Global society is fast-approaching a fork in the road. One path leads to the outcome of excessive consumption, gaseous emissions and ignorance of the delicate equilibria that dictate all forces of the universe. The other leads to recognition, remediation and action on the sustainability crisis we collectively face.
Achieving the lofty targets laid out by global bodies is no mean feat. From the production and consumption of goods their associated supply chains and end-of-life treatment, humanity has built complex systems that produce a maelstrom of data. For decades, there hasn’t been a way to synthesise these data and decipher the story it tells.
That is, of course, until public blockchains, the first truth machines.
VeChainThor Answers the Call
The VeChain Foundation, overseer of the world’s leading enterprise-grade blockchain, is proud to announce the successful upgrade of the VeChainThor blockchain to ‘Proof of Authority 2.0’ (PoA2.0) occurred on the 17th of November at 8:10 GMT (block height 13815000).
PoA2.0 is a protocol-level upgrade that introduces finality as well as additional security mechanisms, to VeChainThor. With it, for the first time in the industry, VeChain’s expert-led developer team have combined the strengths of Nakamoto and Byzantine Fault Tolerance (BFT) architectures while eliminating their individual weaknesses, solving one of the great trade-offs in blockchain design - scalability or data finality.
With this upgrade, VeChainThor is now the most robust, scalable and secure public blockchain in the industry, meeting strict regulatory data-protection standards and answering the call for from real-world clientele for a scalable and secure platform on which the digital-sustainable revolution can be built.
The Digital-Sustainable Revolution
Humanity produces ever-increasing troves of data each year. By effectively deploying blockchain to synthesise that data alongside AI, IoT and other advanced technologies, VeChainThor becomes the ideal foundation for the digital-sustainable revolution and industry 4.0.
Among the many sectors VeChainThor aims to disrupt, sustainability is perhaps the most timely. One of the core objectives in the next developmental phase is deploying ecosystems that reward users for positive environmental actions.
In San Marino, for example, the location of the VeChain Foundation’s new headquarters and European testbed for blockchain technologies, citizens can generate carbon credits by carrying out certain activities that are able to be spent on goods and services. Such systems provide a powerful incentive mechanism to drive social change, empowering users and generating real value from data.
Finality is fundamental to this vision, eliminating the risk of data loss, even with the blockchain severely disrupted. Finality removes a tiny but non-zero risk of data loss, unacceptable from a compliance standpoint, and guarantees the totality of data even at mass scale.
PoA2.0 also introduced additional security mechanisms such as the ‘committee’ function, where multiple block producers provide an additional layer of verification. VeChainThor’s architecture has been designed to all-but-eliminate the risk of foul play and to secure the blockchain against risk of interference.
A Revolutionary Upgrade Against a Backdrop of Innovation
VeChainThor is no stranger to innovation. PoA2.0 represents the final stage of many years of hard work, however it is by no means the first tool address the core mass adoption roadblocks.
One such example is fee delegation, a protocol-level service that allows managers of dApps to fund their users. In practice, this means individuals never have to own or manage crypto or transaction costs, with pre-funded smart contracts servicing the fees. This seemingly simplistic concept is ingenious in its ability to increase the functionality and accessibility of the blockchain.
VeChain’s two-token model is another carefully designed aspect. With it, VeChain allows gas costs per Tx to be adjusted in the event of a major price increase that ultimately affects the cost to use the blockchain. What this means in practice is that the costs of using VeChainThor is forecastable, low, and stable for the end user.
Other features include batching, a process where a single transaction can contain multiple ‘clauses’, essentially transactions within transactions. Not only is this method cheaper, it is more efficient and faster, allowing for the simultaneous bundling of any necessary blockchain action - smart contract creation, NFT minting, token movements and so on.