VeChain Foundation Reveals Roadmap To PoA 2.0, Major Bullish Catalyzer?
July 22 2021 - 6:00PM
NEWSBTC
VET has seen a 5.7% profit in the daily chart after the VeChain
Foundation (VF) published the roadmap for the Proof-of-Authority
(PoA) 2.0. At the time of writing, VET trades at $0,068. A major
milestone for the project, the foundation expects to eliminate the
tradeoffs from the Nakamoto Consensus and Byzantine Fault Tolerance
(BFT) consensus used by Bitcoin and other cryptocurrencies. The new
PoA 2.0 consensus will enable the blockchain VeChainThor to
leverage a high throughput capability with guaranteed data
finality. Thus, the users and companies building on this platform
can apply high volume use cases with “the highest level of data
security”, according to the VeChain Foundation. The update has been
dubbed SURFACE, meaning Secure, Use-case-adaptative, Relatively
Fork-free Approach of Chain Extension. Peter Zhou, Chief Scientist
at the VF, said the following about the update: The consensus
algorithm is the most important part of a public blockchain. Its
major upgrade on mainnet has to be done with max cautiousness.
It’ll be done on VeChainThor step by step. Never expect it to be a
one-off thing or you are doing it in a wrong way. Thus, the update
was roll-out to a new public testnet that implements VIP-193 and
VIP-200, part of the PoA2.0 consensus, according to the project’s
GitHub repository. The proposal focuses on 3 aspects, the VRF-based
source of randomness and the Committee-endorsing block producing
process. The former will improve VeChain security and the ledger’s
selection mechanism, the latter will reduce the blockchain’s
probability of forking, and a passive block finality confirmation
process. A Roadmap For One Of VeChain Most Important Milestones
This new update will bring what the VeChain Foundation has called
the Economic Digitization, and a “clear” path to large-scale
adoption. The VF added: PoA 2.0 was developed to meet the
increasing demand for better performance and greater security from
the enterprise and business-tier clients developing solutions with
our toolsets. With the involvement of blockchain experts from top
tier VeResearch partners contributing, PoA 2.0 is a significant
milestone in the entire blockchain industry. Users can go into the
testnet and deploy or build decentralized applications. The VF has
enabled a faucet app that was created by the project’s core team of
developers. In the future, the VET community and stakeholders will
go through a voting process to make an official implementation on
the mainnet. This update has generated great hype in the VET
community. On July 13, core developers completed a stress and
security test before deploying the public testnet. Many argued that
the increase in adoption and potential for massive use cases will
have a positive impact on VET’s price. In the short term, VeChain
has followed the general market sentiment to the downside and must
reclaim the $0.069 area if it wants to open the door of a strong
rebound to previous highs.
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