VeChain Governance Model updates on the VeVote platform.
Within the VeChain community and probably the entire cryptocurrency space, the launch of VeVote is seen as a great achievement in the quest to attain the optimum decentralization of the VeChain blockchain platform.
The release of VeVote is expected to make VeChain more democratic, due to its feature that gives all stakeholders power and right to decide the future of the VeChainThor blockchain.
The voting is scheduled to commence on 6th December 2019 at 10 AM (UTC+8) and end on 13th December 2019 (UTC+8). Going by the update, the proposal will not be passed until five affirmative votes are realized.
By following any of these two channels, users will be able to see the completed, upcoming events and all the available proposal details.
What Transpired Since the Inception of VeChainThor Blockchain
The individuals that constitute the VeChain Foundation are really striving to monitor the mode of operation of VeChain Governance model since the emergence of the VeChainThor Blockchain.
Due to the constant development and the consistency in the release of more beneficial applications built to run on the VeChainThor blockchain, its adoption among the prominent businesses and startups around the globe has been on the increase.
So, the earlier elaborated VeVote is just an avenue to build on what already exists. Before a full decentralization can be realized, there must be improvement in its governance model to foster rapid growth in VeChain ecosystem. In a nutshell, this brought about the innovation and the launch of VeVote.