VeChain (VET) roll out PoA2.0 to improve transaction speed

By: Ali Raza
Ali Raza
Ali plays a key role in the cryptocurrency news team. He loves travelling during his spare time and enjoys… read more.
on Dec 15, 2020
  • VeChain says the launch of the PoA2.0 algorithm will provide a secure and robust platform.
  • A testnet implementing VIP-193 will be launched, and it will provide faster transaction confirmation.
  • VeChain has completed the V-200 protocol to allow blocks to offer finality related messages.

VeChain (VET) has been working seriously hard to implement the Proof of Authority (PoA) 2.0 algorithm become a reality. The company recently announced that it has made important progress towards its realization.

According to the announcement, plans are already in place to launch the protocol. The company said once launched, it will improve blockchain scalability and improve performance as well.

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At the time of writing, VeChain’s altcoin market capitalization stood at $974.18 million and is trading at $0.015169

A secure and robust platform

The developers of the PoA2.0 algorithm say they are working hard to make sure the platform is more resilient, secure, and more robust. They said this will also lead to more adoption and integration of the VeChain Thor platform.

VeChain is the Singaporean non-profit organization developing the project. The Chief scientist of the organization Peter Zhou revealed on Twitter that he and the platform’s development team have almost completed the platform’s developments as they have crossed an important milestone in the project.

 “The VeChain core dev and I have some good progress on implementing PoA2.0,” Zhou pointed out. He further stated that very soon a testnet implementing VIP-193 will be launched, which will allow for faster transaction confirmation.

He also added that he has concluded the testing of the VIP-200 prototype which will provide BFT finality.

The VIP-193 is also called SURFACE, which is designed to offer faster transaction confirmation and scale up the VeChain Thor platform.

The consensus algorithm is built with top features

The development team revealed that the consensus algorithm has all the top features of PoW-based blockchains like Bitcoin (BTC). However, the Byzantine Fault Tolerance (BFT) protocol makes it more scalable and robust than the former.

According to Zhou, the BFT protocol has four finality messages, which are all designed to function as a block ID and components of the block reader as well.

Zhou also informed users that the VIP-200 prototyping is complete. With this, it will allow blocks to take care of additional finality related messages, making it possible for VeChain distributed ledger to reach BFT finality.

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