VechainThor is a leading enterprise-grade L1 public blockchain, spearheading a digital revolution from a sustainable, highly scalable smart contract platform.
Dear communityâââour devs have been tirelessly working on the next series of updates for the VeBetterDAO ecosystem, and weâve got a bunch of exciting changes coming.
We want to keep you ahead of the news and make sure youâre prepared for the next stages of the Better ecosystem, and, of course, to ensure you secure your B3TR allocations in the weeks ahead! So, read on, and take note.
VePassport Goes Live: ~2 weeks (18th Oct)
VePassport is our answer to the sybil farming issues that had been affecting the VeBetterDAO platform. The introduction of VePassport adds minimum qualification criteria that users MUST meet to be eligible for weekly governance voting rewards.
The go-live of VePassport also marks the return of the Quadratic funding, voting and reward mechanisms, while introducing a way to filter fake users and reduce sybil farming.
Qualifying Criteria:
VePassport introduces TWO pathways to achieving minimum qualification criteria, and becoming eligible for governance rewards:
Acquiring a âMoonâ tier GMÂ NFT
Using VeBetter apps, performing at least 3 actions over 12Â weeks*
*Values may be adjusted over time based on community proposals/feedback.
Acquiring the Moon Tier GMÂ NFT:
One of the methods to unlock governance rewards is upgrading your GM NFT to âMoonâ tierâââa function that will become available once VePassport is introduced.
Upon obtaining a Moon tier GM NFT, users become eligible for weekly governance rewards without requiring further action. Per the whitepaper, X-nodes and Economic Nodes are able to freely obtain Moon GM NFTs, while non-Node holders can unlock them by exchanging accrued B3TR.
Obtaining the Moon GM NFT also positively impacts the weekly reward ratio for usersâââdetails below:
Additional tiers of GM NFTs will be introduced in a later update.
An overview of the VeBetterDAO Galaxy Member (GM) System Using Better apps:
Another way to qualify for weekly governance rewards is using Better apps a minimum amount of timesâââcurrently set at 3 instances per quarter.
These criteria can be adjusted through proposals to increase or decrease difficulty, based on community feedback.
Another significant change coming to the platform is the X/Economic Node app endorsement feature. VeChain Node holders will play a crucial role as validators and qualifiers of X2Earn Applications in future versions of VeBetterDAO.
Endorsement, and subsequent app listing on the VeBetterDAO, necessitates two-way dialogue between X2Earn applications and relevant stakeholders through channels such as Discord, Telegram, X (Twitter) Spaces and Discourse, arriving at arrangements that suit all parties.
Per the whitepaper, apps will need to secure a minimum approval value of 100 points (scoring detailed below) before they can go-live on the platform.
NB: This includes apps currently listed on the platform. Apps that do not secure endorsement will remain listed on VeBetterDAO but wonât be eligible for weekly allocations. Details on the exact process will be shared in a future update.
Example: A single Mjolnir X Node could endorse an dApp, or, it might require 1 Mjolnir Economic Node +1 Thunder X Node & 5 VeThor X Nodes. So long as the total reaches 100, any combination will suffice.
GM NFT Upgrades: ~6 Weeks (8th Nov)
The final step in our three part journey is the introduction of full GM NFT upgradeability, introducing new tiers to the ecosystem, and allowing X Nodes and Economic Nodes to freely claim a tier of GM NFT relative to their Node status.
Non-Node holders will be able to use accrued B3TR token rewards to upgrade their GM NFTs and earn additional weekly rewards. Node tiers will be introduced gradually, with X-Nodes and Economic nodes able to claim their respective tiers as they become available.
VeBetterDAOâââpowered by YOU!
Excitingly, we are soon entering kicking a more decentralized phase for VeBetterDAO, putting more decision making power in the hands of our awesome community, staying true to our commitment for the ecosystem.
As each of these updates near implementation, weâll be sure to communicate on our social channelsâââwe recommend you to follow our X Account for the most up to date information!
About VeChain
Founded in 2015, VeChain built a world leading enterprise smart contract platform, VeChainThor, helping deliver blockchain adoption apps to hundreds of enterprise partners.
Building on this expertise, VeChain, in close partnership with Boston Consulting Group, launched the âBetterâ ecosystemâââcomprised of sustainability apps that use tokenization and incentivization to reward users, businesses and other stakeholders for sustainable actions.
To learn more, including how you can build apps of your own, grants, documentation and more, visit vechain.orgâââor vebetter.com to explore.
VeBetterDAO: Introducing VePassport & Next Steps was originally published in VeChain on Medium, where people are continuing the conversation by highlighting and responding to this story.
The Better ecosystem isn't reinventing the wheel - companies across the world are already committing to sustainable practices, and the trend is up only.
In 2023, Chick-fil-A turned 300k gallons of cooking oil into biofuels, saving costs, and lowering the impact of their products through recycling.
By adding customer-facing incentive layers on top, businesses can enhance their sustainable strategies further. For example, @UCONetwork's '@Oily_dApp' allows for more direct customer<>brand engagement through a gamified, rewarding experience that builds greater brand stickiness, and more dedicated patrons, creating a cycle of win.
The Better ecosystem is a value creation engine - built to turn low value, high volume transactions into economic opportunity, driven by the real world actions of individuals.
By tokenizing data, recording it on-chain, and rewarding users with the value they create, the Better ecosystem turns the 'sustainability tax' in to sustainability benefits - creating a virtuous cycle that rewards users for actions that make their worlds, Better.
