VeChain Foundation Announces Election Process For Their Second Ever Steering Committee

Ritika Sharma
Ritika Kumari Sharma is an Economics Honors graduate from the University of Calcutta. She is completely into finance and believes that cryptocurrencies are the future. She is an enthusiast learner about the cryptocurrency and blockchain technology.
  • The VeChain Foundation has announced the elections for the Steering Committee.
  • The elections take place every two years, with the current term ending on 30 June 2020 and the Second Steering Committee elected soon after.
  • By March, the first phase of voting will begin with the second phase in April and the final round of voting in May.

The VeChain Foundation has announced the elections for the Steering Committee that governs over core decisions made by stakeholders in the VeChain blockchain. This election will mark the second panel ever that will be elected to ensure the

“efficiency of decision making and ensures the fairness and effectiveness of the execution on fundamental matters that require all stakeholders’ decision, as well as executing all other decisions that are vested to the SC as according to the Governance Charter.” 

The elections take place every two years, with the current term ending on 30 June 2020 and the Second Steering Committee elected soon after. The Committee consists of seven individuals elected by the stakeholders.

The VeChai Foundation Governance Charter states that out of 14 individuals in the final voting round will be individuals who chose to run a second term from the currency committee, up to three candidates. Who is directly chosen by the Foundation’s nomination committee, and finally the other candidates who publicly announced participation in the elections?

The Governance Charter requires that candidates announce their full name, exceeds the 21 year age barrier and are not considered disqualified by the criteria mentioned in the charter. 

The candidates should be able to make expert decisions and should have integrity, good judgment, and great leadership qualities. Strong collaboration must be there between the members of the Steering Committee, and the Committee members must make sensible analytical and logical decisions.

All members must have a goal set on increasing the value of the VeChain blockchain for future applications and the stakeholders. The members are also required to understand the rules of the Foundation and the technical details behind the operation of the blockchain. With a passion for lead the VeChain blockchain into a successful future.

Since the members of this community will effectively represent the VeChain Foundation, they must be familiar with VeChain’s goals and its strongly growing ecosystem.

Steering Committee

The Steering Committee on VeChain is an essential part of the ecosystem in organizing the community and making the important decisions for the blockchain, from technical decisions to business choices. The entire Committee works with the goal of attaining more value and building more utility on the blockchain.

The elections will have their candidates announced in February 2020, and within a month, candidates have to elaborate on their plans for the blockchain’s future and how they plan to improve the ecosystem.

Elections Schedule

By March, the first phase of voting will begin with the second phase in April and the final round of voting in May. By the end of May, a final candidate will have been selected and the Steering Committee will transition to the new panel in June. 

VeChain’s complex governance system that decentralizes decisions using PoS and further doubles down on it by decentralizing even the governing authority for the VeChain Foundation through an election system allows for the blockchain to remain in full control of its community at all times. 

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