Cryptocurrency projects go through a series of developments and upgrades to stay in line with the latest trends of the field. These updates give the platform a chance to make its ecosystem more foolproof and effective to enhance the experience of the user sector. The development of these networks also positively influences the performance of their native coins, as they get a major boost in terms of value and market cap.
Several renowned cryptocurrency projects like Ethereum, Cardano, Ripple, and Polkadot have gone through a series of upgrades in recent times. However, this time around, the VeChain Foundation has made a name for itself by moving to implement a major upgrade in its ecosystem. The network allows its community members to vote on any new upgrade or any major decisions for the blockchain. Hence, the protocol has initiated the voting process to accept or reject a major upgrade on the VeChain Network.
The Proof of Authority (PoA) 2.0 revolutionizes the blockchain
The developers team at the VeChain Foundation claims that the new Surface update will transition the network into Proof of Authority 2.0. This transition will bring about a wave of mass adoption for the blockchain, and will eventually help the network to grow and prosper.
The PoA 2.0 upgrade will also help in eliminating the tradeoffs of the Nakamoto Consensus and Byzantine Fault Tolerance (BFT) consensus on digital assets. Also, if the community of the network moves to approve the upgrade, then the VeChainThor blockchain can experience a higher throughput capability. All of this advancements will encourage more and more organization to try out the network of VeChain, helping the protocol to further grow. As a result, the network will also have more solid security features.
The upgrade goes by the name of SURFACE, and it stands for a secure, use-case-adaptive, relatively fork-free approach to chain extension. The foundation has also stated that this upgrade has the tendency to allow the mass adoption of the blockchain, and it will also help it to become one of the first ‘combined consensus mechanisms.’
The voting process started on October 11 and will continue till October 18. Different contributors have different voting weightage on the network. The authority master nodes have a 40% voting weight, the economic x nodes also have a 40% voting weight, whereas the economic nodes enjoy a 20% voting right. Moreover, the voting results are expected to have an impact on the price of VET in the crypto market.