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- VePassport integrates Proof of Personhood with VeWorld Wallets to safeguard decision-making from malicious entities.
- VeBetterDAO has updated its interface, including a “Better Actions” tab for tracking user impact and a delegation feature for vote transfers.
VeChain has unveiled VePassport, a decentralized identification system that enables governance security and user rewards within VeBetterDAO. This new tool seeks to reduce the scourge of Sybil attacks in decentralized governance by implementing measures that make it possible for only true people to vote and get rewards. Moreover, VePassport ensures that people’s real actions and their real assets are tied to their identity.
How Does VePassport Work?
VePassport is simply a Proof of Personhood Solution attached to a user’s VeWorld Wallet so that such decisions cannot be made by people with no clear identity. It also decreases Sybil attacks wherein malicious individuals have several identities and accomplish dirty voting techniques or undeserved returns on investments.
Governing with a verified identity makes VePassport capably erode the integrity of the entire ecosystem ensuring that the decisions take the voice of real people, reported CNF. Some requirements must be met by users wishing to participate in governance and earn rewards.
Among these is executing three or more “Better actions” during any 12-week period which promotes active e-voting engagement. Furthermore, advanced investors in the platform and the users that have a stake are rewarded under a Proof-of-Equity system. Full KYC, or Know Your Customer, verification is not mandatory at the moment. However, VePassport can add KYC later on.
Sustainability is one aspect of the three that makes VePassport unique. Users of the platform are rewarded with “S-Proofs” for carrying out activities that are beneficial to the ecosystem. These are records of users’ actions on the chain which are environmentally friendly and are created by X-apps. The users who create these proofs also become eligible for governance rewards, so people would create a real-life effect and be active in the DAO.
Together with VePassport, the governance app named VeBetterDAO has undergone changes in user experience and community interaction, reported CNF. The introduction of the new “Better Actions” tab makes it easy for users to check how impactful their actions were as it graphically shows past sustainability actions.
Changes In Voting Procedure
To encourage equity in the decision-making process, VeBetterDAO reinstated a carbon voting mechanism. It acts to diminish the power that extensive stakeholders have, aiming to prevent ‘whale’ users from dominating the decisions. Strategic voting minimizes the ability of holders of large amounts of assets in a communication channel to dominate decisions.
The quorum for all governance proposals has also been changed and reduced from 51% to 30%. This promotes greater community participation and ensures more proposals are passed.
Another key addition that should be mentioned is the X-App Bot and Sybil Signal System. This optional feature allows X-apps to identify and flag suspicious wallets, preventing bad actors from misusing the system. Sharing data throughout the ecosystem helps to strengthen the protection of governance and reward systems from fraud.