👋 Want to work with us? CryptoSlate is hiring for a handful of positions!
Supply chain tracking platform VeChain has upgraded its consensus mechanism by incorporating “Finality with One Bit” (FOB). The team stated that the upgrade, under VIP-220, will “deliver the perfect consensus mechanism for PoA 2.0.”
As the name suggests, this technology relates to transaction finality, which refers to the point at which relevant parties consider a transaction to be finalized, and, is therefore irreversible and unalterable.
In theory, more efficient finality reduces latency, meaning network users can have a greater degree of certainty in a quicker time frame.
According to @WatcherGuru, the FOB upgrade is currently running on a private testnet. This tweet was later re-tweeted by the VeChain Foundation.
ICYMI: #VeChain announced its upgrade to Proof-of-Authority 2.0 is live on a private testnet.
— Watcher.Guru (@WatcherGuru) June 21, 2022
VeChain intends to update Proof-of-Authority
VeChain rolled out Phase 1 (of 3) of its Proof-of-Authority (PoA) 2.0 consensus mechanism in November 2021, calling it the “World’s Greenest Consensus.” This phase introduces a verifiable randomness function that randomly assigns nodes to produce blocks or process transactions, incentivizing nodes to act in good faith.
Phase 2 refers to incorporating a committee-endorsed block-production process which reduces the chances of a network fork. Therefore, minimizing delays and quickening network throughput.
The current phase, finality, is the third and final component of the consensus upgrade. As mentioned, this will bring greater efficiency to transaction finality through:
-Maintaining the usability and robustness of our system by decoupling finality from the PoA process which allows the blockchain to grow in adverse environments
-Introducing minimal complexity to the current PoA-based system, minimizing the potential risks caused by unknown design deficiency and implementation bug
-Adding minimal extra information (one bit per block) for network communication so that we do not need to sacrifice system performance for achieving block finality
Chief Scientist at the project, Peter Zhou called “the finality gadget” a milestone and a significant step forward for the chain in terms of combining advanced security with a “high standard of performance.”
It’s a huge milestone for #PoA2. With the finality gadget, #VeChainThor blockchain is going to provide the state-of-the-art security while maintaining its high standard of performance.
Hope #VeFam enjoy my article~ https://t.co/Adsm1Xzpv1
— Peter Zhou Ⓥ (@PeterZh47977516) June 20, 2022
Price analysis
Following the announcement of FOB, VeChain has experienced a consistent uptick on the daily chart.
At writing, VET is trading at $0.0246, up 19% from Saturday’s local bottom. And up 6% in the last 24 hours. However, in line with many altcoins, VET is trading down 91% from its all-time, achieved in April 2021.
Since mid-May, the token has traded flat, ranging between $0.0277 and $0.0343. A spill on June 10 set off a distinct downtrend before bottoming on Saturday at $0.0202.
Source: VETUSD on TradingView.comPosted In: VeChain, Technology
Get an Edge on the Crypto Market 👇
Become a member of CryptoSlate Edge and access our exclusive Discord community, more exclusive content and analysis.
On-chain analysis
Price snapshots
More context
Join now for $19/month Explore all benefits
Source
