The latest consensus mechanism upgrade is expected to improve several aspects of the network’s security and key operations while making it even more environmentally friendly. Supply chain tracking network VeChain has just upgraded its consensus mechanism to what it claims is the “world’s greenest” method of verifying blocks on the chain. On Nov. 16, VeChain reached a milestone in its six-year history by upgrading its VeChainThor mainnet to the first phase of the Proof of Authority (PoA) 2.0 SURFACE consensus algorithm.
VeChain is a supply chain tracking system that launched in 2015 and combines physical tracking with blockchain record keeping. PoA and Proof of Stake (PoS) differ from Proof of Work (PoW) in that they do not require mining to reach network consensus. PoA achieves consensus by verifying users’ identities, while PoS does this by staking coins in the network.
The VeChain network runs with only 101 nodes. Fewer nodes reduce decentralization but increase the speed and reliability of the network. This tends to be favored for commercial and industrial applications. By comparison, Bitcoin currently has 13,244 nodes, while Ethereum has 2,701. An added advantage is PoA is less energy intensive and emits a very low amount of carbon. VeChain suggested that the new upgrade is the “world’s greenest consensus to drive mass adoption.”
The upgrade consists of three major components according to the official announcement. The first is a verifiable randomness function (VRF) which securely and randomly assigns nodes to produce blocks or process transactions, making them immune to corruption. The second is a committee-endorsed block-producing process which significantly reduces the probability of network forking. Forking can cause delays and slow the throughput of the network.
The third component is a passive block finality confirmation process. This helps ensure new blocks are finalized even if all nodes on the network are not in sync. The PoA 2.0 SURFACE upgrade also aims to improve scalability, security, and throughput on the VeChainThor mainnet.
The VeChain team explained in the announcement that the PoA 2.0 Secure Use-case adaptive Relatively Fork-free Approach of Chain Extension (SURFACE) is needed “to meet the demands of future blockchain applications and increasing global demand.”
Various exchanges, including Binance and Crypto.com, supported the hard fork of VeChain (VET), which has fallen around 10% over the past 24 hours. The VeChain project also announced on Nov. 16 the election of the second steering committee (SC). The SC is designed to “facilitate the efficiency of decision-making and ensures the fairness and effectiveness of execution for all fundamental matters.”
|#||Crypto||Prediction||Accuracy||CVIX||Price||24h||7d||Market Cap||7d price change|
|1||BTC||Bitcoin predictions||88%||10||$26 897.71||-0.57%||2.07%||$521 544 143 377|
|2||ETH||Ethereum predictions||94.4%||5||$1 860.48||-0.05%||3.44%||$223 714 819 656|
|3||USDT||Tether predictions||92%||1||$1.000026||-0.01%||0.03%||$83 224 498 225|
|4||BNB||Binance Coin predictions||94.8%||1||$304.67||-0.61%||-0.08%||$47 485 262 045|
|5||USDC||USD Coin predictions||92%||1||$0.999756||-0.01%||-0.01%||$28 847 127 885|
|6||XRP||XRP predictions||77.2%||37||$0.504250||-1.53%||11.90%||$26 212 632 900|
|7||ADA||Cardano predictions||92%||10||$0.364572||-2.55%||1.76%||$12 717 605 112|
|8||STETH||Lido stETH predictions||94%||1||$2 941.39||-0.40%||-3.32%||$10 258 752 564|
|9||DOGE||Dogecoin predictions||89.2%||17||$0.071692||0.74%||1.81%||$10 007 347 652|
|10||MATIC||Polygon predictions||80%||35||$0.893847||0.39%||0.86%||$8 294 424 384|
|11||SOL||Solana predictions||80%||29||$20.71||0.55%||7.01%||$8 214 229 812|
|12||WTRX||Wrapped TRON predictions||80.8%||37||$0.074826||-0.77%||-3.49%||$7 608 018 393|
|13||LTC||Litecoin predictions||77.6%||37||$94.21||5.89%||10.62%||$6 881 721 612|
|14||TRX||TRON predictions||78.4%||33||$0.074853||-0.76%||-3.71%||$6 753 192 726|
|15||DOT||Polkadot predictions||87.2%||11||$5.23||-1.35%||-0.75%||$6 224 984 176|
Get cryptocurrency price predictions, forecasts with analysis and news right to your inbox.
© 2015-2023 Crypto-Rating.com
The usage of this website constitutes acceptance of the following legal information. Any contracts of financial instruments offered to conclude bear high risks and may result in the full loss of the deposited funds. Prior to making transactions one should get acquainted with the risks to which they relate. All the information featured on the website, including information about the cryptocurrencies and bitcoin is intended solely for informational purposes, is not a means of advertising them, and doesn't imply direct instructions for investing. Crypto Rating shall not be liable for any loss, including unlimited loss of funds, which may arise directly or indirectly from the usage of this information. The editorial staff of the website does not bear any responsibility whatsoever for the content of the comments or reviews made by the site users about cryptocurrencies. The entire responsibility for the contents rests with the authors. Reprint of the materials is available only with the permission of the editorial staff.