VeChain Upgrades to Proof of Authority Consensus

Watcher.Guru
VeChain Upgrade
Source: investing.com

VeChain promised us a bullish week; well, we’ll blame it on Bitcoin. Today, 17 November, VeChain upgraded to PoA, Proof of Authority Consensus. This is the world’s greenest method of verifying blockchain transactions.

The most hazardous form of crypto mining and blockchain validation is the Proof-Of-Work. Proof-of-Stake is greener and consumes less energy than PoW.$VET took a bold step on Monday, 16 November, to upgrade itsVeChainThor backbone to the first phase PoA, Proof-of-Authority consensus algorithm.

VeChain ($VET)

VET is a support and management chain tracking system founded in 2015. The company combined blockchain record-keeping and physical tracking. The crypto coin’s network uses fewer nodes for operation, a total of 101.

Fewer nodes help to increase network reliability and speed. It also helps to consume less energy during mining. PoA verifies user identity to gain consensus during mining, PoS stakes parts in a network, and PoW uses the gas fee of the highest-paid transaction. Therefore, PoA is more effective because it does not require mining to achieve the network’s consensus.

It is an optimal solution for industrial and commercial applications built on blockchain. For example, Bitcoin has 13,444 nodes while Ethereum has 2,701, making them expensive to mine. PoA also releases small amounts of carbon into the atmosphere, therefore rendering VeChain the world’s greenest blockchain in existence. It is also the world’s greenest crypto coin.

VeChain Upgrades to PoA

According to the official announcement by VeChain, the upgrade consists of three key components:

  • A Verifiable Randomness Function(VRF)
  • Committee Approved Block Production Process
  • Passive process

VRF randomly assigns nodes to produce blocks and process transactions securely. This immunizes the blocks against corruption. The committee-approved block production process reduces any possibilities of network branching, such as forking. 

The passive process is used to confirm the purpose of a block. It also ensures the finalization of new blocks irrespective of whether all the network nodes are in synchrony. The upgrade will also help improve several things on the Vechain Thor core network, including scalability and security.

An adaptive chain extension (SURFACE) helps to meet the growing global demand and future blockchain applications. Even though several exchanges like Binance and Crypto.com have the hard fork VET on their listings, it is time to upgrade.

On 16 November, VeChain announced the election of the SC, second Steering Committee. The SC is to help facilitate efficient decision-making by ensuring efficiency and fairness in executing all key issues.

Bullish VeChain

Using efficient means to mine crypto coins is a plus for VeChain. Many states such as China are complaining against cryptocurrency mining and energy consumption. Therefore, VET taking a step towards greener methods like PoA shows that other crypto coins can join the trend. The crypto space only needs a pioneer, therefore, other coins will follow suit.

It is a bullish quarter for cryptocurrencies including VET. Despite the market surge within the past few days, traders remain hopeful even for VET. The end year price prediction of VET is bullish, therefore, it is wise to buy and HODL some. The crypto coin rarely makes huge dumps because of its steady gains. As Artistick says in the meme NFT, buy the dips!