This summer, the term of the Steering Committee is coming to the end. After two years of the committee’s board, the project elects new board members. Now, it’s time to decide who will take office as the new leader.
Members are selected throughout the crypto space and as it expected to bring more effective decision making. An important requirement is that candidates understand the mechanism of operation of a distributed business ecosystem based on the VeChainThor blockchain.
VeChain Thor is a hybrid of decentralization and centralization. VET token holders have the right to vote and elect the governing body of the VeChain Foundation. Six types of stakeholders are eligible to vote. They are selected depending on how many VET tokens they have in their wallets and whether they are individual or corporate operators.
Therefore, the term of the project management by the current committee ends on June 30 of this year, and the next vote is already open.
Who Can Become a Candidate
The new members of the Steering Committee are:
- Persons who are now members of the committee and are ready to continue to develop the project in the next two years;
- Persons proposed by members of the current Committee;
- Persons who submit a public application for participation in the election of members of the Committee.
Before declaring his intention to run for election, the candidate must complete the following steps:
- A candidate announces an intention to run for membership in the Security Council;
- A candidate is 21 years of age or older;
- A candidate is not a “disqualified person” of VeChain Foundation;
- A candidate must be honest and objective;
- A candidate must have leadership qualities;
- A candidate has an experience in providing recommendations and recommendations on the Fund’s development strategy;
- A candidate has the ability to conduct independent analytical queries, collaborate effectively and make a productive contribution to the discussions and discussions in the Steering Committee;
- A candidate understands the basics and operation of the blockchain, strategies, and tasks;
- A candidate has free time to participate in the work of the Steering Committee.
Starting in February this year, candidates can submit their candidacy in the elections, as well as prepare and show presentations and other ideas for product development.
Upon the fact of the three stages of voting, a new committee will be formed in May. The opening itself will be carried out on July 1, 2020.
What Problems Can VeChain Solve?
The Steering Committee represents the interests of the stakeholders of the VeChainThor blockchain in the long-term development of the technical infrastructure, the expansion of the business and the increase in the cost of the token.
VeChain goes beyond finance in which cryptocurrency achieves transparency. The system occupies a new niche and seeks to achieve transparency in the field of IoT.
This project is useful in logistics, for public service, in sales, food industry, and many others.
It works using smart chips (NFC, RFID), or QR codes, thanks to which objects are identified. All information is uploaded to the blockchain. Thus, all this is combined into one global network, which can be accessed quickly. This allows you to improve control over things (quality, shelf life, and so on). Benefits go to both producers and consumers.
The new committee intends to manage the project so that it meets the requirements of regulators, governments and meets the needs of large enterprises.
At the same time, the project must adhere to the idea of decentralization with the high scalability of the blockchain. Such a model, according to the creators of the project, will help VeChain make greater progress in developing the ecosystem and global adoption in general.