VeChain Community Approves Proposal – Ready for New Features
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According to VeChain, 13.3 million VOT3 tokens have been cast to approve a proposal to implement several technical upgrades. X-Nodes endorsement and GM NFT upgrade, which are post-VeBetterDAO migration features, are expected to be fully implemented before October 2024. VeChain’s (VET) VeBetterDAO hits a historic milestone with the approval of a proposal relating to the Quadratic voting or funding. According to the announcement posted by VeChain and shared by blockchain researcher Collin Brown, about 13.3 million VOT3 tokens were cast, paving the way for the developer team to implement the necessary changes. Some of the expected introductions are the Quadratic funding, Proof of Sustainable Work, X-Nodes endorsement, and GM NFT upgrade. 🚀 Big news for VeChain! The VeBetterDAO Proposal has passed with 13.3M $VOT3 tokens. 🎉 Get ready for Quadratic Voting, Proof of Sustainable Work, and upcoming features like X-Node Endorsements and GM NFT Upgradeability. 🌟 #VeChain #Blockchain #Crypto #DeFi… pic.twitter.com/phpQV9ImQ7— Collin Brown (@CollinBrownXRP) September 10, 2024 VeChain’s Quadratic Voting/Funding Quadratic voting on VeBetterDAO ensures that users use their vote tokens (VOT3) to make decisions on various governance proposals. Unlike the traditional voting system, the effective voting power of this initiative is calculated using quadratics. This enables participants to express stronger preferences on issues they prioritize, preventing single participants from influencing the outcome. In the broader tech industry, this mechanism enhances a more inclusive and innovative environment. For instance, casting 1 vote grants a voting power of 1, but casting 4 votes grants a voting power of 2 (sqrt(4)), and casting 9 votes grants a voting power of 3 (sqrt(9)). This system allows stakeholders to express stronger preferences on issues they care deeply about, without letting any single participant disproportionately influence the outcome. VeChain’s Proof of Sustainable Work According to VeChain, this solution introduces the minimum value score gained via…
Filed under: News - @ September 10, 2024 11:18 pm