VeChain developed a decentralized voting platform for its ecosystem. Its name is VeVote. That platform’s aim is to create a governance model for better transparency.
VeChain announced the launch of its new product via its Twitter handle.
Announcing an updated & more decentralized governance model for the VeChain platform, powered by the launch of VeVote. With this milestone release, VET holders & relevant stakeholders can directly participate in the governance process of the blockchain. https://t.co/NIcKxTGjOr
— VeChain Foundation (@vechainofficial) December 5, 2019
So, the company is making every effort to become more transparent and decentralized. And it introduced a new governance model for its VeChainThor platform. It will encourage two different types of voting events: Steering Committee Voting and All Stakeholders Voting.
“The VeVote platform provides an immutable, transparent and decentralized platform for stakeholders to cast their votes on important decisions based on their voting authority. The voting is done via VeVote smart contracts and the result will be recorded on the VeChainThor blockchain,” advises VeChain.
The VeVote platform is available on Sync or the VeChainThor mobile wallet.
For now, only members of the Steering Committee can participate in the voting process. Once the tests are complete, other stakeholders will be able to join in. Later, all these changes will be added to VeChain whitepaper 2.0.
VeChain supply tracking
VeChainThor uses a combination of blockchain technology and its own in-built smart chip to track products throughout their life cycle. The smart chip is already an important part of the IoT system. Fors instance, NFC chips, RFID trackers, or QR codes contain it.
VeChain Thor has two layers: an IoT-based token layer that tracks digital assets on the blockchain, and a smart-contract layer. The latter tracks ownership and helps build dApps to use the data.
Thus, this technology plays a vital role in ensuring product quality in many industries. At each step of the process, you can scan the smart chip on the product to verify its authenticity. And since blockchain is an immutable registry, you will have the whole picture painted. For instance, the product’s origin, shipping information, etc
VeChain technology has huge value for the business. Learn more in this interview with the company’s CEO Sunny Lu.