Monday, July 22, 2024

VeChain: Upgrade to PoA 2.0 consensus mechanism

The newest consensus mechanism upgrade is improving several things of the network’s security and key operations. It also makes VeChain more environmentally friendly. VeChain is claiming that it is the ‘’world’s greenest’’ method of verifying blocks on the chain.

VeChain reached a milestone on 16 November. The project is now 6 years old, and it upgraded its VeChainThor mainnet to the first phase of the Proof of Authority 2.0 consensus algorithm. This is the first upgrade since Vechani launched in 2015.

PoA & PoS is different from Proof of Work, because mining is not acquired to reach network consensus. PoA verifies users’ identities, thus achieving consensus. Fewer nodes reduce decentralization but increase the speed and reliability of the network. The network of Vechain runs with 101 nodes. In comparison with the 13,244 nodes that bitcoin has. PoA also has the advantage that there is less energy needed and emits a very low amount of carbon.

The upgrade has three major components, according to the announcement. The first one is a verifiable randomness function which securely and randomly assigns nodes to produce blocks or process transactions. The second is the block production process approved by the committee, which significantly reduces the possibility of network forks. The third component is a passive block finality confirmation process. The upgrade also improves scalability, security, and throughput on the VeChainThor mainnet.

The VeChain team said that the upgrade is needed “to meet the demands of future blockchain applications and increasing global demand.”

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