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CDS Crypto News VeChain Upgraded to POA2

Crypto News

VeChain Upgraded to POA2

Burak DANACI09/12/20221 Mins read396

VeChain announces that VeChainThor has been successfully upgraded to POA2 with Improved Finality and Security.

Table of Contents

About The Upgrade

VeChain‘s network POA2 upgrade was completed in block 13815000 at 08:10GMT on November 17. According to a statement by the VeChain Foundation, the new update has brought Improved Finality and Security. PoA2 will allow the network to operate globally while protecting user data and meeting real-world demands at the same time.

Following long-standing developments, VeChain’s expert engineering team has combined the strengths of the two main blockchain architectures, Nakamoto and Byzantine Fault Tolerance (BFT), while eliminating their weaknesses. The VeChain Foundation explained that the developers solved this with the finality devices.

Digital Sustainability

With this update, VeChain has taken a good step towards realizing its global goals. Using the blockchain to synthesize large volumes of industrial data, VeChainThor significantly increases efficiency, transparency and makes process automation possible using smart contract technology.

The VeChain Foundation gave the following words in its statements: “The upgrade sees VeChain take a huge leap toward fulfilling its global ambitions, facilitating digital transformation within the fields of sustainability, carbon management, and diverse industries such as medicine, supply chain & logistics, finance, energy, and more.”

The VeChainThor blockchain aims to lay the foundations for a circular and sustainable economy by promoting transparency throughout the production phase of products, from related supply chains to recycling.

VeChainThor Network was also among the first to participate in the blockchain inventory monetization recently with a €1.5 million NFT mint.

About VeChain

Founded in 2015, VeChain is a blockchain platform with the mission of streamlining supply chain management with distributed ledger technology. VeChain is designed to improve the flow of supply chains and improve business processes with the help of secure distributed ledger technology.

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Written by

Burak DANACI

The author focused on financial markets after graduating from Anadolu University, Department of Economics. After meeting with blockchain technology in 2019, he produces content on youtube and twitter in this field.