VeChain
$0.10004 12.16%
VET · 8w

VeChain Releases New Milestone to PoA 2.0: Successful VIP-193 Testnet - Yahoo Finance -

SHANGHAI, July 27, 2021 /PRNewswire/ -- With multiple years of enterprise delivery under its belt, VeChain has established itself as the top public blockchain solution provider in the world.

PoA 2.0 Roadmap

In pursuit of our vision to enable global and scalable mass adoption of public blockchain technology, the VeChain Research and Development team has built SURFACE (PoA 2.0), standing for a Secure, Use-case-adaptive, Relatively Fork-free Approach of Chain Extension.

This novel consensus mechanism was built to eliminate the weaknesses and gain the benefits of the two main consensus types; Nakamoto Consensus and Byzantine Fault Tolerance (BFT). With this new mechanism, the VeChainThor blockchain can maximize its high throughput capability while also ensuring data finality. What this means in practice is that very high-volume use cases can exist on-chain with the highest level of data security unfound in any other blockchain platforms.

With this major update to our technical model, VeChainThor becomes the ideal open-source platform for enterprises, governments, or anyone looking to build their applications on a secure, low cost, immutable, and full featured public blockchain.

Today, the VeChain Foundation is proud to be launching our brand new public testnet with VIP-193 fully implemented. This monumental milestone paves the way towards the full enactment of PoA 2.0 on mainnet.

Described in the paper SURFACE: A Practical Blockchain Consensus Algorithm for Real-World Networks, the PoA 2.0 consensus algorithm contains three major components:

The VRF-based source of randomness, A committee-based block producing process and, A passive block finality confirmation process.

The algorithm is proposed via two VIPs (VeChain Improvement Proposals): VIP-193 and VIP-200. VIP-193 focuses on the first two components while VIP-200 describes the last component.

As per our roadmap illustrated below, the realization of VIP-193 on p...

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