VeChain has been updated to the Proof of Authority 2.0 consensus mechanism
The supply chain tracking network VeChain has just updated its consensus mechanism to the supposedly “greenest” on-chain method of checking blocks.
On November 16, VeChain reached an important milestone in its six-year history by upgrading its VeChainThor mainnet to the first stage of the Proof of Authority (PoA) 2 consensus algorithm.
VeChain is a supply chain tracking system launched in 2015 that combines physical tracking with blockchain recording.
PoA and Evidence of Stake (PoS) differ from Proof of Do the Job (PoW) in that they do not require mining to achieve network consensus. PoA achieves consensus by verifying a user’s identity, while PoS does this by staking coins on the network.
The VeChain network only runs with 101 nodes. Fewer nodes reduce decentralization, but increase the speed and reliability of the network. This tends to be preferred for commercial and industrial applications. For comparison, Bitcoin currently has 13,244 nodes while Ethereum has 2,701.
Another benefit is that PoA uses less energy and emits very little carbon. VeChain suggests that the new upgrade is “the greenest consensus in the world to drive mass adoption”.
According to the official announcement, the upgrade includes three main components. The first is the Verifiable Random Function (VRF), which safely and randomly assigns nodes to generate blocks or process transactions, making them immune to corruption.
The second is a committee validated block production process that greatly reduces the likelihood of network branching. Forking can cause delays and slow network throughput.
The third component is a process for validating the finality of the passive block. This ensures that new blocks are completed even if all nodes on the network are out of sync.
Upgrade from PoA 2. The interface also aims to improve scalability, security and throughput in the VeChainThor mainnet.
In the announcement, the VeChain team stated that the Relatively Free Chain (Floor) Scaling Approach, adapted to the PoA 2 security use case, is needed “to meet the requirements of blockchain applications in the future and the growing global demand”.
Related: VeChain Thor Mainnet hits the 10 million block mark with no downtime
Various exchanges, including Binance and Crypto.com, have supported VeChain’s (VET) hard fork, which has fallen about 10% in the past 24 hours.
We finally made it! # 10653500https: //t.co/mXgVKjqGta
Thank you all for your continued efforts! @ PeterZh47977516 @cola_tin @liboliqi @abyteahead @ MogLu2017 @AsbertMa @ xjwx89 @vechaindev
We must also thank our loved ones #VeFam.
Let’s enjoy this moment together! https://t.co/A6zMcsREbJ
– VeChain Foundation (@vechainofficial) November 16, 2021
The VeChain project also announced the election of the second steering committee (SC) on November 16. SC is designed to “facilitate the promotion of effective decision-making and ensure the fairness and efficiency of enforcement on all fundamental issues”.
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Blockchain
VeChain has been updated to the Proof of Authority 2.0 consensus mechanism
The supply chain tracking network VeChain has just updated its consensus mechanism to the supposedly “greenest” on-chain method of checking blocks.
On November 16, VeChain reached an important milestone in its six-year history by upgrading its VeChainThor mainnet to the first stage of the Proof of Authority (PoA) 2 consensus algorithm.
VeChain is a supply chain tracking system launched in 2015 that combines physical tracking with blockchain recording.
PoA and Evidence of Stake (PoS) differ from Proof of Do the Job (PoW) in that they do not require mining to achieve network consensus. PoA achieves consensus by verifying a user’s identity, while PoS does this by staking coins on the network.
The VeChain network only runs with 101 nodes. Fewer nodes reduce decentralization, but increase the speed and reliability of the network. This tends to be preferred for commercial and industrial applications. For comparison, Bitcoin currently has 13,244 nodes while Ethereum has 2,701.
Another benefit is that PoA uses less energy and emits very little carbon. VeChain suggests that the new upgrade is “the greenest consensus in the world to drive mass adoption”.
According to the official announcement, the upgrade includes three main components. The first is the Verifiable Random Function (VRF), which safely and randomly assigns nodes to generate blocks or process transactions, making them immune to corruption.
The second is a committee validated block production process that greatly reduces the likelihood of network branching. Forking can cause delays and slow network throughput.
The third component is a process for validating the finality of the passive block. This ensures that new blocks are completed even if all nodes on the network are out of sync.
Upgrade from PoA 2. The interface also aims to improve scalability, security and throughput in the VeChainThor mainnet.
In the announcement, the VeChain team stated that the Relatively Free Chain (Floor) Scaling Approach, adapted to the PoA 2 security use case, is needed “to meet the requirements of blockchain applications in the future and the growing global demand”.
Related: VeChain Thor Mainnet hits the 10 million block mark with no downtime
Various exchanges, including Binance and Crypto.com, have supported VeChain’s (VET) hard fork, which has fallen about 10% in the past 24 hours.
We finally made it! # 10653500https: //t.co/mXgVKjqGta
Thank you all for your continued efforts! @ PeterZh47977516 @cola_tin @liboliqi @abyteahead @ MogLu2017 @AsbertMa @ xjwx89 @vechaindev
We must also thank our loved ones #VeFam.
Let’s enjoy this moment together! https://t.co/A6zMcsREbJ
– VeChain Foundation (@vechainofficial) November 16, 2021
The VeChain project also announced the election of the second steering committee (SC) on November 16. SC is designed to “facilitate the promotion of effective decision-making and ensure the fairness and efficiency of enforcement on all fundamental issues”.
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