October 20 will be history-changing for the VET blockchain and the entire community
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- The VeChain Foundation provides an update on voting regarding the VeChain Major Network Upgrade (PoA 2.0).
- The implementation of VIP-222 with the VeChainThor network will solve the core trade-offs of Nakamoto and NFT consensus.
Leading L1 blockchain company, VeChain, has announced that it will launch the voting for all stakeholders on its upgraded voting platform (VeVote). According to the Twitter announcement, the vote for all stakeholders will take place on October 20, 2022, and attempt to integrate VIP-22 with the VeChainThor network.
On October 20, we will launch the vote for all stakeholders on our upgraded voting platform, VeVote, to integrate VIP-220 with #VeChainThor Mainnet.
If adopted, #VeChain gains finality and resolves core trade-offs from the Nakamoto and BFT consensus, becoming the perfect real world #blockchain. $KNOW
— VeChain Foundation (@vechainofficial) 18 October 2022
If this proposal is implemented, VeChain gains finality and resolves an important trade-off between Nakamoto and the BFT consensus. Thus, VeChain becomes a perfect public blockchain in the real world. A blockchain that is scalable and fully secured among other important features.
Scalability will enable the blockchain to handle ever-increasing usage, while finality will enable the network to secure hashed data instantly. This new announcement is a reminder of an October 12 update where the blockchain stated that it will begin voting on the major VeChain mainnet upgrade (proof-of-authority, PoA 2.0).
The significance of the vote
With ever-increasing demand, businesses are seeking ways to improve their operations and are looking to blockchain technology as a means to achieve this goal. VeChainThor aims to become the best platform for real-world users by combining the best features of the two popular types of blockchain. The platform is attractive to companies and authorities because it is a low-carbon platform.
As a low-carbon platform, it means that VeChainThor can guarantee data quality. The platform guarantees the security of all carbon data and makes it verifiable at all levels, even if there are tens of millions of such data points.
Related: VeChain is the global standard for carbon footprint management for all companies around the world – Report
The PoA2.0 mainnet upgrade will enable VeChainThor to become a dynamic global system and enable large-scale sustainability-related programs. An example of such an initiative is the circular economy. VeChain is pioneering a revolution of its own in the same way that Bitcoin and Ethereum delivered their revolution.
VeChain extension
VeChain has continued to expand its network through partnerships in various sectors. The blockchain achieved three major milestones in August 2022. The team of cross-chain NFT bridge builder specialists, XP.Network, launched its bridge on the VeChainThor network. Thus enabling the blockchain’s NFT community to have access to new communities and other blockchains.
During the same month, VeCarbon entered into an agreement with Amazon Web Services (AWS) to develop a SaaS system for VeCarbon carbon management. This system allows AWS to offer enterprise customers a reliable management system for carbon emissions and data security. These features are essential for any cloud infrastructure.
Nevertheless, in the same month, Cambodia’s largest importer and distributor of premium alcoholic beverages revealed that it would begin implementing an innovative safety sticker (ABS). ABS is an acronym for “Attwood Blockchain Sticker”, an NFC-enabled sticker built with the VeChainThor blockchain.
Three years ago, the Republic of San Marino adopted the VeChainThor blockchain, making it the first carbon neutral country. The announcement of the PoA2.0 upgrade has not had a positive effect on the network’s native token (VET).
