VeChain has upgraded its VeChainThor mainnet to the first phase of the Proof-of-Authority 2.0 SURFACE consensus algorithm to position itself as an institutional smart contract platform.
The network says the upgrade is an important step towards supporting public blockchain adoption in a sustainable, environmentally friendly, and incentivized ecosystem.
VeChain maintains that the PoA 2.0 upgrade offers institutions the tools, data security, and architecture for green transition to blockchain technology.
The new consensus algorithm is characterized by use-case adaptivity, Security, and Relatively Fork free approaches in chain extension.
PoA 2.0 began in February 2020 with a publication by VeChain’s Chief Scientist, Dr. Peter Zhou, the Senior Blockchain researcher Dr. Zhijie Ren. The first phase of the upgrade was officially implemented on November 16, after an application by the Foundation to its stakeholders in October 2021.
Vechain says that the focus shifts to the final phase of PoA 2.0 and the second and third phases of consensus mechanism upgrade.