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.
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 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 public testnet has bolstered our confidence for the official implementation of this major upgrade to our technical suite.
PoA 2.0: The Foundation of Economic Digitization
PoA 2.0 clears the way for large scale adoption of public blockchain, tackling the critical weaknesses of contemporary mechanisms found in other blockchains. Its key features include:
A VRF-based source of randomness: A function that balances the unpredictability and the unbiasedness of the block-proposing schedule, ensuring the highest level of data security. For example – adversaries in this model are unable to either manipulate the leader selection process to control several consecutive block proposers nor predict and corrupt several consecutive block proposers way ahead in time.
Committee-endorsed block production: A process that significantly reduces the probability of forking, which decreases the confirmation delay and increases the throughput (TPS).
The finality mechanism: This feature provides block finality, i.e., performance even in asynchronous conditions and with uncompromised consistency. As a result, a block in PoA 2.0 will first be confirmed in a probabilistic fashion with very low latency before being finalized within a longer period. This means that a finalized block (as well as all the transactions packed in the block) could be theoretically proven immutable in any situation.
A Certain Future
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.
With VIP-193 now made public, VeChainThor continues its mission to provide secure, scalable, reliable, and cost-effective infrastructure-level protocols in anticipation of the wave of global digitization that is just around the corner.
About VeChain Foundation
The VeChain Foundation has worked tirelessly to build the bridges between blockchain technology and the real world. VeChainThor’s evolution continues to gather pace, transitioning from consortium network to best-in-class public blockchain platform using Proof of Authority consensus, boasting advanced technical features, governance structure and economic model.
As the ecosystem enabler, the Foundation’s mission is to empower builders and innovators by developing tools that systematically eliminate adoption hurdles. Through the development of a suite of innovative tools such as multi-task transaction, fee delegation and VeChain ToolChain™️, VeChain has been able to substantially lower the barriers to entry for businesses and developers alike.
Alongside key strategic partners PwC and DNV, VeChain has collaborated with world-leading enterprises including Walmart China, Bayer China, BMW Group, BYD Auto, PICC, Shanghai Gas, LVMH, D.I.G, ASI Group and more.
For more information, including developer tools/documents and foundation grants, please visit: www.vechain.org
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