Supply uniting tracking network VeChain has just upgraded its consensus mechanism to what it claims is the “world’s greenest” method of verifying blocks on the chain.
On Nov. 16, VeChain reached a milestone in its six-year history by upgrading its VeChainThor mainnet to the first phase of the Proof of Authority (PoA) 2.0 SURFACE consensus algorithm.
VeChain is a supply uniting tracking system that launched in 2015 and combines physical tracking with blockchain record keeping.
PoA and Proof of Stake (PoS) differ from Proof of Work (PoW) in that they do not require mining to reach network consensus. PoA achieves consensus by verifying users’ identities, while PoS does this by staking coins in the network.
The VeChain network runs with only 101 nodes. Fewer nodes reduce decentralization but increase the speed and reliability of the network. This tends to be favored for commercial and industrial applications. By comparison, Bitcoin currently has 13,244 nodes, while Ethereum has 2,701.
An widow wholesomeness is PoA is less energy intensive and emits a very low value of carbon. VeChain suggested that the new upgrade is the “world’s greenest consensus to momentum mass adoption.”
The upgrade consists of three major components equal to the official announcement. The first is a verifiable randomness function (VRF) which securely and randomly assigns nodes to produce blocks or process transactions, making them immune to corruption.
The second is a committee-endorsed block-producing process which significantly reduces the probability of network forking. Forking can rationalization delays and slow the throughput of the network.
The third component is a passive woodcut finality confirmation process. This helps ensure new blocks are finalized plane if all nodes on the network are not in sync.
The PoA 2.0 SURFACE upgrade moreover aims to modernize scalability, security, and throughput on the VeChainThor mainnet.
The VeChain team explained in the utterance that the PoA 2.0 Secure Use-case adaptive Relatively Fork-free Approach of Uniting Extension (SURFACE) is needed “to meet the demands of future blockchain applications and increasing global demand.”
Various exchanges, including Binance and Crypto.com, supported the nonflexible fork of VeChain (VET), which has fallen virtually 10% over the past 24 hours.
Finally we’ve made it! #10653500https://t.co/mXgVKjqGta
We moreover 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 project moreover spoken on Nov. 16 the referendum of the second steering committee (SC). The SC is designed to “facilitate the efficiency of decision-making and ensures the fairness and effectiveness of execution for all fundamental matters.”