VeChain (VET) Goes Greener with Proof of Authority (PoA) 2.0 Upgrade

2021-11-18 18:46

VeChain, a supply chain tracking network that combines physical and blockchain tracking, has upgraded its consensus mechanism.

The network affected the latest upgrade by utilizing a more sophisticated version of the Proof of Authority (PoA) consensus protocol.

PoA 2.0 means Faster Transactions

The firm revealed the considerable upgrade of its consensus mechanism since its launching in 2015, stating that it was essential to improve certain aspects of its network and optimize security and other operations while maintaining an environmentally friendly blockchain protocol.

VeChain announced on November 16 that the network was venturing into the first phase of the Proof of Authority (PoA) 2.0 named, Secure Use-case adaptive Relatively Fork-free Approach of Chain Extension (SURFACE).

According to the firm, the upgrade would help improve scalability and meet the demands of subsequent blockchain applications.

The algorithm enables the network to process transactions at high speed by utilizing identity and reputation as a stake to grant a node the power to add a new block to the decentralized ledger.

This process ensures minimal usage of power and low transaction fees, which serves as an eco-friendly method for blockchain operations.

VeChain’s Scalability Goal

VeChain’s upgrade to the PoA 2.0 aligns with the protocol’s vision to develop a mass adopted layer-1 smart-contract public blockchain platform.

The network disclosed that the upgrade proposes three key features; the first is a verifiable randomness function that securely assigns nodes to produce blocks, ensuring they are not doctored, or the transactions are not only validated by a set of nodes.

The second feature is a committee-endorsed block-production process that will cut down significantly on network forking, which can cause delays and slow down the transaction speed of the VeChain network.

The third feature comprises a passive block finality confirmation process that ensures new blocks are finalized even when the nodes on the network are offline and have not yet been synchronized.

This will address the issue surrounding accidental forks caused by nodes not using the updated software during an upgrade. The combination of these features will promote high-speed and efficient transactions on the blockchain.

Vechain stated that the upgrade aims to improve the scalability of the network and enable the project to achieve the goal of green technology and building a sustainable future.

VeChain/USD VETUSD 0.1443 $0.00 -1.80% Volume 875.37 m Change $0.00 Open$0.1443 Circulating 64.32 b Market Cap 9.28 b baseUrl = "https://widgets.cryptocompare.com/"; var scripts = document.getElementsByTagName("script"); var embedder = scripts[scripts.length - 1]; var cccTheme = {"Chart": {"fillColor": "rgba(248,155,35,0.2)", "borderColor": "#F89B23"}}; (function () { var appName = encodeURIComponent(window.location.hostname); if (appName == "") { appName = "local"; } var s = document.createElement("script"); s.type = "text/javascript"; s.async = true; var theUrl = baseUrl + 'serve/v1/coin/chart?fsym=VET&tsym=USD'; s.src = theUrl + (theUrl.indexOf("?") >= 0 ? "&" : "?") + "app=" + appName; embedder.parentNode.appendChild(s); })(); var single_widget_subscription = single_widget_subscription || []; single_widget_subscription.push("5~CCCAGG~VET~USD"); The post VeChain (VET) Goes Greener with Proof of Authority (PoA) 2.0 Upgrade first appeared on BitcoinExchangeGuide.

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