VeChain Upgraded to Proof of Authority 2.0 Consensus Mechanism
On Tuesday, VeChain reached a major milestone in its six-year history by upgrading its VeChainThor network to the first phase of the Proof of Authority (PoA) 2.0 SURFACE consensus algorithm. VeChain is a supply chain tracking system that was launched in 2015 and combines physical tracking with blockchain record keeping.
There are only 101 nodes in the VeChain network. Fewer nodes reduces decentralization, but increases the speed and reliability of the network. It is commonly used for commercial and industrial purposes. An additional benefit is that PoA is less energy intensive and emits very low carbon. VeChain suggested that the new update is "the world's greenest consensus, driving mass adoption."
According to the official announcement, the update has three main components. The PoA 2.0 SURFACE update aims to improve the scalability, security and throughput on the VeChainThor mainnet. The VeChain team explained in the announcement that the PoA 2.0 Secure Use-case adaptive Relatively Fork-free Approach of Chain Extension (SURFACE) is needed to meet the demands of future blockchain applications and increasing global demand.
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