VeChain, a supply chain monitoring network, recently changed its consensus process to the “world’s greenest” means of confirming blocks on the chain, according to the company.
VeChain upgraded its VeChainThor mainnet to the first phase of the Proof of Authority (PoA) 2.0 SURFACE consensus algorithm on Nov. 16, marking a significant milestone in the six-year history of the company.
In fact, VeChain is a supply chain monitoring system that combines physical tracking with blockchain record keeping. It was first introduced in 2015.
Proof of Authority (PoA) and Proof of Stake (PoS) are different from Proof of Work (PoW) in that they do not require mining to obtain network consensus. PoS establishes consensus by staking coins in the network, whereas PoA does it by confirming users’ identities.
Only 101 nodes power the VeChain network. Decentralization reduced as the number of nodes decreases, but the network’s speed and reliability improve. For commercial and industrial use, this is the preferred option. Bitcoin has 13,244 nodes, whereas Ethereum has 2,701 nodes.
Furthermore, PoA has the extra benefit of requiring less energy and emitting very little carbon. The “world’s greenest consensus to encourage widespread adoption,” according to VeChain, is the latest improvement.
The improvement is divided into three key parts
According to the official statement, the improvement is divided into three key parts. The first is a verified randomization function (VRF), which allocates nodes to build blocks or process transactions in a safe and random manner, rendering them impervious to tampering.
The second is a block-producing procedure that has acquired approval by a committee and minimises the risk of network forking dramatically. Forking can cause network throughput to slow down and cause delays.
A passive block finality confirmation mechanism makes up the third component. Even if all nodes on the network are out of sync, this ensures that new blocks achieve completion.
Significantly, the VeChainThor mainnet’s scalability, security, and throughput will all benefit from the PoA 2.0 SURFACE update.
The PoA 2.0 Secure Use-case adaptable Relatively Fork-free Approach to Chain Extension (SURFACE), according to the VeChain team, is crucial “to satisfy the expectations of future blockchain applications and expanding global demand,” as stated in the release.
Several exchanges, notably Binance and Crypto.com, backed the VeChain (VET) hard fork. Which has lost almost 10% in the last 24 hours.
On November 16, the VeChain project announced the election of its second steering committee (SC). The SC’s purpose is to “improve decision-making efficiency.” And it assures that all key concerns are handled fairly and effectively”.