VeChain Upgrade to the Proof-of-Authority (PoA) 2.0 Consensus Mechanism

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VeChain Upgrade to the Proof-of-Authority (PoA) 2.0 Consensus Mechanism
VeChain Upgrade to the Proof-of-Authority (PoA) 2.0 Consensus Mechanism

VeChain is a supply chain tracking system launched in 2015 that combines physical tracking with blockchain recording. The difference between PoA and Proof-of-Stake (PoS) from Proof-of-Work is that they don’t require mining to achieve network consensus. PoA achieves consensus by verifying the identity of users, while PoS achieves this by placing coins on the network.

VeChain to Improve and Make the Network Security Aspect Greener

According to an announcement on November 16, the VeChainThor mainnet upgrade to the first phase of the Proof-of-Authority (PoA) 2.0 SURFACE consensus algorithm. VeChain reached a milestone in its six-year history after the upgrade.

The latest upgrade to the consensus mechanism is designed to improve many aspects of network security and critical operations while making them greener.

The Supply chain tracking network, VeChain has just updated its consensus mechanism to what is known as the world’s “greenest” block verification method on the chain.

VeChain only runs 101 nodes. Fewer nodes reduce decentralization but improve the speed and reliability of the network. These trends are favoured by commercial and industrial applications. By comparison, Bitcoin currently has 13,244 nodes while Ethereum has 2,701.

An additional benefit is that PoA is less energy-intensive and emits very little CO2. VeChain stated that the new upgrade is “the world’s greenest consensus to encourage mass adoption”.

According to the official announcement, there are three main parts to this upgrade. The first is a verifiable random function that securely randomly assigns nodes to generate blocks or process transactions to protect them from corruption.

The second is the committee-approved block production process, which can greatly reduce the possibility of network forks. Forking leads to delays and reduces the throughput of the network.

The third component is the deterministic passive block validation process. Even if not all nodes on the network are synchronized, this helps ensure that the new block is completed.

PoA 2.0 SURFACE Upgrade Improve the Scalability, Security and Throughput

The PoA 2.0 SURFACE upgrade also aims to improve the scalability, security and throughput of the VeChainThor mainnet.

The VeChain team stated in the announcement that the adaptive relatively forkless chain extension method (SURFACE) of PoA 2.0 Secure Use-Case is required to “meet the needs of future blockchain applications and the growing global demand”.

Various exchanges, including Binance and Crypto.com, are supporting VeChain’s hard fork, and VeChain’s native cryptocurrency VET has fallen about 10% in the past 24 hours.

The VeChain project also announced the election of the second steering committee (SC) on Tuesday. The aim of the SC is “to promote the efficiency of decision-making and to ensure the fairness and effectiveness of the implementation of all fundamental matters”.