VeChain (VET) Enters a New Era, Launching the Historic Proof of Authority (PoA) 2.0 Upgrade

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The much-anticipated POA 2.0 (Proof of Authority 2.0) has been launched on VeChain (VET), bringing the network into a new era of sustainability, improved performance, and global mass adoption.

VeChain launches PoA 2.0

More than a year after first introducing Proof of Authority 2.0, VeChain has completed the historic upgrade. The upgrade went live at block height 13815000 on November 17th after the integration of finality with VIP-220.

The VeChain Foundation announced that the game-changing upgrade was seamlessly hard-forked from the VeChain mainnet, adding finality to the VeChain Thor. The VeChain Foundation says the upgrade marks a new era in the history of the blockchain.

What to expect from POA 2.0

Earmarked as the largest network upgrade on the VeChain network since it launched, the upgrade will reportedly facilitate numerous benefits. These include a data quality guarantee and a boost to chain security. The team tweeted;

The VeChain Foundation says that the upgrade makes the network the perfect platform for sustainability, both in energy consumption and real-world change. The network will also be able to increase tasks, thanks to its improved scalability features.

The Proof of Authority consensus adopted by VeChain is a Byzantine Fault Tolerant (BFT) algorithm used with blockchains. It delivers comparatively fast transactions through a consensus mechanism based on identity as a stake.

On the Flipside

  • VeChain’s native token, VET, has seen minimal price movements even after the historic upgrade. It has only gained 0.68% in the last 24 hours.
The 24 hours price chart for VeChain (VET)

The 24-hour price chart for VeChain (VET). Source: CoinMarketCap

Why You Should Care

The successful launch of POA2.0 brings VeChain one step closer to its goal of global mass adoption in supply chain management.

Find out why VeChain is bullish for next year in:
Monero (XMR) Struggles; VeChain (VET) And The Hideaways (HDWY) Look Bullish For 2023

VeChain’s stablecoin plan is covered below:
VeChain Announces VeUSD Stablecoin on VeChainThor

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed to be financial legal or tax advice. Trading Forex, cryptocurrencies, and CFDs poses a considerable risk of loss

Author

Milko is a DailyCoin reporter, mainly focused on Ethereum (ETH), Cardano (ADA), and their founders (Vitalik Buterin and Charles Hoskinson). Milko is an avid follower of crypto and blockchain technology and has written thousands of articles on the subjects. He finds joy in transforming complex issues into written content that anyone can understand. Milko has used and analyzed numerous exchanges, such as Coinbase, FTX, and Binance. He also closely follows all of the latest news around the largest decentralized exchanges (DEXs).