VeChain: Why VET’s Ecosystem Could Change on Oct 20th

Paigambar Mohan Raj
Source: Coinposters

VeChain has announced that it will hold an all-stakeholder vote regarding the integration of VIP-22 with the VeChainThor (VET) mainnet. If implemented, the network would upgrade to Proof of Authority 2.0. The vote will take place on the upgraded voting platform, VeVote, on October 20th.

Proof of Authority (PoA) uses blockchains to execute transactions relatively quickly through a consensus mechanism based on identity as a stake.

What changes will the proposal bring?

If the majority is in favor, VeChain will gain finality and solve a core trade-off of Nakamoto and BFT (Byzantine Fault Tolerance) consensus. In other words, the implementation of the proposal would make the project a real-world public blockchain.

As per an earlier announcement, the blockchain’s scalability will allow it to handle increasing demand. Finality will allow the network to quickly protect hashed data.

By fusing the most advantageous aspects of the two widely used kinds of blockchain (Proof of Work and Proof of Stake), VeChainThor hopes to become the finest platform for users in the real world. Additionally, the platform’s low carbon footprint makes it appealing to businesses and governments. VeChainThor will gain the capacity to transform into a dynamic global system. Moreover, it can open the door for massive sustainability-related initiatives, such as the circular economy.

VeChain Continues to Partner and Grow Despite Bearish Year

Despite a bearish year, VeChain has kept growing its network by partnering with organizations. The team from specialized NFT cross-chain bridge builders, XP.Network, launched its bridge on the VeChainThor mainnet. As a result, the NFT community of the blockchain is given access to new communities and other blockchains.

Secondly, the development of a VeCarbon-based carbon management SaaS (software as a service) solution was agreed upon by VeCarbon and Amazon Web Services (AWS).

And thirdly, a leading importer and distributor of premium alcoholic beverages in Cambodia announced that it would begin using an inventive security sticker. The VeChainThor blockchain was used to create the NFC-enabled sticker known as the “Attwood Blockchain Sticker,” or ABS.

At press time, VET was trading at $0.02255580, down by 2.4% in the last 24 hours.