Reaching the ambitious goals set by international organizations “is no easy task.” From the manufacturing and use of things, as well as their accompanying distribution networks and end-of-lifecycle services, mankind has developed complicated processes that generate a whirlwind of information. Decades ago, “there was no method to synthesize this facts and interpret the tale they convey.”
That is, until public blockchains emerged as the first truth machines. The VeChain Foundation, the world’s premier enterprise-grade blockchain administrator, is pleased to report that the successful upgrade of the VeChainThor blockchain to Proof of Authority 2.0 (PoA2.0) happened on November 17 at 8:10 GMT (block height: 13815000).
PoA2.0 is a protocol update that provides VeChainThor with finality and extra safety features. VeChain’s professional-led software engineers have, for perhaps the first time in the blockchain sector, “blended the positive aspects of the Nakamoto and Byzantine Fault Tolerance (BFT) frameworks while removing their shortcomings, tackling one among the biggest hurdles in blockchain design — scalability versus data finality.”
With this revamp, VeChainThor is supposedly “the most resilient, scalable, and safe public blockchain in the sector, satisfying stringent regulatory data-safety standards and addressing the demands from actual customers for a scalable and safe platform for building the digital-sustainable development.”
The human race, as stated in a blog article, “generates continuously-increasing volumes of data every year.” VeChainThor creates “the appropriate basis for the digitally sustainable transformation and industry 4.0” by employing blockchain to decipher data with AI, IoT, and many other sophisticated technologies. Amongst some of the numerous industries VeChainThor intends to “transform,” sustainability may be the most urgent. Among the primary goals of the subsequent stage of innovation is the deployment of networks that compensate users for environmentally responsible behavior.”
In San Marino, for instance, “the home of the VeChain Foundation’s new campus and European testing ground for blockchain technology,” individuals may earn carbon credits (emission allowances) that can be expended on products and services by doing designated tasks. Such platforms “offer a potent incentive scheme to promote social transformation, empowering people and producing genuine value from information.
This idea is predicated on finality, removing the possibility of data loss regardless of whether the blockchain is significantly damaged. Finality eliminates a negligible but non-zero danger of information loss, which is undesirable from a legal perspective, and ensures the completeness of data albeit at massive size.”
Additionally, PoA2.0 “added other security methods, including the ‘committee’ feature, in which many block generators give an extra layer of validation.” The framework of VeChainThor has been “engineered to virtually remove the danger of wrongdoing and to protect the blockchain from the possibility of intervention.”
According to the upgrade, PoA2.0 is “the culmination of several years of hard labor, but it is not the initial tool to solve the fundamental barriers to widespread adoption.”
In addition, the update said, “One such instance is fee assignment, a protocol-centered service that enables dApp administrators to pay their customers. In reality, this implies that people never need to hold or handle cryptocurrencies or transactions costs, since the fees are handled through pre-funded smart contracts. This apparently simple notion is brilliant in its capacity to expand the blockchain’s usefulness and accessibility.”
The creators stated, “VeChain’s two-token mechanism is another meticulously crafted feature. With it, VeChain permits the adjustment of gas prices per Tx in the case of a significant price rise that eventually influences the fee of using the blockchain. In reality, this implies that the expenses of utilizing VeChainThor are steady, predictable, and minimal for end users.”