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VeChainThor has upgraded to PoA2.0.
According to a press release, the VeChainThor network has upgraded to Proof of Authority 2.0 (PoA2.0).
. @vechainofficial Mainnet upgrade to PoA 2.0 has been completed and picked up by German, French, Spanish and Italian media sources.https://t.co/O3Xjt14Lis
Huge shoutout to our Authority Masternodes and devs for the seamless transition!
🙏🙏— Sarah Ⓥ (@Sarah_Nabaa) December 2, 2022
Per the press release, the network completed the upgrade at block 13815000 on November 17 by 8:10 GMT. The new update brings improved finality and security, VeChain Foundation said. Notably, the blockchain firm asserts that PoA2.0 will allow the network to operate globally while protecting user data and meeting real-world demands.
With the latest VeChainThor upgrade, the foundation asserts that its engineering team has combined Nakamoto and Byzantine Fault Tolerance (BFT) without any associated weaknesses. The weakness in question is a trade-off between scalability and finality.
The VeChain Foundation disclosed that its developers have been able to solve this with their finality device. It bears mentioning that the device in question is likely related to VeChainThor’s Finality with One Bit (FOB) technology.
In August, the VeChain Foundation announced the technology and its implementation on the VeChainThor testnet. In addition, the foundation declared that it combined both Nakamoto and BFT, tapping it to improve the overall network resilience.
Per the latest press release, PoA2.0 will combine with VeChainThor’s other unique offerings like fee delegation, transaction cost stability, and multi-task transactions, all of which the foundation says make it the leader among enterprise blockchains.
“The upgrade sees VeChain take a huge leap toward fulfilling its global ambitions, facilitating digital transformation within the fields of sustainability, carbon management, and diverse industries such as medicine, supply chain & logistics, finance, energy, and more,” writes the VeChain Foundation.
It is worth noting that the VeChainThor network is no stranger to firsts. As recently reported, the blockchain is the first to participate in inventory monetization with a €1.5 million NFT mint.
So far, several industries have partnered with the network to offer supply chain provenance. In August, VeChain CEO Sunny Lu asserted that the network would change the world.