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.

Read Also: VeChain Launches Solution Aimed to Revolutionize the Way Sustainability Is Tracked In the Fashion Industry

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.

Read Also: VeChain Milestone: VeChainThor Mainnet Reaches 10,000,000 Blocks without Downtime

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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The post VeChain Proof of Authority (PoA) 2.0 Finally Goes Live appeared first on Times Tabloid.

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

Read Also: Popular Smart Fingerprint Company Based In Australia Adopts VeChain Blockchain

Why Proof of Authority (PoA) 2.0 is Essential?

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.

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.

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.

Read Also: VeChain (VET) Launches ToolChain-Powered Merchandise in the EU/UK

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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The post VeChain Mainnet Upgrade Proof of Authority (PoA) 2.0 Voting Scheduled for Next Week: Details appeared first on Times Tabloid.

VeChain Partners With Laava

Per an update, Laava has scored a strategic partnership with Sunny Lu’s VeChain, which delivers sustainability and traceability solutions through its low-carbon, highly scalable smart contract blockchain known as VeChainThor.

In justifying their choice of VeChain, Laava highlighted the capabilities, functionalities, and uniqueness of the 34th largest crypto project by market cap. First, Laava described VeChain as “a global leading enterprise-friendly blockchain company that aims to connect blockchain technology to the real world by providing enterprises with blockchain-enabled solutions suited to their business needs.” Laava added that “VeChain Technology is a pioneer with strong independent development capabilities.” 

VeChain x Laava

Partner Announcement: ​Laava is pleased to announce our strategic partnership with VeChain Tech.

Learn More https://t.co/vprKN4l2og#VeChain $VET #VeFam #Blockchain #Crypto #Bitcoin #Technology #NFTs #NFT #Business #SupplyChain #Tech #TechNews #Logistics pic.twitter.com/0U6zDBAAgx

— eisenreich (@eisenreich) October 5, 2022

Read Also: VeChain (VET) Launches ToolChain-Powered Merchandise in the EU/UK

Laava was established to proffer effective solutions for the ever-increasing problems with QR code vulnerabilities and to also ensure that producers’ and brand owners’ products are not being exploited by global counterfeiters and luxury goods swindlers. 

To achieve this, the team developed the patented Laava Smart Fingerprint. According to the Australian technology company, there are currently more than 5 million Laava Smart Fingerprints deployed into export markets around the world on products like cherries, wine, luxury goods, and pharmaceuticals. 

Though founded in March 2017, Laava was introduced into the market in 2019 and it has since connected business owners directly with their consumers while adding value to the overall supply chain. 

Related: VeChain ToolChain Adopted By TruTrace Technologies To Better the Pharmaceutical Industry

Part of the partnership acknowledgment read; 

“Laava is pleased to announce our strategic partnership with VeChain Tech. With Laava, VeChain is also a member of APAC Provenance. We’re looking forward to announcing exciting new projects in collaboration with VeChain soon.”

The adoption of the VeChainThor blockchain by top businesses and nations continues to rise, which highlights the capability of the blockchain platform. Recently, UCO Network also sealed a long-term collaboration with VeChain to build infrastructure and open new opportunities in the Used Cooking Oil industry.

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TruTrace Adopts VeChain Blockchain

To accelerate blockchain adoption for authentication and provenance in the legal cannabis, food, apparel, and pharmaceutical industries, VeChain has aligned its technology with TruTrace’s blockchain-based SaaS platform, as revealed in a Monday announcement. 

Per the announcement, “the direct connection between TruTrace and VeChain ToolChain will allow TruTrace to offer to those companies dedicated to product quality and authenticity, a seamless and rapid way to begin utilizing blockchain in their business, all without burdensome investments in network infrastructure or management of cryptocurrencies.”

The Canadian SaaS platform further embraced the VeChainThor blockchain to reinforce how it protects brands and consumers from being victims of counterfeit and/or contaminated products in the aforementioned supply chain industry. 

Courtesy of this partnership, the TruTrace platform will be updated to feature VeChain (VET) starting September 1. VeChain is also being featured by one of the top and widely viewed sports in the world, UFC. 

Read Also: VeChain Partners With US-based Logistics Software Company OrionOne to Integrate ToolChain

The announcement also showed comments made by Robert Galarza, CEO of TruTrace. He said;

“When we began the development of TruTrace, our mission was to serve as an interconnected blockchain-secured product registry and traceability solution which could bring all stakeholders together and serve to track and manage variabilities from batch to batch and lot to lot.”

“Although our confidence in the power of blockchain to support this mission never wavered, there were difficulties using this technology without onerous gas fees or being limited to permission-based systems. Fortunately, this all changed with the adoption of VeChainThor, which is a true enterprise-grade blockchain that understands how to bring value to clients at a reasonable cost with the ability to scale at a global level,” he added. 

