VeChain announced that VIP-220 is now live on the public testnet on the network’s ecosystem and upgraded to a Proof-of-Authority consensus mechanism.
VeChain is a layer-1 blockchain protocol that features smart contracts and has recently undergone numerous developments. Earlier today, VeChain announced that its public testnet had been successfully updated to include VIP-220. This upgrade will activate the Finality with One Bit, which allows nodes to be able to check the finality of blocks.
A Great Push From VeChain
VeChain’s main goal is to establish a decentralized, trustless, self-circulating, and profitable business environment by implementing blockchain technology. Previously, VeChain’s developing team announced that it successfully launched VIP-220 on a private testnet, which is a significant push toward the upgrade to PoA 2.0.
VeChain is now expanding its foray further into the PoA 2.0 mechanism by announcing that VIP-220 is now live on the public testnet of VeChain Thor. This step from VeChain marked a huge consensus mechanism upgrade, where some of the advantages of this upgrade include achieving block finality and maintaining the usability and robustness of the system through decoupling finality from the PoA mechanism to allow the blockchain to grow in adverse environments.
VeChain stated that all testnet nodes are required to upgrade asap.
VeChain Is Removing Flaws On The Blockchain
According to the Vechain whitepaper, the main goal of VIP-220 is to assist the program in achieving block certainty. VIP-220 is designed to fetch minimal complications to the existing PoA-based infrastructure and limit the possible hazards caused by unforeseen design inadequacies and operational challenges.
Current chains should have block inevitability because it offers total security assurances for both the blocks and the payments. Reaching this objective was essential for the VeChain developers, and VIP-220 is making its progress toward protecting the program’s ecosystem, integrating with the most cutting-edge and brand-new innovation. For network communication, there’s also the addition of minimal extra information, one Bit per block. VIP-220 introduces a finality gadget, which is a great mechanism where blocks would be authenticated twice. In conjunction, the finality gadget and Nakamoto consensus would make it impossible to revert the transactions.
VeChain Surges Amid Crypto Winter
VeChain has been expanding by making deals and entering partnerships with companies in and out of the crypto industry, such as the recent $100 million partnership deal with the UFC, and there are plenty of reasons to expect a hike. VeChain has been putting extra effort this year, making the results clear. The VIP-220 project has already made consistent and obvious progress over the last six months.
VeChain searched for a solution to strengthen its protection and offer better services; thus, it developed the PoA 2.0 improvement. The launch of VIP-220 on the public testnet is its crowning achievement, and the VeChain team called it a huge milestone towards executing the launch of the Proof of Authority 2.0 upgrade. Through this upgrade, VET price is expected to experience a surge soon.
