The most recent VeChain improvement to the consensus method is anticipated to improve the network’s security and key operations while also making it more environmentally friendly.
VeChain, a supply chain monitoring network, has just 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 mechanism on Tuesday, marking a significant milestone in the company’s six-year existence.
VeChain is a supply chain monitoring system that combines physical tracking with blockchain record keeping. It was founded in 2015.
Proof-of-stake (PoS) and proof-of-authority (PoA) vary from proof-of-work (PoW) in that they do not rely on mining to obtain network agreement. PoS achieves consensus by staking coins in the network, whereas PoA gets consensus by confirming users’ identities.
Only 101 nodes make up the VeChain network. Fewer nodes diminish decentralization while increasing network performance and stability. This is more commonly used in commercial and industrial settings. Currently, Bitcoin has 13,244 nodes, whereas Ethereum has 2,701 nodes.
PoA has the extra benefit of being less energy-intensive and emitting very little carbon. The latest improvement, according to VeChain, is the “world’s greenest consensus to promote widespread adoption.”
According to the official notice, the improvement consists of three primary components. The first is a verified randomization function that allocates nodes to generate blocks or process transactions in a safe and random manner, making them impervious to tampering.
The second is a block-producing mechanism that has received committee approval and considerably decreases the risk of network forking. Forking can reduce the network’s performance and cause delays.
A passive block finality confirmation mechanism is the third component. This ensures that new blocks get completed even if all nodes on the network are out of sync.
On the VeChainThor mainnet, the PoA 2.0 SURFACE update seeks to enhance scalability, security, and throughput.
The PoA 2.0 Secure Use-case Adaptive Relatively Fork-free Approach to Chain Extension (SURFACE), according to the VeChain team, is required “to satisfy the expectations of future blockchain applications and rising global demand.”
Several exchanges, notably Binance and Crypto.com, supported VeChain’s hard fork, whose native coin, VET, has dropped roughly over 10% in the last 24 hours.