Empowering Eco-Warriors: How VeChain’s VeBetter Platform Is Turning Everyday Green Habits into Blockchain-Backed Rewards
In Brief
Sarah Nabaa, VeChain Foundation’s Southeast Asia General Manager, explores blockchain technology’s sustainability applications, including VeChain’s dual-token model and VeBetter platform, and its potential for eco-friendly practices.
In this interview, Sarah Nabaa, General Manager of Southeast Asia at VeChain Foundation, delves into the innovative world of blockchain technology and its applications in sustainability. Nabaa offers a comprehensive look at VeChain’s unique dual-token model, the groundbreaking VeBetter platform, and the potential for blockchain to promote eco-friendly practices.
How does VeChain’s dual token model contribute to the stability and scalability of the VeChain Thor blockchain?
VeChain has a unique two-token model. The native token is VET, which generates VTHO, a second token used to pay for gas fees. This model ensures that even if the VET token price increases significantly, gas fees remain unaffected since they’re paid in VTHO. This system allows enterprises, developers, and users to use VET freely without worrying about fluctuating gas fees, keeping them predictably low. This is crucial for consumer use cases.
For example, on VeChain, we have World of V, an NFT marketplace that also uses IoT technology to create digital collectibles with physical counterparts. Users can mint NFTs for free thanks to a feature called fee delegation, where transaction costs are handled on the application side, not by the user.
VORJ.io is a tokenization platform developed by the VeChain Foundation, which allows anyone to mint up to 5,000 NFTs for free or create digital tokens with ease. The fee delegation feature enables anyone to interact with the blockchain without owning crypto.
This model is particularly beneficial for enterprises developing B2C apps. They can easily design decentralized applications without requiring either party to own cryptocurrency, thanks to fee delegation.
What are the specific benefits of tokenizing sustainable actions through VeBetter for NGOs and enterprises looking to engage in eco-friendly practices?
The VeBetter DAO was launched on June 31st, and we currently have 9 live dApps, each with a specific mission. Users can earn Better (B3TR) tokens for various eco-friendly actions like cleaning up beaches, picking up litter, charging electric vehicles, recycling used cooking oil, or using reusable mugs.
The process involves users uploading proof of their actions, which an AI algorithm then verifies. Once verified, these proofs are uploaded to the blockchain, and the user earns Better tokens (B3TR). Ultimately, VeChain is tokenizing sustainable actions that are verifiable on a network level.
Enterprises and NGOs can engage with the DAO in various ways. For instance, 2,000 users from 80 countries use GreenCart Weekly to earn Better tokens for purchasing bio and organic products. Molino Bruno, an established flour producer, has announced the launch of VeEat, a dApp that rewards people with Better tokens for eating healthy whole foods.
This system simplifies reward programs for sustainable actions. Instead of complex, multi-step processes often seen in traditional retail settings, our blockchain-based solution allows customers anywhere in the world to instantly upload proof of their sustainable actions using just a smartphone.
Many enterprises recognize the potential of Web3 for rewarding people for their data but are hesitant to launch their own tokens. With our ecosystem, enterprises can build their own dApp, integrate VeWallet, and reward users for sustainable actions without worrying about managing their own tokens. The Better economy is community-powered and governed, functioning as its own economy.
How does the DAO governance model within VeBetter ensure that community members have a meaningful impact on the platform’s development and decision-making processes?
The VeBetter DAO is a decentralized autonomous organization directly run by stakeholders. According to our whitepaper, the DAO distributes 5 million tokens weekly. Of these, 2 million go to “X to earn” funding, and 2 million go to the voting pool. This enables community stakeholders to vote and decide which dApps should receive most of these tokens.
We’ve seen immense support for this governance model. It creates a win-win situation for both developers and users. Developers who launch dApps on the VeBetter DAO can earn Better tokens if users vote for their app. They can then decide how much of these earnings to reinvest in their dApp and how much to give back to the community. Users who vote for their favorite dApps are also rewarded with Better tokens.
This model serves as an excellent way to create a thriving and inclusive community. The Better token never had a private sale and is fairly distributed, meaning the more you engage, the more you can benefit. This is exactly how we want the DAO to be.
How does the VeBetter platform incentivize users to engage with eco-friendly dApps and participate in governance, and what rewards can users get from these activities?
From the moment you wake up and have your morning coffee to using smart IoT gadgets that monitor your health, taking public transport or driving an EV, and picking up litter, users can engage with multiple dApps throughout their day by adopting a sustainable lifestyle and earning B3TR.
Each B3TR token can be swapped 1:1 to Vote (VOT3) token and individuals can vote for their favorite dApps, allocation of B3TR tokens and any community-related or governance proposals. Quadratic funding, quadrating voting, and rewards ensure maximum community engagement.
How do you see the sustainability of the Web3 narrative evolving in the next three years?
I think the creator economy, intellectual property and data is ripe for tokenization so this will continue to drive consumer demand along with tokenization of real-world assets, unlocking value for intangible assets such as sustainable actions.
As more assets can be tokenized, developments in infrastructure, security, tools for developers, and richer user-experiences will promote growth and we can expect more collaboration between ecosystems and see more cross-chain use-cases.
This whole tokenization of sustainable actions opens a new path for consumers to enter the carbon credits trading market. It’s an exciting development that could significantly impact how individuals participate in sustainability efforts and carbon offset programs.
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About The Author
Victoria is a writer on a variety of technology topics including Web3.0, AI and cryptocurrencies. Her extensive experience allows her to write insightful articles for the wider audience.
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Victoria is a writer on a variety of technology topics including Web3.0, AI and cryptocurrencies. Her extensive experience allows her to write insightful articles for the wider audience.
