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- Members of the committee are elected by community members who have voting authority.
- The move is a step toward the foundation’s aim to become a competitive blockchain choice for the public.
It announced that it will establish the VeChain Foundation Board of Steering Committee in 2023.
VeChain informed via its blog that the committee will take over all key aspects of decision making from it. Decentralization is a huge step toward the aim of making VeChainThor the leading public blockchain of choice for web2 companies.
Decentralising the core of decision making at the VeChain Foundation is a huge step towards seeing VeChainThor become the preeminent public blockchain of choice. The Foundation is well-positioned for regulations, real world adoption and a tidal wave of opportunities that will come in 2023 and beyond.
The Steering Committee members are selected by the community Stakeholders with voting authority and are responsible for laying out critical strategies and overseeing the operational units of the foundation.
Therefore, the community selects professionals with individual proficiency who intensify and advance VeChain’s directive to “Go Sustainable”. After the election and confirmation of the new committee, the successful individual will be announced and the election will be over.
“With 2023 beginning, we felt the time was right to maintain the positive progress and kick off Steering Committee elections, further decentralising the core of VeChainThor’s governance model.”
VeChain has launched a formal rebrand and a sustainability mission and has opened new headquarters and technology centers in San Marino and Ireland respectively.
The number of Foundation developers is growing fast and the PoA2.0 and their Finality gadget, which is a first for a Proof of Authority blockchain, has been implemented.
On January 5th, VeChain Foundation published its financial report of Q3 2022 according to which the foundation has assets worth $400 million in its treasury.
As per the report the VeChainThor blockchain continued to grow at a healthy pace. 8,296 new wallets were created and 573 new smart contracts were deployed on the VeChainThor blockchain.The network continues to garner new users at the community and business level at a steady rate, a trend that will only continue to speed up as we move into 2023.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
