The price of VET has seen at least a 5.3% increase since the publishing of the PoA 2.0 roadmap. VET is one of the significant business-oriented cryptocurrencies whose blockchain is such that it helps entrepreneurs and business owners grow their business and meet their target customers’ needs efficiently.
The roadmap for the PoA 2.0 is one of the significant milestones of the project as the Vechain foundation is expected to get rid of the tradeoffs from the Byzantine Fault Tolerance (BFT) and Nakamoto Consensus used by other cryptocurrencies and Bitcoin, respectively. This new upgrade is expected to enable VeThor to leverage and operate at optimal capability with a guaranteed data submissions. Thus, companies and users building on this network can have access to apply a large chunk of use cases with very secured data processes, as seen on the roadmap on the Vechain foundation.
The PoA 2.0 update has been given an acronym SURFACE which means, Secure, Use-case adaptive, Relatively Fork-free Approach of the Chain Extension. According to Peter Zhou, a chief scientist at the Vechain Foundation, “The consensus algorithm is an essential aspect of every public network. Upgrades on its mainnet have to be carried out most cautiously, and this will be done on the VeChainThor network, one step after the other. It’s never going to be a one-off upgrade; if it is, then it’s the wrong approach.”
The PoA 2.0 update was deployed on a new public testnet that implements the VIP-200 and VIP-193, being part of the PoA 2.0 consensus. The proposal of this project emphasized the Committee-endorsing block and the VR-based source of randomness. Note, however, that the importance of this is to help reduce the probability of the blockchain undergoing forking and improve the Vechain blockchain’s security as well as the ledger selection mechanism. This update has been responsible for the bullish pump in Vechain price.
PoA 2.0, a roadmap to one of Vechain’s milestones
One of the main aims of the new upgrade is what the Vechain Foundation called Economic Digitalization and a well-defined path to maximum adoption rate. With this, end users have the capacity of operating the testnet and build as well as deploy decentralized applications via the faucet apps developed by the Vechain foundation developers. In the nearest future, stakeholders and the Vechain community will undergo a voting process to announce the implementation of the mainnet officially.
The PoA 2.0 meet its hype in the Vechain community. Core developers completed the security and stress test before the public testnet was deployed on JULY 13. However, several arguments have surged regarding the increase in the potential for high use cases and user adoption as being an effective method for improving Vechain’s price
In the short run, since Vechain has always followed market sentiment and also Bitcoin’s trend, it must reclaim the $0.068 spot if it wants to undergo a more substantial rebound to its previous area or a new all-time-high. Vechain is very distinctive from other cryptos; although every cryptocurrency has one significant similarity, which is blockchain technology, they also have very peculiar differences that make them unique. Vechain is one of the few unique ones, and the Vechain network also harbours another token, VeThor, that happens to be the gas paid for every Vechain service used on the Vechain network. So, it’s impossible for Vechain’s price to increase without having an effect on the VeChainThor price. Nonetheless, with the PoA 2.0 upgrade, the user adoption of Vechain is not just going to increase exponentially but also help improve the network for better efficiency and delivery.
Scaling a network can be achieved in several ways, such as increasing the block size, increasing block frequency, increasing the bandwidth, sharding etc. However, it should be noted that when a new block is developed, the estimated time used in transmission, communication overheads, validation of the data, and the time taken for it to reach the consensus to elect the next node to create a new block need to be accounted for. So, by making appropriate use and better time management, more data can be added to the block from the transmitted data, thereby increasing the number of transactions processed by the network per second and improving the network’s bandwidth efficiency. Vechain’s price before the end of the year is expected to surpass its all-time high, topping at least $5 by 2025. This new update is expected to push the price of Vechain higher and increase the rate of adoption.