VeChain Upgraded to Proof of Authority 2.0 Consensus Mechanism

The VeChainThor network has successfully upgraded to the Proof of Authority 2.0 consensus mechanism. This will help improve network security and make it greener.

By
a statement companies, it is one of the greenest block verification methods in the chain. VeChain is a Chinese supply chain management platform that was launched in 2015. It combines physical tracking of deliveries with blockchain accounting.

Consensus Proof of Authority (PoA) and Proof of Stake (PoS) differ from Proof of Work (PoW) in that in PoA, consensus is achieved by proving the identity and reputation of users, while PoS does this through placing coins in a wallet. There are 101 validators in the VeChain network. Fewer validating nodes reduce the level of decentralization, but it increases the speed and reliability of the network. At the same time, the algorithm requires less energy consumption and emits a small amount of carbon.

The update has three main components. The first is a Verifiable Randomness Function (VRF) that randomly assigns nodes to create blocks or process transactions, this reduces the chances of a hack. The second component optimizes the block generation process, which reduces the likelihood of network fanning out, causing delays and lower throughput. The third is the process of confirming the finality of the passive block, which guarantees the completion of new blocks, even if not all nodes on the network are synchronized.

Recall that in August it was announced the launch of a new system on the VeChain platform, which helps companies to account for carbon dioxide emissions from their activities.