- Vechain has launched the Endorsement mechanism, an initiative for Economic and X node holders to engage in platform governance.
- The endorsement mechanism is vital for decentralizing decision-making within the Better ecosystem, allowing the community to select eligible apps for governance rewards, a responsibility currently held by the VeChain Foundation.
VeChain, one of the longest-standing projects in the blockchain sector, has recently rolled out its Endorsement mechanism within the VeBetterDAO network. Founded in 2015 as a private consortium chain, this decentralized smart contract platform aims to improve supply chain management.
The team develops business applications that can be integrated into inventory challenges, and the launch of the endorsement mechanism aligns with these objectives.
The “Endorsement Mechanism” in Detail
According to Vechain’s article on X, in the VeBetterDAO platform, apps need a score of at least 100 points, granted by VeChain nodes, to participate in weekly reward allocation rounds. These nodes play a crucial governance role in the VeChainThor ecosystem, ensuring the platform maintains quality and reliability. Nodes are individual computers or devices that participate in maintaining the blockchain’s network by validating, storing, and relaying transactions and blocks of data.
Additionally, node holders can negotiate endorsement terms with app creators, who may offer incentives such as shares, tokens, or rewards in return for endorsements. This collaboration allows node holders to actively engage with the community and support app operations. This process promotes collaboration among key participants, fostering transparency and mutual growth.
On top of this, New app creators can now apply directly to join the VeBetterDAO ecosystem by filling out an application form on the platform. Once approved, they receive a Creator’s NFT, which unlocks two important features: the ability to submit their app for endorsement through VeBetterDAO and access to Discord channels for engaging with Node holders about endorsements.
During the endorsement phase, apps seeking support are highlighted in the VeBetterDAO app section with a “looking for endorsement” tag, allowing users to explore these apps while enabling creators to manage their endorsements and withdraw support from specific nodes, if necessary.
About the Creator’s NFT
The Creator’s NFT is a non-transferable ERC721 token minted exclusively for app creators. Each wallet can hold only one Creator’s NFT, regardless of how many apps the creator manages. The administrators can mint up to three additional Creator’s NFTs for team members, allowing them to participate in the endorsement process. These NFTs can be revoked by the administrator if necessary.
In accordance with the burn policy, If the associated app is blacklisted, the Creator’s NFT will be burned. This applies only when the creator has no other active apps in the ecosystem.
In the long term, the introduction of better quality control measures for projects will lead to a healthier ecosystem, fostering a more attractive environment for developers. By reducing the risk of low-quality projects, the community can benefit from a more reliable and innovative landscape.
As per our data, VeChain’s price has jumped by 3.92% to $0.03268 in the last 24 hours, it has also marked an impressive 31.16% rise in the last week. This substantial increase highlights the market’s excitement surrounding these developments that could positively impact VeChain’s future.