VeChain. a decentralized platform designed to strengthen an enterprise’s business process especially in the supply chain management is back in the public eye. As per the latest announcement, the blockchain’s native token VeChain Thor [VET] has been officially upgraded to the latest version 1.6.0, thus paving the way for Proof of Authority [POA] 2.0 to begin initiation. Commenting further on the developments in their Twitter handle, VeChain foundation said,
We are excited to announce VeChainThor v1.6.0 is LIVE, meaning POA2.0 Phase 1 activation is set in motion! Testnet: Nov. 5, 8am GMT – block #10606800 Mainnet: Nov. 16, 8am GMT – block #10653500 But what is POA2.0 and why does it make VeChain the strongest public blockchain? We are proud to say POA 2.0 is the first protocol of its kind in the world! It combines the two main types of blockchain consensus mechanism (Byzantine Fault Tolerance & Nakamoto) to eliminate their weaknesses but benefit from their strengths!
How VeChain’s POA works?
In their series of tweets, the company dealt with several aspects of the use cases of the POA 2.0 model on the basis of Security and Finality. On the security feature, the algorithm apart from having the best of both worlds in terms of the consensus mechanisms also works on improving the mode of operation of the randomness principle in selecting the producer of the next block. By doing so, the company claims that manipulation of the blockchain becomes impossible.
In addition to that, the protocol initiates the committee feature where ‘3 additional BPs are randomly selected to verify a block, further preventing any kind of manipulation’.
With respect to the finality element, the foundation advocated that data on the protocol is executed immediately with zero occurrences of accidental forks or branching that might disrupt the overall blockchain and induce potential data loss. However, the firm later clarified that the finality feature is part of an upcoming project notably VIP-200, and not included in the current upgrade.
VeChain’s future roadmap
The main objective behind the network’s recent upgrade is to accommodate the growing demand for a scalable and secure network with major emphasis on initiatives such as Sustainable Development Goals [SDG] and carbon-free emissions. The announcement further stated that the project reflects VeChain’s ambitious roadmap to equip the blockchain technology with the necessary toolkit to solve real-world issues and implement the same in the rapidly evolving ecosystem.
On the price front, the native token, VET is currently trading at $0.132 gaining by almost 2.7% in the last 24 hours after undergoing an 11% correction on Oct 28.