VeChain has just ended its first-ever All-stakeholders Voting and the result of the ballot calls for the burning of 727 million VET involved in the recent wallet theft, thus taking out the funds from the digital asset’s circulating supply.
10 AM December 30, 2019, VeChain made its first main step in maintaining a strong balance between the community-based decentralization and enterprise-level execution, by concluding its first All-stakeholders Voting.
VeChain’s governance is to reach a consensus thus making the Steering Committee and Authority Masternodes of the blockchain concluded on implementing a temporary block list and the community later voted strongly on the implementation of permanent block list in relation to the latest buyback wallet theft.
With over 15% participation rate of each stakeholder category, the minimum voting threshold and the voting process was met and validated.
A total of 1,410 votes were cast between block#4,677,898 to block #4,721,015, and 99.06% agreed on the implementation of a permanent block list while the rest voted against the motion.
“53.47% of Authority Node holders participated in the ballot, casting 54 votes. 19.00% of Economic X Node holders participated in the ballot, casting 848 votes. 17.70% of Economic Node holders participated in the ballot, casting 508 votes”, VeChain noted.
In accordance with the final result of the voting, VeChain will destroy the 727 million VET tokens involved in the wallet theft, thus permanently removing the fund from the VeChain’s circulating supply. The tokens are to be considered burnt.
