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- VeChain (VET) has unveiled VePassport – a system designed to use several modules to filter real wallets from bots during voting.
- Using the proof of investment module, legitimate wallets would be determined by those that hold a GM NFT with a level of more than one.
VeChain (VET) has officially announced the launch of VePassport on VeBetterDAO to advance the fight against Sybil attacks and secure its environment while making the ecosystem more transparent and sustainable.
#VeChain has introduced #VePassport on #VeBetterDAO—a powerful “Proof of Personhood” solution for fairer, Sybil-resistant decentralized governance. With features like participation tracking, equity proof, and quadratic voting, it fosters genuine community involvement. 🌱🙌Dive… https://t.co/nzq4BwJGSS— VeSwap – ♻️ VeFi Engine (@veswaporg_) October 29, 2024
What is VePassport and How Does it Work
According to a document shared by VeChain, VePassport is a system designed to enable Decentralized Applications (DApps) on the network to determine whether a wallet belongs to a bot or a real person. Interestingly, this is done through four main modules:
Proof of Participation in the VeBetterDAO Ecosystem
To be considered a person, the system requires users to complete three Better actions within 12 weeks. According to VeChain, this encourages greater participation and active contribution. To effectively monitor such activities, a reward would be given to users, and points would be accumulated when users engage with an app. In this case, an app with a low-security score would be worth 100 points, 200 points for medium, 400 points for high-security apps, and zero points for apps with no security points.
Proof of Investment
GM NFT level held by a wallet would be another mode of legitimacy verification. According to the document, wallets that hold GM NFT with a level above one indicate that the user has made a significant investment, henceforth, the wallet is genuine.
Proof of Identity
Various levels of Know Your Customer (KYC) initiatives will be implemented in the future to filter genuine wallets from bots. According to VeChain, this item would focus on linking social profiles and requesting full identity verification.
Whitelisting, Blacklisting, Bot Signaling
Wallets would be blacklisted if they are found to belong to a fake account. For genuine wallets that are mistakenly blacklisted, an official complaint could be made for restoration according to the document. Also, users who complete the KYC would have their wallets added to the whitelist. On top of that, X2earn apps could equally signal that a wallet belongs to a bot when a certain threshold is exceeded.
According to VeChain, proof of identity and proof of investment will be integrated into the system in the next release.
In the current implementation to determine if a wallet is legitimate, several factors are considered: whether it is on the whitelist or blacklisted, and the number of actions performed within a specific time range, while Proof of Investment and Identity will be integrated with the next releases.
Currently, VeBetterDAO is one of the first DApps to use this technology to verify the authenticity of a wallet during voting. Meanwhile, the report clarifies that other DApps within the VeBetterDAO ecosystem that constantly face issues of fake accounts and Sybil attacks could equally take advantage.
Following this announcement, the price of VET only surged by 0.56% with a 24-hour trading volume of $26 million to trade at $0.022.