VeChain Announces Anyar Improvement, His Name Is Proof-of-Authority

VET will get a new upgrade. (Photo; Doc. Crypto News)

JAKARTA - Crypto asset number 34 based on CoinMarketCap data, VeChain (VET) is rumored to be implementing an update in its network. The new upgrade will be implemented by VET project developer, namely the VeChain Foundation.

The developer has announced what he calls a "newera" as the final stage of Proof-of-Authority (PoA) 2.0, smoothly branching from the mainnet and adding "financiality" to VeChainThor.

The new Era has caught it! At 8:10 GMT, the final stage of PoA2.0 seamlessly hardforcing the mainnet, adding Finality to VeChainThor. With that, VeChain technology provides the perfect platform for sustainability, both in energy consumption & real-world changes," wrote an announcement from the official VeChain Foundation account (@vechainofficial), 17 November 2022.

The plan, the final phase of "Proof of Authority 2.0" (POA2.0) and integration of the finality with VIP-220, will start airing at a block height of 13815000 on November 17. Likewise, the first final block has been produced on the VeChain mainnet, marking a historic milestone for blockchain, as reported by U.Today.

With this game-changing upgrade, VeChain will now be able to provide the perfect platform for sustainability, both in energy consumption and real-world change, the team said. In addition, VeChain will be able to handle increasing demand thanks to its scalability.

Earlier in June, VeChain announced that VIP-220 had been broadcast on private testnets, marking the first step towards improving the revolutionary POA 2.0 consensus mechanism. VIP-220 combines the power of two types of general consensus (proof-of-Work and Proof-of-Stake) while removing its weaknesses.

During the recovery, VeChain's main token, VET is trading at IDR 302. The price of VET has decreased by about 2.33 percent in the last 24 hours based on data reports from CoinMarketCap.