The VeChain ecosystem is taking a bold step towards decentralized governance with the launch of the VeBetterDAO’s Endorsement mechanism. This initiative places Economic and X node holders at the heart of decision-making, ensuring a transparent and community-driven process for app endorsements and governance.
Introducing the Endorsement Mechanism
VeChain’s newly unveiled Endorsement mechanism is designed to foster active participation from node holders in the governance of the platform. To qualify for participation in the weekly allocation round, apps must secure a minimum score of 100 points. This scoring system relies heavily on endorsements from Economic and X nodes, highlighting the importance of these nodes in maintaining the integrity and functionality of the ecosystem.
The mechanism provides a two-week grace period from the start of Round 21 for apps to achieve the necessary score. During this period, apps can seek endorsements from multiple nodes to meet the threshold. If an app’s score drops below 100 points, it will enter a two-week recovery period. During this time, app creators can offer incentives such as tokens, shares, exclusive features, or experiences to node holders to secure their endorsements.
Ensuring App Visibility and Participation
Even if an app fails to meet the required score within the grace period, it remains visible in the app section of the platform, allowing continuous efforts to regain endorsements. Both nodes and apps retain the flexibility to withdraw endorsements, ensuring a dynamic and responsive governance environment. If an endorsement is withdrawn and an app’s score falls below 100 points, the app has another two weeks to secure new endorsements before being marked inactive for allocation rounds.
Joining the VeBetter Ecosystem
New app creators looking to join the VeBetter ecosystem can now submit application forms to initiate their entry. Upon approval, they are awarded a Creator’s NFT, an ERC721 token that allows them to submit their apps for endorsement. This NFT is non-transferable and is limited to one per wallet, regardless of the number of X-Apps managed.
The endorsement process involves three phases: Application and Verification, Connecting with Node Holders, and Visibility While Pending. This structured approach ensures that all app submissions are thoroughly vetted and have the opportunity to gain the necessary endorsements from node holders.
Strengthening Community Connections
Economic and X node holders play a pivotal role in this ecosystem. They have been invited to join a dedicated Discord channel where they can connect with app creators, discuss app objectives, and understand potential impacts before making endorsement decisions. This direct communication channel fosters a collaborative environment where node holders and app creators can work together to enhance the platform.
By logging into the VeBetter platform and connecting their wallets, node holders can explore various apps and provide endorsements as they see fit. This not only empowers node holders but also ensures that the apps within the ecosystem meet the community’s standards and needs.
Current Market Performance
At the time of writing, VeChain (VET) is trading at $0.032, marking a 1.85% increase in the last 24 hours. This positive trend reflects growing confidence in VeChain’s innovative governance mechanisms and the potential for further decentralization and community involvement.
For more insights, tutorials, and updates on VeChain, explore our recommended resources:
- Buy VeChain (VET) Guide
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- More VeChain News
VeChain’s commitment to decentralization and community empowerment through the VeBetterDAO’s Endorsement mechanism is a significant step towards a more transparent and robust ecosystem. As the platform continues to evolve, the active participation of node holders will be crucial in shaping its future.
