October 20 will mark a change in the history of the VET blockchain and the entire society

  • The VeChain Foundation provides an update on the vote regarding the VeChain Mainnet (PoA 2.0) upgrade.
  • Implementation of VIP-222 with the VeChainThor mainnet will resolve the fundamental tradeoffs of the Nakamoto consensus and the NFT.

Leading L1 blockchain institution, VeChain, has announced that it will launch all-stakeholder voting on its upgraded voting platform (VeVote). According to Twitter’s announcement, all stakeholders will vote on October 20, 2022, and it seeks to integrate VIP-22 with the VeChainThor mainnet.

If this proposal is implemented, VeChain gains finality and solves an important trade-off for the Nakamoto consensus and BFT. Thus, VeChain becomes an ideal public blockchain in the real world. The blockchain is fully scalable and secured among other important features.

Scalability will enable the blockchain to handle ever-increasing usage while the end of the network will allow the hashed data to be secured instantly. This new announcement is a reminder from the October 12 update where Blockchain stated that it will begin voting on its major VeChain mainnet upgrade (Proof of Authority, PoA 2.0).

The importance of voting

With the ever-increasing demand, companies are looking for ways to improve their operations and see blockchain technology as a way to achieve this goal. VeChainThor aims to become the best platform for real-world users by combining the best features from the two popular types of blockchain. The platform is attractive to organizations and governments because it is a low carbon platform.

As a low carbon platform, it means that VeChainThor can guarantee the quality of the data. The platform ensures the security of all carbon data and makes it verifiable at all levels, even if there are tens of millions of such data points.

Related: VeChain is the global standard for managing the carbon footprint of every company around the world – Report

The PoA2.0 core network upgrade will enable VeChainThor to become a dynamic global system and make sustainability-related programs at scale possible. An example of such an initiative is the circular economy. VeChain is pioneering a revolution of its own in the same way that Bitcoin and Ethereum introduced theirs.

VeChain expansion

VeChain has continued to expand its network through partnerships in various sectors. The blockchain made three huge breakthroughs in August 2022. A team of cross-chain bridge builders in NFT, XP.Network launched its bridge on the VeChainThor mainnet. Thus, enabling the blockchain NFT community to gain access to new communities and other blockchains.

That same month, VeCarbon reached an agreement with Amazon Web Services (AWS) to develop the VeCarbon carbon management SaaS system. This system allows AWS to provide enterprise customers with a reliable carbon emissions management and data security system. These features are essential to any cloud infrastructure.

However, in the same month, Cambodia’s largest importer and distributor of alcoholic beverages revealed that it would start implementing an innovative safety label (ABS). ABS is an acronym for ‘Attwood Blockchain Sticker’, which is an NFC-enabled sticker built using the VeChainThor blockchain.

Three years ago, the Republic of San Marino adopted the VeChainThor blockchain, making it the first carbon-neutral country. The announcement of the PoA2.0 upgrade had no positive impact on the network’s original VET token.

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