By Blockchain News | Created at 2024-11-18 18:23:36 | Updated at 2024-11-18 20:37:55
2 hours ago
Alvin Lang Nov 18, 2024 18:17
VeBetterDAO introduces an innovative endorsement mechanism, enhancing decentralized governance by enabling Economic and X node holders to actively participate in platform decision-making.
This week, VeBetterDAO has unveiled its latest initiative to enhance decentralized governance within its ecosystem, according to VeChain Official. The newly introduced 'Endorsement' mechanism is designed to empower Economic and X node holders by allowing them to play a more significant role in governance decisions on the platform.
Why Endorsements Matter
The endorsement mechanism is a pivotal step towards decentralizing decision-making within the Better ecosystem, a long-term objective that seeks to place governance power in the hands of the community. This initiative enables community members to determine which applications can join the platform and earn governance rewards, a role previously held by the VeChain Foundation.
How Endorsements Work
With this mechanism, applications within the VeBetterDAO ecosystem must achieve a score of 100 points, garnered through endorsements from Economic and X node holders, to participate in allocation rounds. Each node level contributes differently to the score, ensuring that higher-level nodes have a greater impact. If an application falls below the required score, it has a two-week grace period to recover or risk being marked inactive.
Node holders and application creators can manage endorsements flexibly, allowing for strategic alignment with their goals. This process promotes transparency and collaboration, with nodes able to withdraw support and applications able to seek endorsements from multiple sources.
New Apps: Entry into VeBetterDAO’s Ecosystem
New applications can join VeBetterDAO by submitting an application form and receiving a Creator's NFT, which facilitates their entry into the endorsement process. This NFT allows creators to connect with node holders via dedicated Discord channels to discuss potential endorsements.
The Role of Economic and X Node Holders
Economic and X node holders are integral to the endorsement mechanism, providing the backbone for app endorsements. They can explore applications on the VeBetter platform and decide on endorsements, influencing the ecosystem's quality and standards. Node holders are encouraged to engage with app creators through Discord, discussing endorsement possibilities and aligning on shared goals.
The endorsement mechanism empowers both node holders and app creators to negotiate terms of collaboration, which may include rewards or shared stakes, fostering a supportive and dynamic community environment.
About VeChain
Founded in 2015, VeChain has developed a leading enterprise smart contract platform, VeChainThor, and continues to drive blockchain adoption across various industries. The 'Better' ecosystem, developed in partnership with Boston Consulting Group, focuses on sustainability and incentivization, rewarding sustainable actions through tokenization.
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