Source: Akarat Phasura – Shutterstock
- More than 99 percent of voters voted in favor of the VIP-220 proposal, which is the PoA 2.0 upgrade.
- VeChain’s partnership keeps growing despite the crypto winter as more enterprises adopt VeChain’s low-carbon technology.
The VeChain foundation has announced the results of its hugely anticipated VIP-220 proposal. The proposal seeks to integrate VIP-22 with the VeChainThor mainnet. Thus, resulting in an upgrade of the VeChain network to proof of authority 2.0 (PoA 2.0).
The vote took place on the network’s upgraded voting platform (VeVote) between October 20 to October 27, 2022. PoA executes transactions relatively quickly with blockchains via a consensus mechanism using identity as a stake. According to the results posted on the VeChain foundation’s official Twitter page, there were 396 votes.
About 99.33 percent of the voters (representing 393 votes) agreed to proceed with the VIP-220 VeChainThor mainnet upgrade. However, three persons (which accounts for 0.67 percent of votes) disagreed with proceeding with the upgrade. The VeChain foundation also expressed appreciation towards all who voted regarding the upgrade.
The votes are in!
Over 99% of voters approved the implementation of VIP-220, AKA PoA2.0, and incorporating the power of finality with #VeChainThor.
Thank you to everyone who voted, we greatly value your input!#Blockchain #Sustainability #Crypto #VeChain $VET pic.twitter.com/XyNMZbaYV6
— VeChain Foundation (@vechainofficial) October 27, 2022
With the majority in favor of the upgrade, VeChain developers would implement the proposal that makes VeChain a real-world public blockchain. In addition, the implementation enables VeChain to gain finality and solve a core trade-off of the BFT (Byzantine Fault Tolerance) and Nakamoto consensus.
VeChain’s scalability will enable it to cope with rising demand. In addition, finality will allow the blockchain to protect hashed data promptly. As a result, VeChainThor aims to be the best platform for real-world users.
It combines the top benefits of the two popular blockchains (proof of stake and proof of work). Following the results of the votes, VeChain developers will start working on implementing the proposal beginning next month.
Furthermore, enterprises and authorities are attracted to the platform because of its low carbon footprint. Hence, this rising adoption will quickly transform VeChainThor into a dynamic global system. A side benefit of this increasing network adoption is that it creates the chance for more sustainability-related programs like a circular economy.
VeChain’s partnership network soars amidst crypto winter
Despite the ongoing crypto winter, VeChain’s partnership continues to grow. One of its most recent partnerships is with XP.Network, a custom NFT cross-chain bridge. The XP.Network team launched its bridge on VeChainThor’s mainnet.
Consequently, the blockchain’s NFT community can network with other blockchains and new communities. Also, Amazon Web Services (AWS) partnered with VeChain’s carbon management software-as-a-service solution, VeCarbon. AWS aims to use the VeChain technology to provide a dependable carbon emission management system for its enterprise clients.
Related: VeChain partners with coffee brand heavyweight to track products – Will VET price explode?
Another recent collaboration is with Cambodia’s most prominent distributor and importer of top alcoholic beverages, Attwood. Attwood would use the VeChainThor blockchain to create an inventive security sticker named “Attwood Blockchain Sticker, ABS.” The latest data shows that VeChain’s native token, VET, is down 2.2 percent in the last 24 hours and trades at $0.02286.
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