The upgrade on the Vechain blockchain has made the trading volume of VET increase significantly.
The VeChain Foundation’s official Twitter handle announced on Tuesday that the long-awaited VIP-220 is now live on a private testnet. This is regarded by the community as a significant step toward achieving a Proof-of-Authority 2.0 consensus mechanism.
VET, the Vechains native token, has risen 7 percent in the last 24 hours to $0.02414 as a result of the announcement.
The third and final Finality component of the PoA 2.0 method was added by VIP-220. VIP-193 released the first two components: a VRF-based randomization source and a committee-based block-generation method.
Proof-of-Authority mechanism is a consensus process in which a small group of validators earns the right to build the next block. In turn, the validators put their reputation on the line to avoid any wrongdoing. The mechanism is designed to be rapid, scalable, and energy-efficient.
VeChain believes that PoA 2.0 will provide the capabilities and data security required for widespread adoption over the next decade. VeChain’s Chief Scientist, Peter Zhou, believes that the Finality device will provide cutting-edge security without sacrificing performance.
There is broad optimism that the PoA 2.0 upgrade will result in more secure, long-term development on the VeChainThor blockchain.
VeChain has had its fair share of good news, most recently collaborating with UFC on a $100 million marketing contract. The transaction increased VeChain’s trading volume by a stunning 120 percent. Not only that, but $VET’s price increased by 10% at the tie.
It has also teamed with other big names like BMW and Renault, proving its claim of mass acceptance. Similarly, Businessworld feels that $VET has the potential to make its investors millions of dollars. Eisenreich, a well-known member of the VeChain community, emphasized how VeChain is prepared to compete in the trillion-dollar Chinese prepared-meal market by ensuring the supply chain’s popularity.
The community will be hoping that their consensus method will push $VET closer to its aim of widespread acceptance.
