- VeChain will launch phase 1 of its Proof-of-Authority (PoA) consensus mechanism by the end of October.
- The model will improve network speed and efficiency, paving the way for additional utility.
VeChain (VET) developers have confirmed that Phase 1 launch of the much anticipated Proof-of-Authority (PoA) 2.0 will take place before October ends. VeChain Dec tweeted;
We are working on the final steps to get phase 1 of PoA 2.0 ready for go-lives at the end of this month. Excited for this major upgrade of the VeChainThor blockchain,
Other blockchains run on Proof-of-Work (PoW) and Proof-of-Stake (PoS) consensus algorithms. However, the VeChain network is powered by PoA, as stated in Vechain101.com. PoA randomly selects one of the 101 pre-approved validators to generate the next block. This model does away with the computational competition, promoting speed and efficiency in block production.
VeChain PoA phase 1 October launch
VET started in 2014 on the Ethereum network. It later rebranded in 2018, shifting to its blockchain (VeChain). Thereafter, VeChain developers started working on the PoA 2.0 project. On Oct. 11, the VeChain Foundation announced a vote to launch this first phase of PoA 2.0 on mainnet. Having achieved majority votes, the network revamp is now on its way to becoming a reality. In preparation, VeChain launched the VIP193 to improve network safety, scalability and finality.
VeChainThor focuses on a quality-based scaling solution, which is why it uses the PoA 2.0 SURFACE consensus for bandwidth optimization. SURFACE is an acronym for Secure Use-case-adaptive Relatively Fork-free Approach of Chain Extension. The PoA 2.0 launch is expected to increase the number of transactions per block and improve bandwidth efficiency.
As for its utility, VeChain partnered with China’s real estate firm Jones Lang LaSalle (JLL) in August for sustainable Proptech. Specifically, the network enables JLL real estate owners and developers to easily trace the full lifecycle carbon footprint. JLL tenants can make better choices of greener offices since they come with a ‘Carbon Label.’ Finally, JLL’s employees get to receive incentives for low-carbon systems.
Additional network utility and VET price action
Later in September, VeChain launched a new software-as-a-service solution on its Carbon Footprint Traceability Platform. The initiative focuses on revolutionizing sustainability tracking in the fashion industry at every stage of the supply chain. In the same month, the network hit the 10 million processed blocks milestone.
VeChain has also partnered with Simplex for seamless VET purchases, and Shopping.io to enable payment for online shopping with VET tokens. San Marino even developed a digital COVID vaccination certificate using VeChain, as a Mediterranean hospital launched a COVID vaccination app based on the blockchain.
VET is ranked the 23rd cryptocurrency with an $8.8 billion market cap. The token was trading at $0.1313 at writing time, having gained 0.7 percent in the day according to our data. The token has also surged 1057 percent year-to-date.