According to Vechain’s announcement on Twitter, voting on the major Vechain mainnet upgrade, Proof of Authority (PoA) 2.0, will begin next week.
According to the announcement, PoA 2.0 is an update designed to improve the VeChain blockchain’s ability to meet the rapidly increasing global demand for a scalable and fully secured public blockchain.
This upgrade would combine various types of blockchain consensus to achieve the holy grail of real-world mechanisms.
VeChain intends to solve the issue of maintaining a balance between high throughput/scalability and instant finality with Proof-of-Authority (PoA) 2.0.
The proof-of-authority (PoA) consensus mechanism was introduced as a more energy-efficient alternative to Proof of Stake because it requires fewer computational resources.
PoA is a consensus algorithm that provides an efficient solution for private blockchains. The PoA consensus algorithm leverages the value of identities, and block validators are not staking coins but rather their own reputation. Because it is based on a small number of block validators, the proof-of-authority model is scalable.
Vechain believes that by combining the best features of the two most common blockchain types and eliminating their flaws, VeChainThor will become the perfect platform for real-world users, providing a scalable, low-carbon platform with the ability to guarantee data quality.
Because VeChainThor’s scaling solution is focused on quality, there is always room for improvement. There are numerous ways to scale a blockchain network, including increasing bandwidth, increasing block size, and so on.
Explaining carbon data, the foundation wrote,
Imagine an international carbon market, with many thousands of companies submitting myriad data forming the backbone of a carbon credit market & financial instruments. Said Carbon data must be verifiable at every level, with tens of millions of data points guaranteed secure.
According to the foundation, this, along with many other examples of large-scale sustainability-related & industrial initiatives such as the Circular Economy, are the type of dynamic global system that VeChainThor, armed with the power of the PoA2.0 Mainnet upgrade, make possible.
