Following months of work, the arrival of Block #10653500 on the VeChainThor mainnet officially marks the start of the phase 1 PoA 2.0 upgrade. It is the initial step for VeChain as a revolutionary protocol. Additionally, the platform applauds its initial phase upgrade by educating users about the technology.
VeChain Contributions to the DeFi Community
VeChain has been working on several initiatives to make it easier for people to understand its concrete plans. The new features make it the most popular smart contract platform for businesses, governments, and communities.
VeChain has taken on an even more critical goal-promoting full sustainability, circular economics, carbon reduction emissions, incentivized ecosystems, and much more. Moreover, VeChainThor has been committed to helping global enterprises and governments achieve the United Nations Sustainable Development Goals. The project was born out of a preprint paper “SURFACE” published in February 2020. It was co-authored and posted by Dr Peter Zhou, VeChain’s chief scientist and Dr Zhijie Ren, the platform’s senior blockchain researcher.
The PoA 2.0 consensus mechanism is the niche to DeFi mass adoption in the coming decade.
Details on PoA 2.0
The PoA 2.0 consensus algorithm is conferred as a Secure, Use-case adaptive, and Relatively Fork-free Extension Method for Chains.
Additionally, it’s the first of its kind protocol worldwide. It has premiered in combining strengths for Byzantine Fault Tolerance and Nakamoto Consensus and eliminated their weaknesses.
The SURFACE PoA 2.0 paper is divided into three parts; the first is a VRF-based source of unpredictability. The second involves a committee-based block production procedure. Finally, there is a passive block finality confirmation process at the end.
The paper suggests an algorithm. The algorithm was proposed in two parts. One part has already been activated on the mainnet (VIP-193), and one will be in 20 months (VIP-200). The Foundation launched a new public testnet with VIP-193 fully implemented. The move paved the road for PoA 2.0’s phase 1 full implementation on mainnet on November 16th 2021.
PoA 2.0 As the Future
PoA 2.0 offers enterprises data security, scalability and high throughput. It also combines two consensus mechanisms to ascertain effectiveness.
Above all, it is environmentally friendly, supporting green technologies. The aspect is endorsed by significant crypto enthusiasts making the project a full-scale success. Future improvements have been set in motion for phase 2 and phase 3.
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