VeChain Price Rallies Ahead of 2023 Steering Committee Election

The enterprise-grade public blockchain platform, VeChain Foundation, is inviting the public to participate in its on-coming 2023 steering committee election. Using its Twitter handle, the VeChain Foundation has called on anyone passionate about Web3, sustainability, and blockchain to seize this opportunity.

According to the VeChain Foundation, the 2023 steering committee election is part of the process of decentralizing the core governance of VeChainThor. It said that the goal of the process is to shape the future of VeChainThor (VET) and that of the distributed ledger technology (DLT) ecosystem, preparing it for mass adoption.

The initial notice of the 2023 steering committee elections was released earlier this year. At the time, VeChain Foundation confirmed that it was a timely event designed to maintain positive progress. An important aspect of this progress is to further decentralize the core of VeChainThor’s governance model.

VeChain’s native token, VET, has sustained an uptrend since this announcement was made last week. VET’s price has moved from $0.017 to $0.021 within eight days, gaining 23.5% in the process.

VeChain/US Dollar Chart (Source: TradingView)

As contained in the VeChain Foundation’s whitepaper, the Board of Steering Committee is responsible for making important decisions on how to run the VeChain. The Board lays out the project’s critical strategies and oversees the Foundation’s operational units.

VeChain Foundation’s goal is to build infrastructure that will encourage Web2 companies to pursue their sustainability objectives using blockchain technology. Becoming a member of the steering committee puts you in the position to provide guidance, propose strategies and be actively involved in making decisions that will guide the project toward achieving its goals.

For the election process, voting rights are reserved for stakeholders of the VeChain community that have earned the voting authority. They include Authority Masternodes, Economic X Nodes, and Economic Nodes. These stakeholders can be individuals, corporations, government agencies, non-profit organizations, or any institution with stakes in the VeChain ecosystem.

VeChain Foundation considers timing to be important in the 2023 steering committee election. It emphasizes that the event comes up when the organization is focusing on delivering its ‘Go Sustainability’ mandate.