Ted Hisokawa
Oct 06, 2024 13:07
VeChain unveils VePassport to tackle sybil farming issues and discusses future enhancements for VeBetterDAO, which includes GM NFT upgrades and node endorsements.
Overview of Updates 🚀
VeChain, a pioneer in blockchain solutions for enterprises, has revealed crucial updates to its VeBetterDAO ecosystem with the launch of VePassport. This innovative feature aims to mitigate the challenges posed by sybil farming and to strengthen governance within the platform, as outlined in the recent announcements from VeChain.
Introduction of VePassport 🎟️
On October 18, VePassport is set to be implemented, presenting minimum eligibility requirements for users wishing to earn weekly rewards through governance participation. This initiative intends to filter out fraudulent accounts and diminish sybil farming activities, thereby reinstating mechanisms for quadratic funding, voting, and rewards. To qualify, users must either obtain a ‘Moon’ tier GM NFT or engage in specific activities within the VeBetter apps over a span of 12 weeks.
Upgrading GM NFTs 🔄
In addition, VeChain is introducing enhancements to GM NFTs, planned for release on November 8. This initiative will permit both X Nodes and Economic Nodes to claim superior tiers of GM NFTs, providing access to increased weekly rewards. Even those who do not hold Nodes will have the option to upgrade their NFTs through the use of accumulated B3TR tokens.
New Node Endorsement Feature 🌟
VeChain is launching a fresh endorsement capability for holders of X/Economic Nodes, anticipated to be available by October 25. This will empower Node holders to serve as validators and qualifiers for X2Earn applications, fostering a more collaborative ecosystem. Applications will need to attain a minimum approval score of 100 points to be activated, ensuring that only reputable applications receive endorsement.
Governance Driven by the Community 🤝
VeChain is reaffirming its commitment to decentralization by granting the community increased authority in decision-making processes within VeBetterDAO. This approach aligns with VeChain’s larger vision of nurturing a sustainable ecosystem powered by blockchain technology.
About VeChain 🌐
Established in 2015, VeChain has made a name for itself as a vital player in enterprise-level smart contract platforms, recognized for its VeChainThor blockchain. Partnering with the Boston Consulting Group, VeChain introduced the ‘Better’ ecosystem, which emphasizes sustainability through the mechanisms of tokenization and incentivization.
Hot Take 🔥
This year, VeChain is taking significant steps forward by enhancing its ecosystem, focusing on governance and community involvement. The introduction of VePassport and GM NFT upgrades demonstrate a strategic approach to creating a robust platform that prioritizes user engagement while tackling critical issues like sybil farming. These innovations collectively lay the groundwork for a thriving and sustainable blockchain environment.
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