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
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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.
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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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