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SAN MARINO, Nov. 30, 2022 /PRNewswire/ — The VeChain Foundation, overseer of the world’s leading enterprise blockchain VeChainThor, is proud to announce the successful upgrade known as ‘Proof of Authority 2.0’ (PoA2.0) which took place on November 17 at 8:10 GMT (block 13815000).
PoA2.0 is a protocol-level upgrade that introduces an end device and improves security. This device ensures that VeChainThor can operate on a global scale while completely eliminating any risk of data loss, effectively meeting the demands of real-world clientele.
PoA 2.0 – Resolving the key tradeoffs
After years of development, VeChain’s expert-led engineering team successfully combined the strengths of the two main blockchain architectures, Nakamoto and Byzantine Fault Tolerance (BFT), while eliminating their weaknesses.
These “weaknesses” involve a choice between scalability and speed, or absolute finality, a mathematical consequence of the cryptographic nature of blockchains.
Importantly, with the finality device, you ensure that VeChain meets strict global data protection regulations while delivering the speed, scalability, and security that the real economy demands.
VeChainThor – Leading the digital-sustainable revolution
The update sees VeChain take a big leap towards fulfilling its global ambitions; facilitating digital transformation in the fields of sustainability, carbon management and various industries such as medicine, supply chain and logistics, finance, energy and more.
By using blockchain to synthesize massive volumes of industrial data, VeChainThor dramatically increases efficiency and transparency and enables process automation using smart contract technology.
Ultimately, VeChain is building incentivized ecosystems that reward participants and thus incentivize them to act in an environmentally positive manner. The VeChainThor blockchain is driving transparency throughout the production processes of goods, from their associated supply chains to recycling, laying the foundations for a circular and sustainable economy.
No stranger to innovation
Along with PoA2.0, the VeChain Foundation has created many tools to address real-world adoption obstacles. Examples of this are:
Fee Delegation – A protocol-level service that allows administrators of decentralized applications to finance user transaction fees. In practice, this allows people to use dApps without handling crypto themselves, removing a major obstacle to adoption.
Transaction cost stability: VeChain’s two-token model allows gas costs to adjust dynamically. For users, this ensures that usage costs are predictable, low, and stable, solving a core problem for real-world adoption, a key business concern, and a common problem for blockchains like Ethereum. , Bitcoin and others.
Multitasking Transactions: With VeChain, a ‘transaction’ (a packet of data transmission to the network) can carry multiple ‘clauses’, essentially transactions within transactions. This approach is cheaper, more efficient, and faster than other networks. For businesses, efficiency and time expenditure is a critical consideration.
VeChainThor – The future of the blockchain
Trust will be paramount in the age of big data. Transparent, independently verifiable and instantly available information is a fundamental tenet of the sustainability revolution, and the public blockchain is vital to achieving it.
VeChainThor continues to innovate on its mission to enable smarter industries, true sustainability and a circular economy. VeChainThor is the future of the public blockchain.
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