VeChain Foundation Announces Vote To Implement Upgrade, Bullish For VET?
12 October 2021 - 5:00AM
NEWSBTC
Via their Twitter handle, the VeChain Foundation announced the
start of the voting process that will allow the community to decide
to implement or reject a major update to their network:
Proof-of-Authority (PoA) 2.0. This upgrade could usher a new wave
of blockchain “mass adoption”, the announcement said. As NewsBTC
reported, the PoA 2.0 upgrade will eliminate the tradeoffs of the
Nakamoto Consensus and Byzantine Fault Tolerance (BFT) consensus
implemented on cryptocurrencies such as Bitcoin. Related Reading
| VeChain And DNV Launch First Blockchain-based IVF Service
App If approved via the voting process, the upgrade will enable
blockchain VeChainThor to benefit from a high throughput
capability. In addition, the PoA 2.0 upgrade will bring guaranteed
data finality to the network to attract more companies and
high-volume use cases without compromising its security. The
Foundation said: (…) the VeChain Research and Development teams
have been working on a massive upgrade of the VeChainThor
blockchain called SURFACE (PoA 2.0), standing for a Secure,
Use-case-adaptive, Relatively Fork-free Approach of Chain
Extension. The VeChain Foundation believes this update will allow
the blockchain VeChainThor to “lead the pack on the road to mass
adoption due to the development of many revolutionary
technologies”. If approved the PoA 2.0 will operate as one of the
first “combined consensus mechanism”. The voting will take place
from October 11 at 10:00 pm (UTC+8) to October 18, 2021, at 10:00
pm (UTC+8). The authority masternodes and Economic X nodes will
have a 40% voting authority each, while the Economic nodes will
have a 20% voting authority. Related Reading | Why The VeChain
Foundation Met With China’s Government Officials These entities
will have to confirm or reject the implementation of the PoA 2.0 in
its first phase, to introduce the Verifiable Random Function (VRF)
as a source of randomness. Part of the VIP-193, this mechanism will
“balance the unpredictability and the unbiasedness” of the block
production on the blockchain VeChainThor to increase its level of
security. The foundation claimed: After months of testing by the
core team, as well as our partners and community developers, we are
now confident that this upgrade is ready to be deployed on the main
net. Potential Impact On The Price Of VeChain (VET) As seen below,
the VeChain Foundation disclosed their roadmap for the
implementation of the PoA 2.0. Much of the progress on the testnet
has been achieved with similar progress on the mainnet route. The
Foundation called on every stakeholder on the blockchain
VeChainThor to cast their vote. In that way, the implementation of
PoA 2.0 can continue to make progress. Only after a successful vote
by all stakeholders, an implementation on our main net can take
place, and that’s why we need your vote! Voting can be done by all
those that are eligible using Sync or the VeChainThor mobile
wallet. VET has failed to positively react to the announcement by
the VeChain Foundation. In the daily chart, VET records a 2.9% loss
trading at $0,11, at the time of writing. VET’s current price
action could be driven by Bitcoin recent move to the upside
reaching into May’s highs. In the coming days, most of VET’s price
performance will be determined by the BTC Dominance. Related
Reading | This VeChain Partnership Will Enable VET Holders To
Buy On Ebay, Amazon And Others In that sense, holders could take up
the opportunity to increase their holdings as VeChain enters a key
channel, as pointed out by analyst Justin Bennet: VET continues to
coil above its long-standing channel support. The fun begins above
0.155. I’m using this time to accumulate.
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