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.
With the aim of transparent communication on our achievements in creating tangible economic value, we are excited to present the ninth VeChain Foundation Financial Executive Report. This financial report covers a fruitful quarter from August 2019 through to October 2019.
On October 24th, Chinese President Xi Jinping announced the nation’s full embracement of blockchain technology, hailing it as “an important breakthrough for independent innovation of core technologies”. Enterprises and industry leaders around the world now have their focus on the adoption of blockchain technology in real working use-cases and applications, and as a result, VeChain has received even more interest and attention globally due to our unparalleled track record in enterprise adoption and blockchain applications focusing on real business value creation. It confirms our strategy of being an enabler and making blockchain technology as easy as possible for businesses to adopt.
As always, we sincerely welcome the community to hold us to the commitment of transparency, including but not limited to the rigorous monitoring and usage of our funds, and the development process of all aspects within the VeChain Foundation.
The report structure is as follows:
- VET Supply Overview
- VeChain Foundation Expenditure (use of proceeds)
i) Enterprise Investor Pool
ii) Co-Founders, Development Team
iii) The Operation, Technological Research and Development
iv) Business Development
v) Compliance & Legal
vi) Ecosystem Development
- VET Supply Overview
At the end of October, the VET circulating supply was 63,439,279,106 which accounts for roughly 73.2% of the total supply, compared with 72.7% of last quarter end. Within the VET circulating supply, 22,161,653,627 VETs were in the soft-lockups, which makes about 25.6% of the total supply. It marked a 1.5% increase over the last quarter. In addition to the team lockup, we have seen X Nodes and Economic Nodes increase their holdings which signifies the continued long term confidence of the key stakeholders in the VeChain Ecosystem. By the end of this reporting period, around 47.6% of the VET total supply is free to trade on the open market.