On the other hand, Jason Rockwood, General Manager for VeChain US Inc., noted that he believes the partnership “will bring VeChain’s technology to a wider portfolio of consumer brands.”

Read Also: China Adopts VeChain Toolchain for Food Safety and Traceability

About TruTrace Technologies 

TruTrace Technologies is a company on a mission to power the traceability of testing standards as well as the authentication of materials or ingredient sources used in the legal cannabis, food, and pharmaceutical industry. 

Canada’s largest retail pharmacy chain, Shoppers Drug Mart, currently uses TruTrace’s platform as its underpinning technology infrastructure for traceability and accountability associated with its medical cannabis program.

It is also worth noting that TruTrace is the developer of fully integrated software that enables clients to store, manage, share and access quality assurance and testing details.

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The post VeChain ToolChain Adopted By TruTrace Technologies To Better the Pharmaceutical Industry appeared first on Times Tabloid.

The new development was passed across moments ago via the official Twitter handle of the VeChain Foundation.

According to the report, the new feature included in the latest version is also known as Finality with One Bit (FOB). The foundation pointed out that all Testnet nodes are now required to be updated.

Read Also: VeChain Update: New Version of VeChainThor Released With Various Performance Improvements

VeChain Foundation tweeted, “The VeChainThor public Testnet has been successfully updated to include VIP-220 – AKA, ‘Finality with One Bit’ (FOB). All Testnet nodes now require updating.”

The #VeChainThor public Testnet has been successfully updated to include VIP-220 – AKA, ‘Finality with One Bit’ (FOB).

All Testnet nodes now require updating (links below)

Learn why VIP220 is a significant milestone: https://t.co/iaoo7X9OhU#VeChain #blockchain #crypto $VET https://t.co/J6Ij3E96yF

— VeChain Foundation (@vechainofficial) August 19, 2022

In a blog post published in June and captioned in the recent announcement, VeChain Foundation described block finality as an indispensable property for a modern blockchain system because it provides an absolute security guarantee for blocks that satisfy certain conditions. So, in order to improve the consensus algorithm, the VeChain dev team has been working to meet the requirements.

To achieve this, the dev team chooses to design and implement a finality gadget known as the Finality with One Bit (FOB). This was chosen by VeChain instead of replacing the Proof-of-Authority (PoA) consensus algorithm with a completely new one, which is similar to what Ethereum blockchain is about to implement.

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

According to the dev team, the implementation of FOB will allow them to run dual modes of consensus simultaneously. The current design is proposed by VIP-220 and it comes with a number of advantages, such as achieving block finality and Maintaining the usability and robustness of the network by decoupling finality from the Proof-of-Authority (PoA) process.

It’s further stated in the blog post that Finality with One Bit (FOB), which is the VeChain blockchain’s novel finality gadget is inspired by the view-less BFT (VLBFT).

Compared to other finality gadget designs, it’s said that FOB is simple and adds minimal redundancy to the existing PoA-based Thor protocol.

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The post VeChain News: VeChainThor Public Testnet Updated To Include VIP-220. Here’s Why This Is Important appeared first on Times Tabloid.

According to the report shared on Twitter by VeChain Foundation, the new partnership will grant OrionOne’s clients a seamless blockchain onboarding experience.

VeChain Foundation tweeted, “Announcing our integration partnership with US-based logistics software company, OrionOne Inc.! By integrating #VeChain ToolChain, OrionOne provides a seamless #blockchain onboarding experience for clients while delivering a revolution for supply chains.”

Announcing our integration partnership with US-based logistics software company, OrionOne Inc.!

By integrating #VeChain ToolChain, OrionOne provides a seamless #blockchain onboarding experience for clients while delivering a revolution for supply chains.https://t.co/vo51GQAQx9 pic.twitter.com/psLPeQDpcx

— VeChain Foundation (@vechainofficial) August 10, 2022

Read Also: Sunny Lu to UFC: VeChain (VET) Impact on the World in the Future Will Be Significant

In a blog post captioned in the announcement, VeChain Foundation describes OrionOne as a global supply chain technology solutions company that has built a powerful SaaS platform to deliver the best in class technology to the supply chain market.

As mentioned in the blog post, the integration of VeChain ToolChain is aimed at accelerating blockchain adoption among logistics companies.

The post read in part:

“The direct connection between OrionOne’s best-in-class logistics platform and VeChain’s blockchain application VeChain ToolChain allows OrionOne to offer companies a seamless and rapid onboarding ramp to begin utilizing blockchain in their business, all without burdensome investments in network infrastructure or management of cryptocurrencies.”

The logistic software provided by OrionOne helps companies organize and manage people, goods, and resources throughout the supply chain, which includes transactions and supplier relationships.

Reacting to the new development, Tommy Stephenson, CEO of OrionOne, described VeChain as the prominent leader in the supply chain industry. He praised the blockchain platform for its low-cost, swift deployment, and easy-to-use technologies.

