According to a recent VeChain Foundation Twitter thread, VeChain’s upgrade to a proof-of-authority (PoA) 2.0 is scheduled for November 17, 2022, with the goal of becoming a “de-facto platform for Sustainability & spearhead economic Digital Transformation.”
The announcement of a date for the upgrade follows the VeChain community’s support and approval via a voting process on October 20, 2022. “After many years of hard work, # VeChainThor’s most significant mainnet hard fork is ready for deployment”, the post reads.
After many years of hard work, #VeChainThor‘s most significant mainnet hard fork is ready for deployment following the successful vote on VIP-220, or ‘Finality with one Bit’ (FOB).
PoA2.0 is game-changing for #VeChain.
Let’s explore what users will need to do in a thread👇 $VET pic.twitter.com/uxulpfRc6W
— VeChain Foundation (@vechainofficial) November 7, 2022
With the PoA2.0 upgrade, VeChain takes a key step toward the goal of facilitating global mass adoption of Blockchain technology by combining the Nakamoto consensus and the Byzantine Fault Tolerance (BFT), vastly improving chain security and data quality, and enabling global sustainability objectives, according to the network.
VeChain also confirmed that the network’s X-node features would be upgraded in the future.
The foundation has confirmed that X nodes will always be critical to the VeChain community and governance. The X Nodes feature rewards the VeChain network’s most devoted supporters. Once the PoA 2.0 upgrade is complete, several critical features will be available on the VeChain network.
To avoid issues with their dApp, developers and projects running Thor Nodes on their own may need to upgrade their node software to v.2.01 before the Mainnet upgrade. Besides, those managing Authority Masternodes (AM) must upgrade their node software ahead of the PoA2.0 hardfork.
VeChain warned users that transfers to and from exchanges may be temporarily suspended around the time of the upgrade, and they should double-check before sending any tokens.
Meanwhile, the VeChain network has also implemented the staking of VET tokens, which means that users can earn rewards by storing their VET tokens in a specific crypto wallet. Binance US announced last month that it would allow VET token staking on its platform.
Ambrosetti (a consulting firm), Venice Sustainable Fashion Enterprise, and Walmart China are among the notable companies that have partnered with VeChain. Furthermore, some businesses use VeChain to develop decentralized products, including digital collectibles and NFTs.
