Most of the altcoins are benefiting from the current bull market movement of the broader market. However, VeChain (VET) has started its own rally thanks to the arrival of the long-awaited update. It is still a long way from the all-time high (ATH), but it could be the necessary trigger.

VeChain-POA 2.0

VeChain has had an explosive week as the market spun and the project received a number of important updates. The introduction of POA 2.0 Phase 1 had an impact on vocational training, as the activation was carried out yesterday (November 6th) in the test network.

POA 2.0 is not only a step forward for VeChain alone, but also for blockchains in general, as it is the first protocol of its kind worldwide. The VeChain Foundation describes it as a combination of Byzantine fault tolerance algorithms (Byzantine general problem – a problem in computer science about reliable transmission, error handling in a distributed system) and Nakamoto. They also claim that it benefits from faster chain speeds, is more scalable, and is much safer.

In addition to improving the randomization process, a new “commission function” will also be introduced. Under this function, 3 other block producers are selected to review the block and make sure no operations are required.

This is also a guarantee that the data is complete immediately to ensure that the network does not suffer an accidental hard fork. However, the “Finality” update is still a while away as it will not be part of Phase 1.

For VeChain, this is the biggest step in advancing cryptocurrencies since partnering with Jones Lang LaSalle to take a greener approach to their operations. It also recently hit the milestone of 10 million blocks processed, which shows that VeChain is not only in high demand, but also fulfills that need.

How did VET respond?

The Vocational Training Award responded quite well to this news, increasing 21.86% in the past 7 days. This pushed the VET above and closed above the 6 month resistance of $ 0.145, marking a new local high of $ 0.158.

VeChain marks a new local high | Source: TradingView

The arrival of POA 2.0 in the mainnet is planned for November 16, 2021. If the new consensus algorithm suits investors by then, VET could continue to grow.

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Disclaimer: This article is for informational purposes only, not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.

Mr. Teacher

According to AMBCrypto

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