“When it comes to blockchain and supply chain, there’s only one game in town, and that’s VeChain. No other entity can compete with their low-cost, rapid deployment, and ease of use. We’re excited to integrate their blockchain into our products to bring VeChain to a wider network of clients,” Tommy Stephenson said.

Read Also: UFC Hails VeChain as the Leader in Real-life Blockchain Applications

Jason Rockwood, General Manager for VeChain US Inc., also emphasized that blockchain has to solve companies’ problems across the world to enhance wide adoption.

“A key barrier to wide blockchain adoption is the application layer that connects infrastructure to specific business problems. OrionOne simplifies the data gathering mechanism and makes the value of blockchain tangible and easy to deploy. This in turn saves corporate clients time and money while staying current with the latest innovations in supply chain technology.”

The report says that VeChain will start featuring on the OrionOne platform starting from the 15th of August 2022.

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A decentralized application (DApp) is a digital application built on a decentralized blockchain network. DApps run in a public, open-source, and censorship-resistant environment where there is no interference by any single authority. 

As the cryptocurrency and blockchain industry expands, more and more decentralized applications are being introduced. Developers often seek the most appropriate means to develop DApps on their preferred blockchain network. 

In this article, we will be discussing how to use Connex2 to build a decentralized application on the VeChain blockchain. 

Read Also:  China Adopts VeChain Toolchain for Food Safety and Traceability

Steps To Build a Decentralized Application (dApp) on VeChain Via Connex2

To connect decentralized applications with the VeChain blockchain, Connex comes in very handy. Connex is the mono-repository containing libraries needed by developers to build on VeChain. 

Connex is also said to be the standard interface to connect dApps with the VeChain blockchain and users. Aiming to help developers build decentralized applications.

It is worth noting that we have both Connex1 and Connex2. While Connex1 is a built-in API within Sync1, Connex2 is a JavaScript Library published as Sync2. Developers can utilize Connex2 as a means to easily develop a dApp on top of the VeChain network.  

Decentralized applications built on Connex2 are more independent from each other. Whereas the dApps that are built on Connext1 are independent of Sync1. 

The first step to building a dApp on VeChain is making the required installations and then getting testnet VET and VTHO tokens. A testnet wallet is therefore needed to get these testnet tokens. 

To create a testnet wallet, you simply download, set up, and launch Sync2. Afterward, you can create a Sync2 testnet wallet and then claim testnet VET and VTHO from their respective testnet faucets. 

After successful installations and testnet tokens acquisition, the second step is to install Connex2 by writing the lines of codes as shown below. Thereafter, you can begin the programming process. 

Read Also: Attwood Import Export Leverages VeChain to Release a Blockchain-Based Security Sticker

What is VeChain?

VeChain is a leading enterprise-grade Layer 1 and proof-of-authority smart contract platform characterized by an ultra-low carbon and highly scalable blockchain architecture.

The blockchain platform is designed to enhance supply chain management and business processes. VET and VTHO are the two native tokens of VeChain.

VeChainThor is the public blockchain of VeChain that derives its value from ecosystem activities. DApp developers can connect to the VeChain (VET) node and block explorer through the blockchain-as-a-Service (BaaS) provider,  NOWNodes.

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The post How To Build a Decentralized Application (DApp) on VeChain Using Connex2 appeared first on Times Tabloid.

VeChain CEO said this in a recent interview with the company’s recent partner, UFC, shared on VeChain Foundation’s official Twitter handle and published on UFC’s official website.

When asked about how VeChain can change the world, Lu said the blockchain platform is already making an impact on the world in a number of ways, but the upcoming impact on the world will be significant.

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Sunny Lu noted:

“There are handful of ways that VeChain is already making an impact, but the impact that VeChain will have on the world in the future is significant.”

Read Also: VeChain Update: New Version of VeChainThor Released With Various Performance Improvements

He further mentioned six projects in the works on the VeChainThor blockchain, which are expected to have a great impact on the world at large.

These projects include an incentivized ecosystem in San Marino, plastic reclamation from the hydrosphere, carbon recording, circular economics, and others.

The Uniqueness of VeChain Blockchain

Speaking on what makes VeChain unique, Lu said its technologies are being used for tangible applications in the real economy. He said the enterprise blockchain platform has managed to land commercial contracts with major businesses such as Walmart and operates at a commercial scale.

Sunny Lu also pointed out that VeChain is also unique because it has working relationships with major consulting firms such as DNV and PwC. He said these relationships have helped the enterprise blockchain platform land a number of deals with Fortune 500 companies and governments across the world.

Read Also: VeChain Grabs Another Mega Deal To Build a Web3 Inventory Monetization Platform

Lastly, Lu stated that VeChain use cases are highly unique, compared to other chains in the crypto ecosystem.

