VeChain Unveils VePassport Solution to Address Sybil Farming Issues on VeBetterDAO Platform

VeChain's VeBetterDAO has unveiled a new solution called VePassport to address issues relating to sybil farming on the platform.

VeChain [VET] Unveils VeBetterDAO Updates, Including VePassportLaunch

March 23, 2023

VeChain’s VeBetterDAO recently unveiled a new solution called VePassport to address issues relating to sybil farming on the platform. It also outlined key updates, including GM NFT upgrades, node endorsements, and the next steps for VeChain.

VePassport to Go Live on October 18

According to a recent announcement, Sybil’s attackers kept trying to fool the VeBetterDAO platform. Notably, Sybil farming occurs when malicious actors imitate healthy blockchain activity from multiple accounts belonging to one person or team. This activity is usually carried out to manipulate on-chain governance or protocols.

However, VeChain noted that Sybil farming on VeBetterDAO was being countered effectively by the community members. They were actively reporting suspicious activity and helping maintain the platform’s integrity.

Therefore, the VePassport launch aimed to further filter out fake users and reduce Sybil farming. The launch, scheduled for October 18, also marked the return of Quadratic funding, voting, and reward mechanisms. Upon launching, users needed to meet additional requirements to be eligible for weekly governance rewards.

VePassport presented two routes for meeting minimal requirements and qualifying for governance rewards. For the first route, users had to acquire a ‘Moon’ tier GM Non-Fungible Token (NFT). Acquiring the Moon GM NFT also positively impacted users’ weekly reward ratios.

The second way to qualify for weekly governance rewards was to perform at least three actions on the VeBetter apps at least three times over 12 weeks. VeChain emphasized that these values may change over time in response to suggestions and comments from the community.

Another major development coming to the platform was the X/Economic Node app endorsement feature. This feature was expected to roll out on October 25. As announced, it will allow Node holders to act as validators and qualifiers for X2Earn Applications in later versions of VeBetterDAO.

Notably, applications must have a minimum approval score of 100 points as a vital condition to debut on the platform. This procedure guaranteed that only genuine apps were endorsed.

VeChain will also introduce GM NFT upgrades on November 8. This feature enabled X and Economic Nodes holders to claim higher tiers of GM NFTs tied to additional weekly payouts. Non-Node holders can also upgrade their NFTs with accrued B3TR tokens.

VeBetterDAO Emphasizes Community Governance with B3TR Token

The upcoming upgrades on VeBetterDAO were part of a plan to ensure users secured their B3TR allocations, noted VeChain.

To the uninitiated, VeBetterDAO is a VeChain-based ecosystem of apps that promote sustainable actions and assets. It combines decentralized autonomous organization (DAO) principles with a unique B3TR token to encourage users to adopt environmentally friendly habits.

According to CNF’s previous report, VeBetterDAO uses blockchain technology to incentivize people to take sustainable actions. The ecosystem is based on several apps for environmental awareness. These include Plastic Free NFT, Green NFT, Sustainable Energy Consumption dApp, and Sustainable Consumption dApp.

Moreover, the B3TR token facilitates governance within the VeBetterDAO ecosystem. Users can vote on important developments using VeBetterDAO’s ecosystem governance token, VOT3.

As CNF mentioned in an earlier report, VOT3 erases any doubt about the functional value of tokens. This methodology allows users to actively participate in the blockchain’s sustainability goal by locking these tokens, which offers them voting power on project proposals.