Popular cryptocurrency and smart contracts platform, VeChain has announced that its PoA 2.0 is currently running well on the testnet. This development, as reported, was revealed through a Twitter post by the protocol’s chief scientist, Peter Zhou. According to Zhou, the VeChain team “looks forward to the stakeholder vote enabling its mainnet deployment.”
Notably, VeChain intends to integrate various kinds of blockchain consensus in PoA 2.0. This, as reported, is geared towards achieving the “holy grail of mechanisms for the real-world environment.” Additionally, its block finality avails a robust security enablement for blocks, fulfilling specific conditions. The VeChain development team sees this as a mechanism necessary for modernized blockchain systems, thereby aiming to adopt it towards improving PoA 2.0 consensus algorithm.
Additionally, VeChain team proposed to design and execute a finality gadget (finality with one bit, FOB). This, according to the team, enables the project to run dual consensus modes (Nakamoto and BFT consensus) simultaneously. Also, the team hinted that a FOB posseses a user-friendly design with a few redundancy to the current PoA-built Thor protocol.
Furthermore, the VeChain dev team also proposed the initiation of a minimized complexity to the ecis6 PoA-based network. This helps to reduce the potential risks occasioned by bugs and numerous design shortcomings. The team added that the Nakamoto consensus will witness the possibility of a transaction reversal owing to double-spending.
Also, the VeChain development team recommended the “finality gadget” to serve as an add-on to the Nakamoto consensus. This, as reported, paves the way for the finality of any transaction confirmed by the Nakamoto consensus mechanism. Worth noting that finality gadgets further help introduce a separate voting mechanism. As reported, the gadgets emerged through the “view-based paradigm of BFT algorithms.”
VeChain spearheading green revolution with blockchain technology
This development comes a few days after VeChain foundation, reiterated its commitment to spearheading the green revolution through its real-world ready tech. The protocol noted that the increase in the number of carbon management and sustainability initiatives which requires powerful emerging tools, including blockchain necessitated its decision.
According to VeChain, its resolve to aid carbon emission and data management informed its unveiling of VeCarbon. As reported, the VeCarbon runs as a blockchain-based carbon emission data management SaaS platform on the VeChainThor public blockchain. As designed, VeCarbon empowers enterprises with the future generation virtual tools. This thus allows enterprises to “quantise and informatize carbon emissions data.” Also, it enhances the management of carbon capabilities in enterprises by enabling “precise, targeted reduction efforts, helping enterprises achieve their low carbon aims.”