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.
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 enables 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.