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

• VeChain launches VePassport to prevent Sybil attacks in decentralized governance.
• VePassport rewards users for eco-friendly actions and platform contributions.
• Governance changes include reduced quorums and enhanced security measures.

VeChain has introduced VePassport, a decentralized identification system designed to enhance governance security and user rewards within its VeBetterDAO 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. 

By linking real actions and assets to user identities, VePassport is expected to revolutionize decentralized governance on VeChain.

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. 

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.

Read CRYPTONEWSLAND on google news

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. 

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 VET price to hit $0.28 within the next 6 months.