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VeChain Launches VeVote in an Attempt to be More Transparent

VeChain Launches VeVote in an Attempt to be More Transparent

  • VeVote is a tool that the VeChain community can use to see the incoming changes in the VeChain ecosystem.
  • VeVote provides a transparent and decentralized platform for stakeholders to cast their votes based on their voting authority.
  • The whole process is executed via smart contracts and is recorded on the VeChain Thor blockchain.

In an effort to improve the decentralized governance model, VeChain has launched a voting platform called VeVote. This is a tool that the VeChain community can use to see the incoming changes in the VeChain ecosystem.

VeChain (VET) is a Distributed Ledger Technology (DLT) aimed at enhancing supply chain management and business processes. The VeVote project was launched with an aim to increase transparency. As they mentioned in their blog post, after studying the mode of operation of their current governance models and by receiving feedback from various stakeholders, they decided to change their governance model.

VeChain intends to tackle the social problems associated with decentralization, like the absence of hierarchy, rather than the technical ones. What VeVote does is that it provides a transparent and decentralized platform for stakeholders to cast their votes based on their voting authority when important decisions are taken. The whole process is executed via smart contracts and is recorded on the VeChain Thor blockchain.

VeChain Thor is a blockchain platform that harnesses the power of smart contracts to solve issues in the supply chain. It is public and focuses on enabling businesses to track their products from manufacture to use. 

The first round includes redefining the criteria that dictate voting authority, determining which subjects demand all stakeholders’ votes and simplifying the voting procedure in general. Only the Steering Committee, who function like traditional board members, is permitted to vote on the above changes.

All of this is an attempt for VeChain to put in action their original goal, which is – Building a trust-free and distributed business ecosystem platform to enable transparent information flow, efficient collaboration, and high-speed value transfers.

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About Prerna Sengupta

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Prerna Sengupta is a writer for Thecoinrepublic. She is a law student at NALSAR University of Law, Hyderabad. She is interested in Tech Law and is especially keen on cryptocurrency, blockchain, and Bitcoin. She hopes to pursue this field in the future as a lawyer.

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