VeChain (VET) to Launch PoA2.0 for Faster Transaction Confirmation
The VeChain (VET) has announced that significant progress has been made so far in their work towards implementing the Proof of Authority (PoA) 2.0 consensus algorithm, which it says will boost the scalability of its blockchain, while also improving performance, according to reports on December 10, 2020.
VeChain Eyes Better Performance
As more and more enterprises continue to adopt and integrate VeChainThor into their processes, the team behind the distributed ledger technology (DLT) project is working hard to make the platform more robust, secure and resilient for its users.
In the latest development, Peter Zhou, the chief scientist of the VeChain Foundation, the Singapore-based non-profit organization dedicated to making the project a success, has taken to Twitter to reveal that he and the VeChain core development team have reached a significant milestone in the implementation of PoA 2.0.
“The VeChain core dev and I have some good progress on implementing PoA2.0. We will soon launch a new testnet implementing VIP-193, allowing faster transaction confirmation. Moreover, I personally finished prototyping VIP-200 that will give us BFT finality.
A More Scalable VeChain
He also hinted that the team is looking to roll out a testnet for the implementation of VIP-193. Also known as SURFACE, VIP-193 is designed to improve the scalability of the VeChainThor platform and bring about faster transaction confirmation.
The team says the PoA consensus algorithm comes with all the strong points of PoW-based blockchains such as Bitcoin, but it’s more robust than the former thanks to its Byzantine Fault Tolerance (BFT) mechanism.
What’s more, Zhou has made it clear that the prototyping of VIP-200 is now complete. The VIP-200 aims to make it possible for the VeChain distributed ledger to reach BFT finality by allowing blocks to carry extra finality related messages.
Explaining how it works, Zhou stated that the BFT mechanism comes with four finality messages: new-view (nv), prepare (pp), pre-commit (pc), and commit (cm), all created as a block ID and are part of the block header.
“In each round, nodes select a leader (the node responsible for generating a new block) based on the round number, block height and their local views of active nodes. Therefore. The procedure can be considered instant, which allows more time for transmitting transaction (TX) data in each consensus round.”
At press time, the price of VeChain’s VET altcoin is trading at $0.015170, with a market cap of $974.18 million, as seen on CoinMarketCap.