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VeChain Has Upgraded to Proof of Authority 2.0 Consensus Mechanism

Supply chain tracking network VeChain has undergone an upgrade to its consensus mechanism, claiming this is the “world’s greenest” method of verifying blocks on the chain.

Yesterday, VeChain recorded an important milestone in its six-year history after it upgraded the VeChainThor mainnet to phase one of the Proof of Authority 2.0 SURFACE consensus algorithm.

Proof of Authority and Proof of Stake are different from Proof of Work as they don’t need mining to reach a network consensus. Proof of Authority reaches consensus through verifying the identities of users, while Proof of Stake reaches the same result by staking coins in the network.

The VeChain network runs with just 101 nodes. As we all know, fewer nodes mean less decentralization, but the advantage is that speed is increased, and so is the reliability of the network. This means it is more popular for commercial and industrial apps. Just as a small comparison, Bitcoin has 13,244 nodes, and Ethereum has 2,701.

Another pro of the Proof of Authority consensus mechanism is that this one is less “energy-intensive,” and the emissions of carbon are lower. VeChain declared that this upgrade represents the “world’s greenest consensus to drive mass adoption.”

According to the official announcement, the upgrade is made out of three important components. The first one is a verifiable randomness function (VRF) which has the role of securely and randomly assigning nodes for producing blocks or processing transactions, which means they become immune to corruption.

The second one is a committee-endorsed block-producing process that reduces the chances of network forking by a lot, as forking is known to lead to delays on the network and make it act slower.

The third component is a passive block finality confirmation process that makes sure that new blocks are finalized even in the case that all nodes on the network aren’t in sync.

The PoA 2.0 SURFACE upgrade is also focusing on improving scalability, security, and throughput on the VeChainThor mainnet.

The company explained that this is needed “to meet the demands of future blockchain applications and increasing global demand.”

Several exchanges around the world, like Crypto.com and Binance, are supporting the hard fork of VeChain (VET).

Source: CoinTelegraph.com

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