In doing so, VeChain builds an on-chain 'Sustainability TVL', which, combined with our rich history in delivering enterprise-grade, real world applications, can see the Better ecosystem support the sustainability needs of businesses and institutions, from supply chains to loyalty schemes to a new era of green investment products, using new technologies to create tangible benefits.
Explore the ecosystem, and be part of the Better journey:
The VeBetter ecosystem keeps marching forward! Our team are working hard to improve the platform, and this week, some other notable changes took place.
Technical: As per the recently approved proposal, we have temporarily removed the quadratic voting, funding, and rewarding mechanisms to counter sybil farmers. The system is stable and performing as expected for last few rounds. We are in final stages of deploying our solution - the 'VePassport'.
VePassport - in short - is an effective sybil-resistant solution that protects the integrity of benefits/rewards gained via quadratic mechanisms, while reducing farming, and increasing engagement with the ecosystem at-large.
Tokenomic: Another change came in the form of the token issuance schedule this week. With the first DAO epoch complete, token issuance reduced for the first time, slowing token inflation as part of #B3TR's twelve year issuance schedule.
Note: Due to a minor smart contract bug (now fixed), the token issuance reduction schedule was one week delayed - accordingly, 200k extra (5M vs 4.8M) was emitted last week. To counter, 200k extra was deducted from this weekâs quota to rebalance issuance. Emissions will return to the normal schedule of 4.8M weekly, from the next round.
Expect more in depth content about the importance and benefits of the VeBetter ecosystem token issuance schedule in future weeks. Read about them in the meanwhile, here: https://t.co/IWIy7dOM7G
Have you started using Better apps to your daily routine, yet?
Get started, and share with a friend you think can do Better:
That was Johnny Garcia's first thought after hearing about it for the first time. Years later, Johnny's work has paved the way for institutional Bitcoin investment, and led to the creation of new financial products, including $BTC ETFs.
As VeChain's Head of Institutional Growth, Johnny brings a wealth of experience as he seeks to help us drive a new frontier for blockchain-powered financial instruments in the multi-trillion-dollar sustainability sector.
Hey VeFam - we're aware of some ongoing price feed issues in the VeWorld wallet right now - a result of third party updates. We are working to resolve the issue as soon as possible!
While we fix, download VeWorld & explore Better apps:
The trend is clear: Sustainability is the new business investment strategy.
During the fourth quarter of 2020, companies acquired $152 billion in sustainability-focused investments. By December 2020, sustainable investing accounted for 1/3 of total assets under management in the U.S. By 2022 end, new energy investments were valued at over $1 trillion.
Today - ESG investments are valued at $8 Trillion, projected to grow up to $30 Trillion by 2030.
The takeaway? Sustainability is an economic force helping transform the global economy, unlock new growth, and creating the next generation of investment opportunities.
Tokenization and blockchain are critical technologies for ensuring this new economic paradigm is truthful, trustworthy and transparent.
Learn more about the future of sustainability trends:
VeChain has launched a grant program to fuel your innovative projects, and we're here to support devs in creating real-world solutions.
Our focus? Empowering "X-2-Earn" ecosystems that make a positive impact.
With the VeChain Grant Program, you will unlock funding (both financial and DAO-related), receive professional mentorship from experts, access tech & strategic resources, and get a community support & marketing boost.
Don't miss this opportunity to elevate your project and join the VeChain ecosystem of innovators.
We've got news! We're pleased to share the launch of our updated grants page - featuring two new grant tracks!
What's included? Let's dive in:
Lighthouse Grants: Lighthouse Grants feature a curated list of X-2-Earn app concepts, each backed by real world market and business research, carried out in partnership with Boston Consulting Group.
As well as unlocking up to $30k in funding, this new track comes with something money can't buy - @BCG business support!
Apply for this track if you've a long term vision, and are dedicated to turning your apps in to thriving businesses, supported by VeChain, and the world's top Management Consultants.
Community Meetup Grants: When Better apps are put in the hands of people, they never fail to impress.
We want to support IRL community activations, from UFC Fight Nights, to other forms of in-person engagements, helping bring people together and explore apps, relationships, and to join us in building the future of our new platform.
Community Meetup Grants can be used to support costs associated with running such events, and are worth up to $2k.
In an interview with Boston Consulting Group's Managing Director, Guy Gilliland, Sunny discusses how AI, cloud tech and a new generation of passionate developers are building pioneering, blockchain-powered applications.
Explore what they're building:Â https://vebetterdao.org/#dapps
Bonjour, #UFCParis! We're heading over to the City of Light, and we've got two tickets for to be won by one lucky person!
HOW TO ENTER:
Register on the https://t.co/7nbbGwRoTj event page:Â https://t.co/lq10RwHBIv
Actions: - Create a wallet using social login on https://t.co/UR37kahNG4 - Share a video or photo of your Mugshot-powered coffee, and tag us - Follow @vechainofficial_ on X or Instagram
IMPORTANT: Be sure to use the same email for both Mugshot and https://t.co/7nbbGwRoTj so we can validate your entry!â
We'll also welcome some special guests during the weekend, making it another unforgettable event! Stay tuned for details.
A day in the life of a Better app user is one spent earning rewards for #B3TR actions.
Got a brilliant idea to incentivize and empower communities of your own? Join VeBetterDAO, and start building gamified sustainability apps: http://vebetterdao.org
Dear anon, have you been staying up to date with the latest VeChain and VeBetterDAO news?
We recently held a monthly update Space with Connor and Mike from the community, covering a plethora of topics from the ecosystem. Hear what they had to say: