Venom DAO, the decentralized governance platform of the Venom blockchain, has officially initiated a community vote. Particularly, Venom DAO’s latest vote targets VIP-003, a remarkable governance proposal.
As per the official press release of Venom Foundation, Venom DAO’s parent company, the proposal seeks authorization to shift the network to cutting-edge infrastructure to notably improve scalability, efficiency, and performance. Hence, instead of implementing the upgrade via a Foundation-led decision, the platform has given the community the power to choose what happens.
Venom DAO Starts Vote on VIP-003 Proposal to Enable 150K TPS and Sub-Second Finality
Venom DAO’s vote on the VIP-003 proposal permits token holders to examine it and then cast their votes. They can do this via the on-chain governance portal of the network during the specified period. The development underscores Venom’s commitment to community-led development and decentralized governance.
Particularly, the VIP-003 proposal focuses on a unique protocol that is reportedly completely ready for mainnet deployment. If authorized, the upgrade would unveil several cutting-edge technical functionalities, taking into account throughput of almost 150K transactions per second (TPS), dynamic sharding features, improved proof-of-stake consensus, and sub-second transfer finality.
Interestingly, the upgrade is set to maintain complete backward compatibility, guaranteeing that existing smart contracts, digital assets, and applications on the ecosystem continue operating without any disruption.
Token Holders Get Eligibility for 7,777 $XP in Rewards via Venom Quests Season 6
Apart from that, the proposal emerges as a key milestone in the governance evolution of the platform. To encourage wider engagement, Venom has disclosed that each of the wallets voting on the proposal will qualify for 7,777 $XP via venom-network. This is included in Venom Quests Season 6.
While discussing this, Venom Foundation’s CEO, Christopher Louis, asserted that the protocol has been comprehensively developed and validated, stressing that the final decision belongs to the network’s community. The executive added, “A network that aims to support global financial infrastructure should let its participants govern its most important upgrades.”
If Venom’s VIP-003 gets approval, it could elevate the platform’s position among the most scalable blockchain entities currently operating. Ultimately, this vote’s outcome will also be a crucial indication of how efficiently Venom DAO can conduct governance at scale.