Via their Twitter handle, the VeChain Foundation announced the start of the voting process that will allow the community to decide to implement or reject a major update to their network: Proof-of-Authority (PoA) 2.0. This upgrade might usher a new age of blockchain “mass adoption”, the statement stated.
As NewsBTC reported, the PoA 2.0 upgrade will eliminate the tradeoffs of the Nakamoto Consensus and Byzantine Fault Tolerance (BFT) consensus implemented on cryptocurrencies such as Bitcoin.
If authorized through the ballot procedure, the upgrade will make it possible for blockchain VeChainThor to take advantage of a high throughput ability. In addition, the PoA 2.0 upgrade will bring guaranteed data finality to the network to attract more companies and high-volume use cases without compromising its security. The Foundation said:
(…) the VeChain Research and Development groups have actually been dealing with a huge upgrade of the VeChainThor blockchain called surface area (PoA 2.0), meaning a Secure, Use-case-adaptive, Relatively Fork-totally free Approach of Chain Extension.
The VeChain Foundation believes this update will allow the blockchain VeChainThor to “lead the pack on the road to mass adoption due to the development of many revolutionary technologies”. If authorized the PoA 2.0 will run as one of the very first “combined consensus mechanism”.
The voting will take place from October 11 at 10:00 pm (UTC+8) to October 18, 2021, at 10:00 pm (UTC+8). The authority masternodes and Economic X nodes will have a 40% ballot authority each, while the Economic nodes will have a 20% ballot authority.
These entities will have to confirm or reject the implementation of the PoA 2.0 in its first phase, to introduce the Verifiable Random Function (VRF) as a source of randomness.
Part of the VIP-193, this system will “balance the unpredictability and the unbiasedness” of the block production on the blockchain VeChainThor to increase its level of security. The foundation declared:
After months of testing by the core team, as well as our partners and community developers, we are now confident that this upgrade is ready to be deployed on the main net.
Potential Impact On The Price Of VeChain (VETERINARIAN)
As seen listed below, the VeChain Foundation revealed their roadmap for the execution of the PoA 2.0. Much of the progress on the testnet has been achieved with similar progress on the mainnet route.
The Foundation contacted every stakeholder on the blockchain VeChainThor to cast their vote. In that way, the implementation of PoA 2.0 can continue to make progress.
Only after an effective vote by all stakeholders, an execution on our primary web can happen, which’s why we require your vote! Voting can be done by all those that are eligible using Sync or the VeChainThor mobile wallet.
veterinarian has actually stopped working to favorably respond to the statement by the VeChain Foundation. In the daily chart, VET records a 2.9% loss trading at $0,11, at the time of writing.
veterinarian’s present cost action might be driven by Bitcoin current transfer to the benefit reaching into May’s highs. In the coming days, most of VET’s price performance will be determined by the BTC Dominance.
In that notice, holders might use up the chance to increase their holdings as VeChain goes into a crucial channel, as pointed out by expert Justin Bennet:
VET continues to coil above its long-standing channel support. The fun begins above 0.155. I’m using this time to accumulate.
