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VeChain (VET) explains why its PoA 2.0 upgrade is a big deal

VeChain (VET) explains why its PoA 2.0 upgrade is a big deal

Earlier this month, the VeChain Foundation announced a major upgrade to its public blockchain platform. At a press conference in Shanghai on June 25th, 2018, CEO Sunny Lu called for both developers and investors to use VET’s PoA 2.0 protocol that will allow for faster transactions and lower costs while preserving system security. The news was met with enthusiasm from crypto enthusiasts worldwide who saw it as the way forward for mainstream adoption of blockchain technology.

The “vechain poa 2.0 launch date” is the most important event for VeChain (VET). This upgrade will allow it to scale faster and make use of new technologies like IoT.

VeChain (VET) explains why its PoA 2.0 upgrade is a big deal

VeChain, a leading business blockchain platform, has improved its consensus process in order to achieve long-term mass adoption. The PoA 2.0 protocol change, according to the company, is a major step toward making it “the dominant smart contract platform for corporations, governments, and communities alike.”

Let’s have a look at our roadmap again, with the enthusiasm of the phase 1 update. What is the significance of this? What does this signal for the future of #VeChain? How is #PoA 2.0 the greenest and most scalable business adoption consensus?

Thanks again, and check out this link for more: https://t.co/4j4HoEvIt6 pic.twitter.com/tMLxlSDE50

November 16, 2021 — VeChain Foundation (@vechainofficial)

Decentralized blockchain systems may attain their real state through a consensus procedure. All systems must strike a balance between scalability, decentralization, and security.

While most people are familiar with Proof-of-Work (PoW) and Proof-of-Stake (PoS), VeChain uses the less well-known Proof-of-Authority (PoA) protocol (PoA). And with this update, the principle is tweaked to provide more benefits.

What is VeChain PoA 2.0, and how does it work?

VeChain’s PoA 2.0 is the result of years of study and development by Dr. Peter Zhou, VeChain’s Chief Scientist. PoA 2.0, according to his whitepaper, is the next generation of PoA consensus techniques.

“The new PoA 2.0-SURFACE consensus method is described as a Secure, Use-case Adaptive, and Relatively Fork-free Approach to Chain Extension.”

It combines Byzantine Fault Tolerance with the Nakamoto Consensus types to “remove the shortcomings of each,” as they put it.

Fault of the Byzantine Tolerance is a process through which dispersed networks agree and act depending on the majority of nodes’ statements. If the majority of the network behaves maliciously, the system is vulnerable.

The Nakamoto Consensus is a set of principles that certify a blockchain network’s legitimacy. By randomizing the selection of a leader or validator, it addresses the Byzantine Generals Problem of evil leaders.

A Verifiable Random Function (VRF)-based randomness source is paired with a committee-based block creation mechanism in VeChain 2.0.

What is the significance of this?

The consensus is reached using 101 Authority Masternodes in PoA. Each one is checked for a genuine identity and a total of 25 million VET tokens.

Although the minimal number of nodes lowers decentralization, this configuration provides speed and dependability, which are probably more significant characteristics for commercial applications.

“PoA 2.0 will unite the major forms of blockchain consensus for the first time on a public blockchain to attain the holy grail of mechanisms for the real world environment.”

PoA has the extra benefit of being less energy-intensive and emitting less carbon. According to VeChain, this is the foundation that will allow for the development of green technology on a scale never seen before on a public blockchain.

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“We envision a lot of creative and revolutionary uses in the future, and we’re excited to share our future work in these fascinating new areas,” said the team.

Phase 1 of the PoA 2.0 upgrade is now available, with phases 2 and 3 still to be released.

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VeChain (VET) explains why its PoA 2.0 upgrade is a big deal

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The “poa 2.0 release date” is the date that VeChain (VET) will be releasing its new PoA 2.0 upgrade. The upgrade includes a number of features, one of which is an increased block time to 10 seconds, and a reduced transaction fee to 0.00001 VET per transaction.

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