PoA 2.0 Archives - Times Tabloid

VeChain Proof of Authority (PoA) 2.0 Finally Goes Live

Solomon Odunayo — Thu, 17 Nov 2022 09:12:00 +0000

After years of hard work, VeChain, the leading enterprise blockchain platform, has finally launched its proof of authority (PoA) 2.0.

The new development was announced moments ago via the official Twitter handle of VeChain Foundation. According to the report, PoA 2.0 comes to make the VeChain blockchain a perfect platform for sustainability.

VeChain Foundation tweeted, “A new era has dawned! At 8:10 GMT, the final stage of PoA2.0 seamlessly hardforked from mainnet, adding Finality to VeChainThor. With it, VeChain technologies provide the perfect platform for sustainability, both in energy consumption & real-world change.”

A new era has dawned!

At 8:10 GMT, the final stage of PoA2.0 seamlessly hardforked from mainnet, adding Finality to #VeChainThor.

With it, #VeChain technologies provide the perfect platform for #sustainability, both in energy consumption & real-world change. #Blockchain $VET https://t.co/3Ida4xVZxR

— VeChain Foundation (@vechainofficial) November 17, 2022

What Is Proof of Authority (PoA) Consensus?

According to a blog post published on Vechain101.com, VechainThor is a blockchain that is powered by a Proof-of-Authority (PoA) consensus algorithm, unlike Bitcoin and Ethereum which run on Proof-of-Work (PoW) and Proof-of-Stake (PoS) respectively.

In Proof-of-Authority (PoA) consensus, one of the 101 pre-approved validators is randomly selected to generate the next block. This particular model avoids computational competition, thereby enabling faster and more efficient block production.

Why VeChain PoA 2.0 Is Essential

Since VeChainThor’s scaling solution is all about quality, there will always be room for improvement. There are many ways to scale a blockchain network, such as increasing the bandwidth, increasing the block size, etc.

As for VeChain, it chooses to use PoA 2.0 SURFACE (Secure Use-case-adaptive Relatively Fork-free Approach of Chain Extension) consensus to optimize its bandwidth.

In the process of maximizing the percentage of time spent in transmitting data, more transactions can be included in the block, which will raise the number of transactions per second (TPS) and improve bandwidth efficiency.

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VeChain Mainnet Upgrade Proof of Authority (PoA) 2.0 Voting Scheduled for Next Week: Details

Solomon Odunayo — Thu, 13 Oct 2022 04:30:12 +0000

As a report has it, voting on the major Vechain mainnet upgrade, Proof of Authority (PoA) 2.0, has been scheduled to begin next week.

According to the announcement, PoA 2.0 is an update targeted at enhancing the ability of the VeChain blockchain to deliver on fast-growing global demand for a scalable and fully secured public blockchain.

Next week, voting begins on the major #VeChain mainnet upgrade 'Proof of Authority 2.0' – an update that radically enhances #VeChain's ability to deliver on fast-growing global demand for scalable, fully secured public #blockchain.

So, what's PoA 2.0 and why does it matter? pic.twitter.com/yOG2CfDn0J

— VeChain Foundation (@vechainofficial) October 12, 2022

Why Proof of Authority (PoA) 2.0 is Essential?

As for VeChain, it chooses to use PoA 2.0 SURFACE (Secure Use-case-adaptive Relatively Fork-free Approach of Chain Extension) consensus to optimize its bandwidth.

In a series of tweets a couple of hours ago, VeChain Foundation said “Proof of Authority 2.0 solves a major trade-off in traditional blockchain architecture” through scalability with throughput or instant finality.

Explaining scalability and finality, the foundation wrote, “Scalability allows the network to handle ever greater usage. Finality ensures hashed data is instantly secured by the network.”

Explaining further, VeChain Foundation said:

“As Digital Transformation advances, enterprises are exploring how to transform operations leveraging the many benefits of blockchain. Growing demand necessitates scalability, however, without finality, enterprises are cautious of the tiny, but non-zero risk of data loss.

