Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
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.
A new era has dawned!
— VeChain Foundation (@vechainofficial) November 17, 2022
At 8:10 GMT, the final stage of PoA2.0 seamlessly hardforked from mainnet, adding Finality to #VeChainThor.
With it, #VeChain technologies provide the perfect platform for #sustainability, both in energy consumption & real-world change. #Blockchain $VET https://t.co/3Ida4xVZxR
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.
Tomiwabold OlajideWay 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.
Arman Shirinyan
Alex Dovbnya
Vladislav Sopov
Dan Burgin