Decentralization Governance Model for the VeChainThor

Decentralization Governance Model for the VeChainThor

The VeChain Foundation team has come with VeChainThor Blockchain, a blockchain-as-a-service platform originally built on the Ethereum smart contract network to service enterprise users. Though the platform has been launched recently, the team is compactly overseeing the status of governance model and related feedbacks. But a positive response and adoption by enterprise partners and communities has been seen. The VeChainThor blockchain is established with the intention to bring advancement in governance model, meets the needs of large enterprises and operate a decentralized public blockchain with the capacity to scale and comply with regulators.

A proposal to update to VeChain governance model has been offered by the Foundation Operation Team. And at last an updated VeChain Foundation Governance Charter was compiled for approval which will be later included into the VeChain Whitepaper 2.0 upon approval.

A number of changes have been brought with the new updates including streamlining stakeholder’s voting procedure, definition of categories of stakeholders with voting authority and adjustment of the voting authority model indeed. They also want to launch a decentralized voting platform namely VeVote, which will support two types of voting events including Committee Voting and All Stakeholders Voting.  Stakeholders can easily cast their votes on the platform on significant decisions. The proposal has been published on the VeVote platform for Steering Committee members to cast their votes on and at least 5 affirmative votes are needed for the proposal to pass. Users can enter the VeVote platform using Sync or VeChainThor mobile wallet. So the greater decentralization by VeChain blockchain platform is waiting.

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