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VeChain's Biggest Mainnet Hard Fork Set to Deploy, Price Reacts

Tue, 11/08/2022 - 13:45
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Tomiwabold Olajide
VeChain embarked on run after hitting base at $0.022
VeChain's Biggest Mainnet Hard Fork Set to Deploy, Price Reacts
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After many years of hard work, VeChainThor's most significant mainnet hard fork, the PoA2.0 upgrade, is ready for deployment following a successful vote on VIP-220. The upgrade is expected to be game-changing for VeChain, as it would allow it to achieve block finality.

According to the announcement, the final phase of "Proof of Authority 2.0" (POA2.0), the integration of finality with VIP-220, would go live at block height 13815000, or on Nov. 17, at 8:10 a.m. UTC. It urges developers and projects running Thor nodes to upgrade their node software to version 2.01 before the mainnet upgrade to avoid any issues.

The v2.0.1 release will activate the finality hard fork on the mainnet. This would implement VIP-220 Finality with One Bit (FOB) that allows nodes to check the finality of blocks.

In late October, the VeChain Foundation announced the results of the VIP-220 proposal, which seeks to deploy the PoA 2.0 upgrade on the VeChainThor mainnet.

Way back in June, VeChain announced that VIP-220 was live on the private testnet, marking a huge milestone toward the revolutionary POA2.0 consensus mechanism upgrade. VIP-220 introduces finality, combining the strengths of the two common consensus types (proof of stake and proof of work) while eliminating their weaknesses.

In addition, VeChain would be able to handle increasing demand thanks to its scalability.

VET price reacts

VET's price surged to highs of $0.028 on Nov. 8, having surged nearly 10% the prior day. VeChain embarked on a run after hitting a base at $0.022 on Nov. 3. Although its price has retreated, the token is still up 8.51% in the past week.

The crypto market is facing a sell-off as many cryptocurrencies saw significant losses. At the time of publication, VET was down 1% at $0.025.

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About the author

Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.