SAN MARINO, Nov. 29, 2022 /PRNewswire/ — VeChain Foundation, overseer of the world’s leading enterprise-grade blockchain, VeChainThor, is proud to announce the successful upgrade known as ‘Proof of Authority 2.0’ (PoA2.0) took place on the 17th of November at 8:10 GMT (block 13815000).
PoA2.0 is a protocol-level upgrade that introduces a finality gadget and improves security. This gadget ensures VeChainThor can operate at global scale while totally eliminating any risk of data loss, effectively meeting the demands of real world clientele.
PoA 2.0 – Solving Key Trade-Offs
Following years of development, VeChain’s expert-led engineering team successfully combined the strengths of the two main blockchain architectures, Nakamoto and Byzantine Fault Tolerance (BFT), while eliminating their weaknesses.
These ‘weaknesses’ entail a choice between scalability and speed, or absolute finality – a mathematical consequence of the cryptographic nature of blockchains.
Importantly, with the finality gadget, it ensures VeChain meets strict global data-protection regulations while offering the speed, scalability and security the real economy demands.
VeChainThor – Leading the Digital-Sustainable Revolution
The upgrade sees VeChain take a huge leap toward fulfilling its global ambitions; facilitating digital transformation within the fields of sustainability, carbon management and diverse industries such as medicine, supply chain & logistics, finance, energy and more.
By using blockchain to synthesise massive volumes of industrial data, VeChainThor drastically increases efficiency and transparency and enables the automation of processes using smart contract technology.
Ultimately, VeChain is building incentivised ecosystems that reward participants and thus incentivise them to act in an environmentally positive manner. The VeChainThor blockchain is driving transparency throughout the production trails of goods, from their associated supply chains to recycling, laying the foundations of the circular, sustainable economy.
No Stranger to Innovation
Alongside PoA2.0, the VeChain Foundation has built many tools to tackle real world adoption hurdles. Examples include:
Fee delegation: A protocol-level service that allows managers of decentralised applications to fund users’ transaction fees. In practice, this allows individuals to use dApps without handling crypto themselves, removing a significant adoption hurdle.
Transaction cost stability: VeChain’s two-token model allows gas costs to be dynamically adjusted. For users, this ensures usage costs are forecastable, low, and stable, solving a core issue for real world adoption, a key concern of businesses and a common issue for blockchains like Ethereum, Bitcoin and others.
Multi-Task Transactions: With VeChain, a ‘transaction’ (a packet of data broadcast to the network), can carry multiple ‘clauses’, essentially transactions within transactions. This approach is cheaper, more efficient and faster than those of other networks. For businesses, efficiency and time expense is a core consideration.
VeChainThor – The Future of Blockchain
Trust will be paramount in the era of big data. Transparent, independently verifiable and instantly available information is a core tenet of the sustainability revolution, and public blockchain is vital to delivering it.
VeChainThor continues to innovate on its mission of facilitating smarter industries, true sustainability and the circular economy. VeChainThor is the future of public blockchain.
SOURCE VeChain Foundation
