VeChain

Momentum

VeBetterDAO

Gains

<ul class="wp-block-list">
 <li>VeChain launches VePassport to prevent Sybil attacks in decentralized governance.</li>  
 <li>VePassport rewards users for eco-friendly actions and platform contributions.</li>  
 <li>Governance changes include reduced quorums and enhanced security measures.</li> 
</ul>  
<a href="https://vechain.org/" target="_blank" rel="noopener noreferrer nofollow">VeChain</a> has introduced VePassport, a decentralized identification system designed to enhance governance security and user rewards within its <a href="https://vebetterdao.org/" target="_blank" rel="noopener noreferrer nofollow">VeBetterDAO</a> platform. This new tool aims to tackle the issue of Sybil attacks, a common threat in decentralized systems, by ensuring only verified individuals can participate in governance and earn rewards.&nbsp;  
By linking real actions and assets to user identities, VePassport is expected to revolutionize decentralized <a href="https://cryptonewsland.com/vechains-weekly-accomplishments-boosts-bullish-vet/" target="_blank" rel="noopener noreferrer nofollow">governance on VeChain</a>.  
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper">
 https://twitter.com/ChainAffairs/status/1848791791811633517
 </div>
</figure>  
How VePassport Works  
VePassport is a Proof of Personhood solution integrated with users' VeWorld Wallets, ensuring governance decisions are made by verified users. This helps prevent Sybil attacks, where individuals create multiple fake identities to manipulate voting or receive unearned rewards. VePassport verifies each user’s identity, maintaining the integrity of the system.&nbsp;  
Users must also complete three ‘Better Actions’ within 12 weeks to participate, promoting active and positive contributions to the platform. Operating on a Proof-of-Equity system, VePassport rewards advanced investors and stakeholders. Although full Know Your Customer (KYC) verification isn't required, it may be introduced in the future to enhance security further.  
Sustainability Focus and Real-World Impact  
VePassport rewards eco-friendly activities through ‘S-Proofs’, digital records of sustainable actions, incentivizing users to contribute to a greener ecosystem. This adds a real-world dimension to governance, where user actions have tangible environmental benefits.  
Enhanced Governance Security  
VeChain has also made changes to VeBetterDAO’s governance process. The quorum for proposals has been reduced from 51% to 30%, encouraging broader community participation. A new carbon voting mechanism ensures no single entity can dominate decision-making.&nbsp;  
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper">
 https://twitter.com/crygraph/status/1848762585148985565
 </div>
</figure>  
Additionally, the introduction of the X-App Bot and Sybil Signal System detects and prevents fraudulent behavior, enhancing platform security. VePassport is a significant step toward more secure, equitable, and sustainable decentralized governance on VeChain. As seen in the post above, one analyst expects <a href="https://cryptonewsland.com/vet-btc-price-chart-marks-5-year-low/" target="_blank" rel="noopener noreferrer nofollow">VET price</a> to hit $0.28 within the next 6 months. 
The post <a href="https://cryptonewsland.com/vet-0-28-as-vechain-launches-vepassport/" rel="noopener noreferrer nofollow">VET $0.28 Pump Gains Momentum as VeChain Launches VePassport to Strengthen Decentralized Governance</a> appeared first on <a href="https://cryptonewsland.com" rel="noopener noreferrer nofollow">Crypto News Land</a>.

VET $0.28 Pump Gains Momentum as VeChain Launches VePassport to Strengthen Decentralized Governance

Crypto News Land

Other articles published on Oct 23, 2024

Bitcoin Surges Past $65,000 as 'Uptober' Gains Momentum

Michael Saylor's Legacy: Donating His Bitcoin Wealth to Humanity, Inspired by Satoshi Nakamoto

Best Crypto ETFs to Invest in 2024: Top Picks for Bitcoin Exposure and Blockchain Innovation

Stargate Community Proposes Deployment on Uniswap’s Unichain with $6M in Liquidity

Best Crypto Lending Platforms in October 2024: Top Choices for Borrowing & Earning

AI memecoin millionaire Truth Terminal has sparked an AI boom in crypto

Join our free newsletter for daily crypto updates!