VeChain is launching a decentralized voting platform, providing further governance benefits to VET holders.

The VeChain Foundation, a non-profit organization that oversees the development of VeChain, has announced the launch of a decentralized voting platform for VET token holders. VeChain's steering committee will test the platform on December 6, when it can approve or reject numerous amendments to VeChain's governance model.

Take advantage of decentralized governance

Managing a decentralized community of entrepreneurs, developers, founders and token owners has been one of the most difficult tasks for the cryptographic community. But according to VeChain, this is more a social problem than a technical one.

The ability to adapt quickly is critical to success. Traditionally, this has been relatively simple. A CEO and a small number of employees can quickly reach consensus to define progress. In the world of cryptocurrencies - which underlines transparency, decentralization and the absence of hierarchies - reaching an agreement is much more difficult.

In response to this new dynamic, various projects have adopted voting procedures. Decred is a well-known example of this adoption. Its model offers PoW cyber security, but still provides community members with how the protocol works by mining DCR tokens.

The ultimate goal of VeChain

In a similar move, VeChain seeks to integrate a voting platform called VeVote through which its community can view changes coming into the VeChain ecosystem.

The VeChainThor blockchain is a blockchain-as-a-service solution focused primarily on improving supply chains and the Internet of Things (IoT). DNV GL partnered with VeChain in July of this year with the intention of leveraging technology to improve VeChain's quality assurance services.

The four points awaiting vote on December 6 constitute the proposals to revise the original VeChain Foundation's governance charter.

The first round of votes scheduled for archiving on the VeChainThor blockchain includes:

• the redefinition of the categories that enjoy voting authority
• determining which parties require a vote from all interested parties
• the adjustment of the voting authority model based on the changed categories
• the general simplification of the voting procedure.

The current categories of stakeholders with voting authorities are authority nodes, economic X nodes and economic nodes. Each category corresponds to the number of VET tokens held. Authority Masternodes, for example, must consider at least 25 million VET tokens.

More detailed information on the voting mechanism is available in the VeChain Foundation Governance Charter.

Only members of the steering committee, similar to the members of the board of directors of a traditional company elected by the holders of VET, can vote on the above changes. Each member will have until December 13 to cast their vote. More importantly, this will be the inaugural voting cast on the VeVote platform. If approved, the adjustments will be included in the VeChain 2.0 white paper.