- On November 7, 2022, the VeChain Foundation announced the most significant mainnet VeChain Hard Fork
- The VeChainThor PoA 2.0 Hard Fork is ready for deployment following the successful vote in the VIP-220 proposal, or ‘Finality with one Bit’ (FOB).
Changes in the Vechain Network
PoA is a Byzantine Fault Tolerant (BFT) probabilistic consensus that is based on HotStuff, and this relies on Authority Masternodes (AM) associated with verified identities.
Some of the key changes that come with the latest Proof-of-Authority (PoA) 2.0 upgrade include a solution to the tradeoffs in the Nakamoto vs. BFT consensus, alongside other improvements.
The chain will see a greatly improved level of security alongside a data quality guarantee with finality.
This hard fork will also enable global sustainability objectives, and VeChain is taking a huge leap towards facilitating global mass adoption of blockchain technology.
How to Prepare for Hard Fork Update?
Economic or X Economic node holders will not need to do any action or procedure, as the work will take place without any impact. Transfers from exchanges might temporarily get suspended at the expected upgrade date, which is expected to occur at block height 13815000 on November 17.
Developers and projects that run their own Thor Nodes will need to upgrade the node software to v.2.01 before the Mainnet upgrade, as this will enable them to avoid issues with a decentralized application (dApp)’s functionality. The release will activate the hard fork FINALITY on the mainnet and implement VIP-220 Finality with One Bit (FOB), allowing nodes to check the finality of blocks.
Here’s What the Metrics Reveal
When we look at the VeChain hard fork to VET activity, the VET/USD chart gives the cryptocurrency an optimistic outlook. The cryptocurrency is trading at $0.02148894 per coin at press time. The 7-day performance of the cryptocurrency has been bullish, with the cryptocurrency seeing a shift in value by $0.00870417, or 44%, from its low point to its high point.
Other technical indicators also showcase that the VET cryptocurrency has outperformed many other altcoins across the broader crypto market.
With the hard fork VeChain, we can expect a much higher circulation and activity for the VET cryptocurrency, and as a result, we can expect much higher utility and developer appeal to the network.
NOWNodes Ready to VeChain Update
The VeChain (VET) nodes included as part of the NOWNodes blockchain-as-a-service offering have been successfully updated on the NOWNodes service and are fully prepared for the hard fork at the point when it launches on November 17.
If you are interested in connecting with a VET node, you will have to navigate to the official NOWNodes website, enter your email address and click on “GET FREE API KEY.” Once you have completed all of those steps, you can visit the official documentation, where you can access all of the commands required to utilize the node to its maximum potential.GET ACCESS TO VECHAIN