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VeChain's Historic Upgrade Launches: Details

Thu, 11/17/2022 - 11:38
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Tomiwabold Olajide
VeChain would be able to handle increasing demand
VeChain's Historic Upgrade Launches: Details
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The VeChain Foundation has announced what it calls "a new era" as the final stage of PoA 2.0, seamlessly forked from the mainnet and adding "finality" to VeChainThor.

The final phase of "Proof of Authority 2.0" (POA2.0), the integration of finality with VIP-220, went live at block height 13815000 on Nov. 17 at 8:10 a.m. UTC. Likewise, the first finalized block has been produced on the VeChain mainnet, marking a historic milestone for the blockchain.

With this game-changing upgrade, VeChain will now be able to provide the perfect platform for sustainability, both in energy consumption and real-world change, the team stated. In addition, VeChain would be able to handle increasing demand thanks to its scalability.

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

Way back in June, VeChain announced that VIP-220 was live on the private testnet, marking the first step toward the revolutionary POA 2.0 consensus mechanism upgrade. VIP-220 combines the strengths of the two common consensus types (proof of stake and proof of work) while eliminating their weaknesses.

More on upgrade

PoA is a Byzantine Fault Tolerant (BFT) probabilistic consensus that is based on HotStuff, and it relies on authority masternodes (AM) associated with verified identities. Some key changes also come with the latest proof of authority.

The PoA 2.0 upgrade includes a solution to trade-offs in the Nakamoto vs. BFT consensus, alongside other improvements. The VeChain blockchain is expected to see a greatly improved level of security alongside a data-quality guarantee with finality.

At the time of publication, VET, the native token of the VeChain blockchain, had yet to respond to the news of the historic upgrade. VET traded down 5% in the last 24 hours to $0.019.

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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.