On Feb. 17, 2020, VeChain revealed it aims to improve its governance model with the ability for continuous iteration by introducing the process for the 2nd term Steering Committee election.

According to the foundation, a proper blockchain governance system needs transparency and operational efficiency, which enables continual and rapid innovation.

In order to achieve this main goal of operating a decentralized public blockchain with the capacity to scale and at the same time complying with regulators, a new steering committee (SC) will be voted in with the first term of the VeChain Foundation Steering Committee coming to an end on June 30th, 2020.

The SC of the VeChain Foundation, elected by all stakeholders in the ecosystem every two years, will be tasked with facilitating the efficiency of decision making and ensures the fairness and effectiveness of the execution on fundamental matters that require all stakeholders’ decisions.

The Steering Committee represents the VeChainThor blockchain stakeholders’ interests in the long-term development of the technical infrastructure, business expansion, and VET value enhancement.

The Steering Committee is responsible for establishing the general oversight and framework of the VeChain network. This includes the design of the operating rules of the blockchain that are intended to achieve these goals.

Criteria And Eligibility Of the Steering Committee Candidates

As determined by the current Steering Committee, the size of the 2nd term Steering Committee will remain as seven.

Existing SC members who decide to run for the next term will be eligible for the upcoming election, as well as candidates (up to three) nominated directly by the Foundation nomination committee.

Furthermore, candidates who publicly announced their intentions to run for the 2nd term Steering Committee member will also be eligible.

The total number of candidates from the above three sources cannot exceed 14 in the final all-stakeholders voting.

For candidates in all the above categories, before expressing the intention to run as a candidate to be an SC, an applicant must meet certain prerequisites, such as having a minimum age of 21 years, have relevant expertise and experience required to offer advice and guidance to the ecosystem and have the ability to make independent analytical inquiries.

The Process Involved in Selecting the SC

Eligible candidates for the SC positions will be required to announce their intentions to run and make a declaration on the VeChainWorld forum to be held in Feb. 2020, where they will need to promote their ideas and vision for the VeChain ecosystem at this stage.

Starting March 2020 up to April, the foundation will hold the first two voting phases on the VeVote platform, before holding the final phase of all stakeholders voting (“final phase voting”) in May 2020.

Finally, the 2nd term VeChain Foundation Steering Committee will be inaugurated on July 1, 2020.

