Ted Hisokawa
October 6, 2024 13:07
VeChain introduces VePassport to combat Sybil farming and outlines future developments for VeBetterDAO, including GM NFT upgrades and node approvals.
VeChain, a leader in enterprise blockchain solutions, announced a significant update to its VeBetterDAO ecosystem with the introduction of VePassport. According to VeChain official, this new feature aims to solve Sybil farming issues and improve the platform’s governance mechanism.
Launch of VePassport
VePassport, scheduled to launch on October 18, will introduce minimum eligibility criteria for users to receive weekly governance voting rewards. The plan is designed to restore Quadratic funding, voting, and reward mechanisms by weeding out fake users and curbing Sybil farming. Users can qualify by earning a ‘Moon’ tier GM NFT or by performing specific tasks within the VeBetter app over a 12-week period.
GM NFT Upgrade
Another major development is the introduction of GM NFT upgrades scheduled for November 8th. This feature allows X nodes and economy nodes to claim higher-tier GM NFTs linked to additional weekly rewards. Vinode holders can also utilize accumulated B3TR tokens to upgrade their NFTs.
Node Warranty
VeChain is also introducing a new guarantee feature for X/economic node holders, scheduled to launch by October 25th. This allows node holders to act as validators and qualifiers for X2Earn applications, promoting a more collaborative platform environment. An approval score of at least 100 is required to run an application, so only trusted apps are approved.
Community-centered governance
VeChain emphasizes its commitment to decentralization by empowering the community to have greater decision-making power within VeBetterDAO. This is consistent with VeChain’s broader vision of creating a sustainable ecosystem through blockchain technology.
Introduction to VeChain
Founded in 2015, VeChain has established itself as a prominent enterprise smart contract platform, famous for its VeChainThor blockchain. VeChain has partnered with Boston Consulting Group to launch the ‘Better’ ecosystem focused on sustainability through tokenization and incentivization.
For more information about VeChain and its initiatives, please visit its official website.
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