VeChain network has started voting for the Proof-of-Authority

VeChain Foundation announced through its twitter account a very important poll, in which the community itself decides. This is a vote, the outcome of which will decide whether to implement or reject a major update Proof of Authority 2.0.

Proof of Authority 2.0

The update can cause a very sharp growth of the VET token and especially a more massive acceptance of this blockchain. The main goal of the update is to remove the consensus of Nakamoto and Byzantine Fault Tolerance, which is also implemented in the largest cryptocurrency BTC.

After much hard work, we are excited to announce the vote to launch the first phase of POA2.0 on mainnet is LIVE!

Cast your vote and join us for the next epic chapter for #VeChainThor – the world’s leading L1 enterprise smart contract platform $ VET $ VTHOhttps://t.co/qNc7tC6QCW pic.twitter.com/kR7kZQEhSE

– VeChain Foundation (@vechainofficial) October 11, 2021

If successfully agreed by the community, the VeChain blockchain will take advantage of high throughput. Proof-of-Authority 2.0 should attract new companies and partners.

“VeChain’s research and development teams are working on a massive innovation of the VeChainThor blockchain called SURFACE (PoA 2.0), which basically means Secure, Use-case-adaptive, Relatively Fork-free Approach of Chain Extension.”

The Foundation believes that with this update will come the mass adoption of the blockchain. Investors are especially attracted to revolutionary technologies. If approval passes the community, VeChain will be one of the first combined consensus mechanisms. The vote began on 11 October and will run until 18 October on 10 pm.

“After months of testing with the core team, as well as with our partners and community developers, we are now confident that this enhancement is ready for deployment on the core network.”

How will this affect the price of VET?

In the image below you can see the implementation plan published by the Foundation VeChain.

PoA 2.0 implementation. Source: VeChain

If every fan and community member casts their vote, leaders believe in success. Most likely, the new update will also be reflected in the price of VET, which may after a successful vote run the bull path.

“Only after a successful vote of all stakeholders can implementation take place on our core network, so we need your vote! Everyone who is authorized to vote can use the Sync application or the VeChainThor mobile wallet. “