He emphasized that “The majority of people only know blockchain and crypto as financial tools, but VeChain is building solutions in the fields of sustainability, carbon management, medicine, automobile, energy, decentralized finance, and more.”

In the course of the interview, Lu revealed that VeChain is opening a new headquarter in San Marino, a new business center in Ireland and Milan for necessary expansion into Europe.

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The post Sunny Lu to UFC: VeChain (VET) Impact on the World in the Future Will Be Significant appeared first on Times Tabloid.

As shared on Github, the new version, codenamed v1.7.3, contains various performance improvements. With the new update, the synchronization time on the network will see a significant reduction.

However, users are made to know that full resynchronization will be required when upgrading from VeChainThor versions that are earlier than v1.7.0.

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As highlighted by the VeChain team on Github, the changes added to the new version are shared below:

1. Enable INT128 for secp256k1 lib.
2. Add new VRF package to provide optimized VRF functions.
3. Faster trie node encoding.
4. Pool hash objects instead of joined data buffers.
5. Upgrade leveldb.

Read Also: UFC Hails VeChain as the Leader in Real-life Blockchain Applications

VeChain Rolls Out Unique Solution for Luxury Goods Industry

VeChain recently did what it does best in the crypto industry by onboarding a unique solution for the luxury goods industry.

As earlier reported by Times Tabloid, VeChain onboarded a solution for luxury goods theft and counterfeit issues in the primary and secondary markets.

According to the update, VeChain has embedded its proprietary chipset within luxury products, which gives the products a unique identification (ID) on the VeChain Thor blockchain.

This gives brands the ability to track their products and also upload key data to the VeChain network. Additionally, this embedded chipset allows companies to monitor their sales channels in real-time, which in turn prevents illegal overstock trading.

The innovation is specifically designed to directly wage war against counterfeit products in the luxury goods industry, by allowing customers to check the authenticity of products, using a mobile phone application.

Read Also: VeChain Grabs Another Mega Deal To Build a Web3 Inventory Monetization Platform

Moreover, it can help brands provide extra information about products for clients, in order to boost their trustworthiness.

The report says, “Customers can even craft their own stores, creating an emotional bond with their products by uploading their moments to the VeChain platform. User-generated content offers brands valuable feedback and insights to their customers so that they can optimize their brand experience and customer relationship management strategies.”

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The post VeChain Update: New Version of VeChainThor Released With Various Performance Improvements appeared first on Times Tabloid.

VeChain Embeds Chipset Within Luxury Goods

One of the challenging problems visible in the luxury goods industry is the issue of counterfeit products and theft. Interestingly, by leveraging blockchain technology, these problems could be tackled.

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An identified approach is the development of a system that tracks products across all supply chains. To note, blockchain is a decentralized public ledger. Therefore, luxury goods stores could establish an inventory of their products on the blockchain with a means to verify products’ authenticity. 

Reportedly, Vechain is on course to onboard such technology using its VeChain Thor blockchain.  According to a recent update, VeChain has embedded its proprietary chipset within luxury products. This then gives the products a unique identification (ID) on the VeChain Thor blockchain.

As a result, luxury brands can track their products and also upload key data to the VeChain network. More so, this embedded chipset allows companies to monitor their sales channels in real-time thereby preventing illegal overstock trading. 

Importantly, this innovation will directly fight the issue of counterfeit products in the luxury goods industry, by allowing customers to check the authenticity of products, using a mobile application. Additionally, brands can provide extra information to clients, stating the story behind every product. 

Per the update, “customers can even craft their own stores, creating an emotional bond with their products by uploading their moments to the VeChain platform. User-generated content offers brands valuable feedback and insights to their customers so that they can optimize their brand experience and customer relationship management strategies.” 

Read Also: China Adopts VeChain Toolchain for Food Safety and Traceability

VeChain-Powered Solutions On The Rise

VeChain is at a critical stage of its ‘Business Consensus.’ This is evident in the adoption of the VeChainThor platform by major enterprises and governments such as China to build solutions. 

Recently, the China Food Safety Network (CFSN) adopted VeChain’s Toolchain for food traceability and safety purposes. In late June, VeChain also teamed up with Supply@ME to build a Web3 Inventory Monetization platform.

Read More: VeChain Grabs Another Mega Deal To Build a Web3 Inventory Monetization Platform

VeChain looks keen on developing businesses to create value and solve real-world economic problems through its blockchain concept.

With the latest development in line with the luxury goods industry, VeChain would become an invaluable companion for sellers in the primary and secondary markets, as it offers trusted product authentication. 

On the whole, VeChain puts control back into the hands of luxury brands by making their retail services authentic and data-driven.

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The post VeChain Onboards Solution For Counterfeit Problems and Theft in the Luxury Goods Industry appeared first on Times Tabloid.