The first ever All-stakeholders Voting has ended successfully on 10AM December 30, 2019, which has served as the first major step to reach VeChain’s goal of achieving a profound balance between community-based decentralization and enterprise-level execution efficiency.

The vote was to seek the agreement of the most important stakeholder in VeChain’s governance model, the community. The VeChain Steering Committee and Authority Masternodes decided to implement a temporary block list can only be permanently implemented with the approval of the community, and the Steering Committee was prepared to accept the voice of the community, no matter the result.

As the results show, the community has unanimously voted for the permanent implementation of the block list related to the recent Foundation buyback wallet theft to be introduced in VeChainThor v1.1.5. We would like to thank all the participants involved in the voting process, including Authority Masternodes, Economic X Nodes, Economic Nodes, and even non-Node holders which engaged in the conversation on social media for the mutual civility and respect shown during the voting process.

By the closing time of All-stakeholders Voting (10:00 UTC+8, December 30, 2019), the participation rate of each stakeholder category exceeds 15%, satisfies the minimum voting threshold and validates the voting process.

In light of the voting rules, between block#4,677,898 to block #4,721,015, a total quantity of 1,410 votes were counted as valid. The breakdown of the votes is as follows: 99.06% of the voting authority agree in favour of the block list being implemented permanently, and 0.94% disagreed.

To illustrate, 53.47% of Authority Node holders participated in the ballot, casting 54 votes. 19.00% of Economic X Node holders participated in the ballot, casting 848 votes. 17.70% of Economic Node holders participated in the ballot, casting 508 votes. More details can be seen in the following table.

* Note: The voting results were calculated based on the rules set in Announcing VeChain All-stakeholders Voting Relating to the Recent Foundation Buyback Wallet Incident, and all the voting records are available for independent verification at VeChain Explorer.

With the results being final, we will release another update the VeChainThor blockchain core node program, and work with all the Authority Masternodes to update and implement the block list permanently in the coming weeks.With this, the 727 million VET involved in the theft will be permanently taken out of the circulatory supply, and considered as burnt.