“By taking the best traits of the two common blockchain types & eliminating the weaknesses, VeChainThor becomes the perfect platform for real-world users – providing a scalable, low carbon platform with the ability to guarantee data quality. For Enterprises & govs, this is key.

“Imagine an international carbon market, with many thousands of companies submitting myriad data forming the backbone of a carbon credit market & financial instruments.

“Said Carbon data must be verifiable at every level, with tens of millions of data points guaranteed secure.

“This, alongside many other examples of large-scale sustainability-related & industrial initiatives such as the Circular Economy are the kind of dynamic global system that become possible with VeChainThor, armed with the power of the PoA2.0 Mainnet upgrade.”

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VeChain (VET) Has Finally Entered Into New Era of PoA 2.0

Tobi Loba — Tue, 16 Nov 2021 11:33:51 +0000

The much-awaited moment is finally here. VeChain (VET), the leading enterprise blockchain platform has safely transitioned into a new era of proof-of-authority (PoA) 2.0.

The new development was announced via the official Twitter handle of VeChain Dev. According to the report, the upgrade played on block height 10,653,500.

VeChain Dev tweeted, “On block height 10,653,500 VeChain has safely entered a new era of PoA2.0! With this new consensus algorithm to support our ever-growing ecosystem.”

On block height 10,653,500 #VeChain has safely entered a new era of PoA2.0! With this new consensus algorithm to support our ever-growing ecosystem. #VET #VTHO #VeChainThor. Check it out here: https://t.co/ep5IUu1pu6

— VeChain Dev (@vechaindev) November 16, 2021

What Is Proof of Authority (PoA) Consensus?

According to a blog post published on Vechain101.com, VechainThor is a blockchain that is powered by a Proof-of-Authority (PoA) consensus algorithm, unlike Bitcoin and Ethereum that run on Proof-of-Work (PoW) and Proof-of-Stake (PoS) respectively.

Why VeChain PoA 2.0 Is Needed

As for VeChain, it chooses to use PoA 2.0 SURFACE (Secure Use-case-adaptive Relatively Fork-free Approach of Chain Extension) consensus to optimize its bandwidth.

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VeChain Dev: We Are Working On Final Steps to Make PoA 2.0 Phase 1 Ready Before October Ends

Tobi Loba — Thu, 28 Oct 2021 09:04:28 +0000

The most anticipated development in the VeChain ecosystem, which is the Phase 1 launch of PoA 2.0, is expected to play out before October ends, according to VeChain Dev.

VeChain Dev, the channel that shares VeChain developers’ progress, said this in a tweet on 27th October. According to the tweet, phase 1 of PoA 2.0 is expected to go live before the end of the month.

VeChain Dev tweeted, “We are working on the final steps to get phase 1 of PoA 2.0 ready for go live at the end of this month. Excited for this major upgrade of the VeChainThor blockchain.”

We are working on the final steps to get phase 1 of PoA 2.0 ready for go live at the end of this month.

Excited for this major upgrade of the #VeChainThor blockchain$VET $VTHO

— VeChain Dev (@vechaindev) October 27, 2021

Stakeholders Vote to Launch PoA 2.0 Phase 1

On 11th October, VeChain Foundation announced the vote to launch the first phase of POA 2.0 on mainnet. Back then, the Foundation enjoined the concerned stakeholders to cast their votes for the advancement of the blockchain.

VeChain Foundation tweeted, “After much hard work, we are excited to announce the vote to launch the first phase of POA2.0 on mainnet is LIVE! Cast your vote and join us for the next epic chapter for VeChainThor – the world’s leading L1 enterprise smart contract platform.”

Meaning of Proof of Authority (PoA) Consensus?

