Vechain (VET) is the 23rd cryptocurrency with a market capitalization of $8.8 billion that is run on the Proof-of-Authority (PoA) consensus algorithm. Recently, it confirmed the launch of phase 1 of PoA 2.0 before October ends.
VeChain Developers Confirms Launch of the PoA 2.0 at the End of October
In an announcement on Twitter on October 29, VeChain (VET) developers have confirmed that the first phase of the highly anticipated Proof-of-Authority (PoA) 2.0 will be released before the end of October.
Other blockchains run on Proof of Work (PoW) and Proof of Stake (PoS) consensus algorithms. However, as stated by Vechain101.com, Vechain Network is supported by PoA. The PoA randomly selects one of 101 pre-approved validators to generate the next block. This model eliminates computational competition and improves the speed and efficiency of block production.
VeChain Started PoA 2.0 Phase 1 Voting Beginning of October
VET was introduced on the Ethereum network in 2014. It later changed its name in 2018 and switched to its blockchain (VeChain). Since then, VeChain developers have started working on the PoA 2.0 project. On October 11th, the VeChain Foundation announced that it had voted for the start of the first phase of PoA 2.0 on the mainnet. After a majority of votes, the network transformation is now a reality. In the prep process, VeChain implemented VIP193 to improve network security, scalability and finality.
VeChainThor focuses on quality-based scaling solutions and therefore uses the PoA 2.0 SURFACE consensus for bandwidth optimization. SURFACE is the abbreviation for Secure Use Case-adaptive Relatively Fork-free Approach of Chain Extension. The release of PoA 2.0 aims to increase the number of transactions per block and improve bandwidth efficiency.
The Blockchain Network Utility and Partnership
In terms of utility, VeChain partnered with Chinese real estate company Jones Lang LaSalle (JLL) in August to develop sustainable real estate technology. In particular, the Jones Lang LaSalle network enables property owners and developers to easily track their entire life cycle carbon footprint. Jones Lang LaSalle tenants are better able to choose greener offices because they have a “carbon label”. Finally, Jones Lang LaSalle employees can be rewarded with a low carbon scheme.
At the end of September, VeChain introduced a new software-as-a-service solution on its carbon footprint tracking platform. The focus of the plan is to revolutionize sustainability tracking in the fashion industry at every stage of the supply chain. In the same month, the network reached the milestone of 10 million blocks processed.
VeChain is also partnering with Simplex for seamless VET purchases and partnering with Shopping.io to use VET tokens for online shopping payments. San Marino even used VeChain to develop a digital COVID vaccination certificate after the Mediterranean Hospital launched a blockchain-based COVID vaccination application.