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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 the use of Better apps. It would also boost app usage and transactions, coupled with the overall improvement in user reward.
These sustainable implementations and features are products of the recent mainnet launch of VeChain’s VeBetterDAO. As we reported previously, the mainnet launch was meant to enable the commencement of the 12-year tokenomics structure in addition to a 2 million B3TR pool weekly allocation to Decentralized Applications (DApps).
Over the years, VeChain has addressed serious global needs by amplifying individual efforts and creating a powerful synergy to fight against climate change and environmental degradation.
Over the years, several assessments have demonstrated the network’s energy efficiency, but we’ll let the numbers speak for themselves. The 2022 carbon footprint of VeChain’s network of 101 authorities master nodes was calculated to be 4.46 t CO2e/year, ranking VeChain as one of the most energy-efficient blockchains, using just 0,000216 kWh of electricity per transaction, or roughly 0.04% of other blockchains.
Most of the new post-migration features – “dApp listing validator mechanism, staking programs, and the ability to unlock higher tiers of GM NFTs”, are expected to be completed by the end of the fourth quarter of 2024 (Q1 2024).
Meanwhile, we continue to forge ahead with key partners, new integrations and builders as we onboard new dApps and businesses, opening the doors of the ecosystem to millions of new users and growing VeBetterDAO’s global reach and influence.
At press time, VET was trading at $0.021, having surged by 2.45% in the last 24 hours.