VeChain (VET) Ecosystem Keeps Marching Forward With New Changes, Including the Planned Launch of VePassport

The VeBetter ecosystem has made significant strides this week, implementing essential changes to improve functionality and address ongoing challenges.

The VeBetter ecosystem had a busy week, making some key changes to the platform to improve its functionality and address some of the challenges that have been encountered.

In a recent post on X, the team highlighted their continued efforts to enhance the platform, with a focus on technical updates and tokenomic adjustments.

The VeBetter ecosystem continues to make strides! Our team is dedicated to improving the platform, and some other notable changes took place this week:

Technical:

As per the recently approved proposal, we have temporarily removed the quadratic voting, funding, and rewarding… pic.twitter.com/nzhwBBUaFD

— VeChain (@vechainofficial) October 2, 2024

Due to concerns about Sybil farming, the VeBetter team has temporarily suspended the quadratic voting, funding, and rewarding mechanisms. This follows a recent move to stabilize the ecosystem by introducing quadratic funding II, which has seen the system exhibit stability and perform as expected in recent rounds.

Among the technical changes, the most significant is the planned launch of the VePassport. This solution addresses the problem of sybil attack and preserves the benefits of quadratic mechanisms. By reducing farming, VePassport aims to foster greater engagement within the ecosystem. The VePassport is set to revolutionize the platform by protecting against manipulative behaviors that may compromise the platform’s goals.

Moreover, the VeBetter ecosystem has adjusted the project’s token issuance plan. After the first DAO epoch, the team decided to decrease token issuance for the first time. This aligns with the overall plan of controlling the token inflation within the twelve-year issuance period of B3TR.

VeBetterDAO Leverages B3TR Token to Incentivize Sustainable Practices

In a recent podcast on Untangling Web3, the CEO of VeChain, Sunny Lu, noted that DAOs are becoming a key aspect of blockchain, highlighting how they alter organizational structures through voting systems rather than traditional hierarchies.

VeBetterDAO is a prime example of this transition to decentralized governance in blockchain ecosystems. Powered by the B3TR token, VeBetterDAO encourages users to adopt green practices, aligning with the increasing focus on sustainability in the crypto industry. The B3TR can be earned by purchasing green products or reducing one’s carbon footprint.

The governance model of VeBetterDAO allows users to be fully involved in the decision-making process within the platform. The VOT3 tokens will enable the community to vote on key measures within the ecosystem. This approach helps stakeholders participate in funding green projects.

Community Backlash Against VeBetterDAO

As reported by CNF, Andrea Mortarotti, the co-founder of Progetto Bridge, recently voiced his concerns about VeBetterDAO. One major talking point is the VeBetterDAO (VBD) project, which aims to develop sustainable dApps, including Mugshot, Cleanify, Greencart, and Non-Fungible Book Club.

Critics argue that this initiative has shifted the focus away from addressing essential concerns within the VET ecosystem. Mortarotti also pointed out that while new projects are being created, the utility and value proposition of the VET token are still unclear, which raises questions about the token’s further value for users and investors.

Additionally, Mortarotti had concerns about the allocation of funds within the VeBetterDAO. He suggests that the resources may have been used for purposes that were not intended without the proper approval from the governance committee and the node operators.

Follow Us on Google News