Tag: VET

On Tuesday, July 21, the VeChain Foundation made an official announcement of hitting another milestone. VeChain has successfully implemented VIP193 while launching its brand new public testnet. https://twitter.com/vechainofficial/status/1417847673340583939?s20 This further clears the way for the complete implementation of VeChainThor PoA 2.0 on the mainnet. It will also help the VeChain blockchain in offering better safety, scalability, and absolute finality. Over the last few years, VeChain has pioneered in offering blockchain-based enterprise solutions to its clients. With the implementation of PoA 2.0, Vechain aims to push the global and mass adoption of its public blockchain network. Dubbed as SURFACE the PoA 2.0 adopts a secure, use-case adaptive, and fork-free approach of chain extension. The announcement notes: 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 is able to maximise 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. The VeChainThor PoA 2.0 consensus algorithm has three major components: The VRF-based source of randomnessA committee-based block producing process and,A passive block finality confirmation process. The consensus algorithm implementation will happen with two VIPs – VIP-193 and VIP-200. The implementation of VIP193 will focus on the first two components. On the other hand, VIP-200 describes the last component. Understanding the functioning of VeChain PoA 2.0 The primary purpose behind the implementation of VeChainThor PoA 2.0 is to improve the performance and security of enterprise clients developing the solutions on the blockchain. Thus, it clears the way for large-scale adoption of the Vechain blockchain. Let’s look into detail the three components of VeChain PoA 2.0 The VRF-based source of randomness balances the unbiasedness and unpredictability of the block-proposing schedule. Thus, it focuses on ensuring the highest level of security for VeChain users. It will also prevent the adversaries from manipulating the leader selection process. These adversaries can’t corrupt several consecutive block proposers.The committee-endorsed block production helps to significantly reduce the probability of forking. It helps in decreasing the confirmation delay and increases the throughput (TPS).The block finality mechanism helps to deliver performance in asynchronous conditions and with uncompromised consistency. Thus, the implementation of PoA 2.0 will happen in a “probabilistic fashion” with low latency. Later, it shall be finalized for a longer period of time. This will ensure that the finalized block will be theoretically immutable in any condition. To test the new function of the newly introduced public testnet users can use the native faucet app built by the VeChain core developer team. Following this development Vechian Price (VET) has shot 9.21 percent today and is trading at $0.06729 with a market cap of $4.3 billion. VeChain has been behind some key initiatives recently. It joined hands with the Republic of San Marino to issue eNFT vaccine certifications for COVID-19. VeChain also partnered with Shopping.io to facilitate VET token payment on Amazon, eBay and other e-commerce platforms.

Tag: VET

VeChain launches VIP193 on public testnet, moves closer to implementing VeChain PoA 2.0

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