According to a blog post published on Vechain101.com, VechainThor is a blockchain that is powered by a Proof-of-Authority (PoA) consensus algorithm, unlike Bitcoin and Ethereum that run on Proof-of-Work (PoW) and Proof-of-Stake (PoS) respectively.

Why VeChain PoA 2.0 Is Needed

As for VeChain, it chooses to use PoA 2.0 SURFACE (Secure Use-case-adaptive Relatively Fork-free Approach of Chain Extension) consensus to optimize its bandwidth.

The post VeChain Dev: We Are Working On Final Steps to Make PoA 2.0 Phase 1 Ready Before October Ends appeared first on Times Tabloid.

VeChain Foundation Announces Vote to Launch PoA 2.0, Major Upgrade to VeChainThor Blockchain

Solomon Odunayo — Mon, 11 Oct 2021 14:11:30 +0000

VeChain (VET), the leading enterprise blockchain platform, is making the necessary headway towards the much-anticipated upgrade to the VeChainThor blockchain known as SURFACE (POA 2.0).

In a recent announcement, VeChain Foundation stated that the vote to launch the first phase of POA 2.0 on mainnet is now live.

The foundation enjoined the concerned stakeholders to cast their votes for the advancement of the blockchain.

VeChain Foundation tweeted, “After much hard work, we are excited to announce the vote to launch the first phase of POA2.0 on mainnet is LIVE! Cast your vote and join us for the next epic chapter for VeChainThor – the world’s leading L1 enterprise smart contract platform.”

After much hard work, we are excited to announce the vote to launch the first phase of POA2.0 on mainnet is LIVE!

Cast your vote and join us for the next epic chapter for #VeChainThor – the world's leading L1 enterprise smart contract platform $VET $VTHO https://t.co/qNc7tC6QCW pic.twitter.com/kR7kZQEhSE

— VeChain Foundation (@vechainofficial) October 11, 2021

In the official announcement, VeChain Foundation says its mission has always been to deliver a secure, stable, and scalable public blockchain and enable mass adoption of blockchain technology across the world.

The major upgrade to the network is targeted at enhancing finality and data security by uniquely combining the two most common consensus types, including the Nakamoto and Byzantine Fault Tolerance (BFT) consensus mechanisms.

This will enable the network to benefit from the strengths of each type while eliminating their weaknesses. This makes POA 2.0 the world’s first example of such a combination.

As stated in the announcement, the first phase of the major upgrade will implement the first part of VIP-193 known as a VRF-based source of randomness.

According to the report, the first part of VIP-193 that will be implemented is to balance the unpredictability and the unbiasedness of the block-proposing schedule, ensuring the highest level of data security.

Once the implementation of VIP-193 is concluded, it will be impossible to predict and manipulate block proposers, which will in turn increase the security of the VeChainThor blockchain.

So, the implementation of PoA 2.0 Phase 1 can only play out after a successful vote by all stakeholders.

According to the announcement, stakeholders will vote between 11th October 2021 at 10 pm (UTC+8) and 18th October 2021 at 10 pm (UTC+8).

Stakeholders Involved: Authority Masternodes (40% voting authority), Economic X Nodes (40% voting authority), Economic Nodes (20% voting authority).

Proposal: Agree to apply PoA 2.0 Phase 1 (The VRF-based source of randomness) on VeChainThor Mainnet Disagree to apply PoA 2.0 Phase 1 (The VRF-based source of randomness) on VeChainThor Mainnet.

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VeChain’s Sunny Lu Clarifies Misconception about PoA 2.0 Launch Timeline

Solomon Odunayo — Fri, 10 Sep 2021 14:17:54 +0000

Sunny Lu, CEO of the leading enterprise blockchain platform, VeChain (VET), has recently clarified the misconception surrounding the timeline of the much-awaited launch of VeChain’s proof-of-authority (PoA) 2.0.

Following an AMA session with Sunny Lu on Discord some hours ago, many VeChain community members have been spreading misinformation regarding when to expect the launch of PoA 2.0.

