Proof-of-Authority 2.0 – What You Need to Know Ahead of VIP-220 Going Live on Nov. 17!

2022-11-09 04:09
Read: 711


After many years of hard work, #VeChainThor's most significant mainnet hard fork is ready for deployment following the successful vote on VIP-220, or 'Finality with one Bit' (FOB). PoA2.0 is game-changing for VeChain.

Below, we'll explore what users need to do:


DATES

First - the all-important date of deployment!

The final phase of 'Proof of Authority 2.0' (POA2.0), the integration of finality with VIP-220, goes live at block height 13815000, expected 17 Nov., 8:10am UTC+0.


ECONOMIC/X-NODES

As an Economic or X Economic node holder - no action is required. The hard fork will take place with no user impact.

Transfers to or from exchanges may be temporarily suspended around the date of the upgrade, so, please be sure to double check before sending any tokens!


DEVELOPERS

For developers and projects running Thor Nodes of your own, please upgrade your node software to v.2.01 before the Mainnet upgrade to avoid any issues with your decentralised application.

You can find all information, including the software itself, on our GitHub: https://github.com/vechain/thor/releases/tag/v2.0.1


AUTHORITY MASTERNODES

For those managing Authority Masternodes (AM), upgrading your node software ahead of the PoA2.0 hardfork is mandatory, per section 3.2 of the AM handbook:

https://www.vechain.org/authority-masternode-handbook/

Please upgrade your node software ASAP!

All software resources can be found here: https://github.com/vechain/thor/releases/tag/v2.0.1



SUMMARY

Finally, and most critically - what's so important about PoA2.0?

A media deep-dive will come soon, but in summary:

- Solves trade-offs in Nakamoto vs BFT consensus
- Greatly improves chain security
- Data quality guarantee w/ finality
- Enables global sustainability objectives

With this implementation, VeChain takes a big leap towards our goal of facilitating global mass adoption of our blockchain technologies, our objectives to become the de-facto platform for sustainability & spearhead economic Digital Transformation.

Join us, and let's build the future!
RECOMMENDED