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.
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.
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.