Source: Diego Ioppolo – Shutterstock
- The VeChain Foundation has announced plans to introduce decentralized governance to the network.
- The Foundation will hold elections for the Board Steering Committee to select the stakeholders who will take over decision making.
The VeChain Foundation is taking steps to introduce decentralized governance to the VeChainThor blockchain in 2023. The Foundation has announced that it will roll out a VeChain Foundation Steering Committee this year.
In a blog post, the foundation clarifies that the committee will take over all key aspects of decision-making. According to the post, decentralization is a big step towards VeChainThor becoming the leading public blockchain of choice for web2 companies.
Decentralizing the core of decision-making on the VeChain Foundation is a big step towards making VeChainThor the preferred public blockchain of choice. The Foundation is well-positioned to respond to regulation, real-world adoption, and the waves of opportunities that come in 2023 and beyond.
The VeChain Foundation will follow the procedures specified in VeChain’s white paper to form the committee. According to the whitepaper, the entire VeChain community will play a role in choosing committee members by participating in elections.
The community is therefore encouraged to select professionals with individual expertise that will strengthen and facilitate VeChain’s “Go Sustainability” mandate.
Meanwhile, the white paper also sets out guidelines to be followed by qualified stakeholders considering joining the committee. These include completing and submitting an application. Following this, they are to undergo her KYC to ensure compliance with the candidate’s terms.
Once approved through the KYC step, candidates will have an AMA and share their agenda with the community. The AMA will elaborate on their experience, rationale for their application, and future vision of the VeChain Foundation. Once all candidates have completed this process, an election will take place on the VeVote platform. And the confirmation of the new commission follows.
The VeChain Foundation is very optimistic about VeChain in 2023.
In the announcement blog post, the VeChain Foundation also highlighted other reasons to be optimistic about VeChain in 2023. The reason has a lot to do with its 2022 performance, which is positioned for massive growth.
These include initiating a formal rebrand and rolling out its sustainability mission. The foundation also opened new headquarters and technical centers on European soil in San Marino and Ireland.
No spam, no lies. Insight only. You can withdraw at any time.
Meanwhile, the VeChainThor blockchain has completed the implementation of PoA2.0 and its Finality Gadget. The upgrade is the first of its kind for the Proof of Authority blockchain and comes despite the rapidly growing number of developers on the network.
Similarly, the VeChain Foundation shared its financial report for the third quarter of 2022 earlier this week. The report showed the foundation had assets worth nearly $400 million in its national treasury. He added that this adds to his optimism for VeChain in 2023.
Crypto News Flash does not endorse and is not responsible or liable for the content, accuracy, quality, advertising, products, or other materials on this page. Readers should do their own research before taking any action related to cryptocurrencies. Crypto News Flash shall not be liable, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with use of or reliance on any content, goods or services mentioned. I don’t owe you.
