Supply chain tracking network VeChain has just upgraded its consensus mechanism to what it claims is the “world’s greenest” method of verifying blocks on the chain.
On Nov. 16, VeChain reached a milestone in its six-year history by upgrading its VeChainThor mainnet to the first phase of the Proof of Authority (PoA) 2.0 SURFACE consensus algorithm.
VeChain is a supply chain tracking system that launched in 2015 and combines physical tracking with blockchain record keeping.
PoA and Proof of Stake (PoS) differ from Proof of Work (PoW) in that they do not require mining to reach network consensus. PoA achieves consensus by verifying users’ identities, while PoS does this by staking coins in the network.
The VeChain network runs with only 101 nodes. Fewer nodes reduce decentralization but