They quoted VeChain CEO as saying that the much-anticipated network upgrade is slated to play out by the end of September. However, Sunny Lu himself has clarified this misconception via a tweet a few hours ago.

According to Lu, the launch of PoA 2.0 will play out phase by phase. He said VeChain developers are busy working to complete the first phase by the end of this month. He pointed out that the completion of Phase 1 of the launch will open the door for all-stakeholder voting.

Sunny Lu tweeted, “Sorry, it was pretty late and I was tired. Stand correctly here: Our core dev team has been developing the first phase and it’s going very well. We’ll expect the work to be completed by the end of this month and a network-wide all-stakeholder vote on the upgrade afterwards.”

Sorry, it was pretty late and I was tired. Stand correctly here: Our core dev team has been developing the first phase and it's going very well. We'll expect the work to be completed by the end of this month and a network-wide all-stakeholder vote on the upgrade afterwards.

— Sunny LU, VeChain Ⓥ (@sunshinelu24) September 10, 2021

What Is Proof of Authority (PoA) Consensus?

According to a blog post published on Vechain101.com, VechainThor is a blockchain that is powered by a Proof-of-Authority (PoA) consensus algorithm, unlike Bitcoin and Ethereum that run on Proof-of-Work (PoW) and Proof-of-Stake (PoS) respectively.

Why VeChain PoA 2.0 Is Needed

As for VeChain, it chooses to use PoA 2.0 SURFACE (Secure Use-case-adaptive Relatively Fork-free Approach of Chain Extension) consensus to optimize its bandwidth.

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The post VeChain’s Sunny Lu Clarifies Misconception about PoA 2.0 Launch Timeline appeared first on Times Tabloid.

VeChain PoA 2.0 Hits New Milestone with VIP193 Launch On Testnet

Tobi Loba — Thu, 22 Jul 2021 06:06:55 +0000

According to a report on 21st July 2021, VeChainThor PoA 2.0 has hit a new milestone with the launch of VIP193 on the public testnet.

As shared via the VeChain Foundation official Twitter handle, the new development has unlocked the next steps towards the implementation of VeChainThor PoA 2.0, which will usher in a new era of VeChain blockchain safety, scalability, and absolute finality.

VeChain Foundation tweeted, “VeChain is pleased to update the community on the latest progress & roadmap towards PoA 2.0! VIP193 is now on public testnet, unlocking the next steps towards PoA 2.0 implementation & a new era of blockchain safety, scalability & absolute finality!”

#VeChain is pleased to update the community on the latest progress & roadmap towards PoA 2.0!

VIP193 is now on public testnet, unlocking the next steps towards PoA 2.0 implementation & a new era of #blockchain safety, scalability & absolute finality! $VET https://t.co/1Re8SKCLsu

— VeChain Foundation (@vechainofficial) July 21, 2021

In a continued effort to cement itself as the top public blockchain solution provider in the world, VeChain Research and Development teams brought new and outstanding development into the VeChain ecosystem.

Describing the significance of the development, the teams wrote:

“With this new mechanism, the VeChainThor blockchain is able to maximise its high throughput capability while also ensuring data finality. What this means in practice is that very high-volume use cases can exist on-chain with the highest level of data security unfound in any other blockchain platforms.

“With this major update to our technical model, VeChainThor becomes the ideal open-source platform for enterprises, governments, or anyone looking to build their applications on a secure, low cost, immutable, and full-featured public blockchain.”

The teams explained further that PoA 2.0 is developed to meet the increasing demand for vastly improved performance and greater security from the enterprise and business-tier clients developing solutions.

According to the report, PoA 2.0 is a significant milestone in the blockchain industry as a whole. This development is evidence of the steadfastness of the VeChainThor development team that makes it a task to continue the mission of providing secure, scalable, reliable, and cost-efficient infrastructure-level protocols, which are expected to be the frontrunner in the quest to digitize the world.

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