VeChain Dev Archives - Times Tabloid https://timestabloid.com/tag/vechain-dev/ Cryptocurrency and Blockchain Tabs Wed, 30 Nov 2022 22:58:48 +0000 en-US hourly 1 https://wordpress.org/?v=6.9.4 https://timestabloid.com/wp-content/uploads/2021/08/cropped-Times-Tabloid-Favicon-32x32.png VeChain Dev Archives - Times Tabloid https://timestabloid.com/tag/vechain-dev/ 32 32 VeChain (VET) Has Finally Entered Into New Era of PoA 2.0 https://timestabloid.com/vechain-vet-has-finally-entered-into-new-era-of-poa-2-0/ Tue, 16 Nov 2021 11:33:51 +0000 https://timestabloid.com/?p=1236 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. Read Also: VeChain Invited by Shanghai Minhang […]

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]]> 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.

Read Also: VeChain Invited by Shanghai Minhang Government to Discuss Its Products’ Use Cases

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.”

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.

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

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 a faster and more efficient block production.

Why VeChain PoA 2.0 Is Needed

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 (VET) Has Finally Entered Into New Era of PoA 2.0 appeared first on Times Tabloid.

]]> VeChain Dev: We Are Working On Final Steps to Make PoA 2.0 Phase 1 Ready Before October Ends https://timestabloid.com/vechain-dev-we-are-working-on-final-steps-to-make-poa-2-0-phase1-ready-before-october-ends/ Thu, 28 Oct 2021 09:04:28 +0000 https://timestabloid.com/?p=1128 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 […]

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.

]]> 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.

Read Also: VeChain PoA 2.0 Hits New Milestone with VIP193 Launch On Testnet

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.”

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.”

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

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.

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 a faster and more efficient block production.

Why VeChain PoA 2.0 Is Needed

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 the bandwidth efficiency.

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.

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