Vechain upgraded its Consensus mechanism to Authority 2.0 and it is expected to improve several aspects of the network’s security and operations all the while it makes the blockchain more environmentally friendly so let’s read more about it in today’s Vechain news.
Supply chain tracking network VeChain upgraded its consensus mechanism to the “world’s greenest” method of verifying blocks on the chain. The platform reached a milestone in its six-year history by upgrading its consensus mechanism to the first phase of the Proof of Authority 2.0 consensus algorithm. Vechain is a supply chain tracking system that was launched in 2015 and combined physical tracking with blockchain record keeping. Proof of Stake and Proof of Work doesn’t require mining to reach a network consensus but PoA achieves consensus by verifying the users’ identities and PoS does this by staking the coins on the network.
Finally we've made it! #10653500🎉https://t.co/mXgVKjqGta
Thank you all for your continuous efforts! @PeterZh47977516 @cola_tin @liboliqi @abyteahead @MogLu2017 @AsbertMa @xjwx89 @vechaindev
We also need to say thanks to our dearest #VeFam.
Let's enjoy this moment together! https://t.co/A6zMcsREbJ
— VeChain Foundation (@vechainofficial) November 16, 2021
The Vechain network runs with 101 nodes and fewer nodes will reduce decentralization but will also increase the reliability and speed of the network. This is a favored trend for commercial and industrial applications and now BTC by comparison has 13,244 nodes while ETH has 2701. An added advantage is PoA is less energy-intensive and emits a low amount of carbon. Vechain suggested that the new upgrade will bring the world’s greenest consensus to drive mass adoption. The upgrade consists of their major components and the first one is a verifiable randomness function that randomly assigns nodes to produce blocks and process transactions which means they are impossible to be corrupt.
The second Is the committee-endorsed block-producing process that reduces the probability of network forking which can cause delays and slow the entire network throughput.
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The third component is a passive block finality confirmation which helps to ensure new blocks get finalized even if the nodes on the network are not in sync. The PoA 2.0 upgrade will also improve scalability, security, and throughput on the mainnet. The team explained that the latest upgrade will meet the demands of future blockcahin applications and will increase the global demand. Plenty of exchanges like Crypto.com, Binance, and Vechain fell around 10% over the past day. The VeChain proejct announced the election of its second steering committee which is created to facilitate the efficiency of decision making and to bring fairness and effectiveness of execution for the fundamental matters.
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