VET has seen a 5.7% profit in the daily chart after the VeChain Foundation (VF) published the roadmap for the Proof-of-Authority (PoA) 2.0. At the time of writing, VET trades at $0,068.
A major milestone for the project, the foundation expects to eliminate the tradeoffs from the Nakamoto Consensus and Byzantine Fault Tolerance (BFT) consensus used by Bitcoin and other cryptocurrencies.
The new PoA 2.0 consensus will enable the blockchain VeChainThor to leverage a high throughput capability with guaranteed data finality.
Thus, the users and companies building on this platform can apply high volume use cases with “the highest level of data security”, according to the VeChain Foundation.
The update has been dubbed SURFACE, meaning Secure, Use-case-adaptative, Relatively Fork-free Approach of Chain Extension. Peter Zhou, Chief Scientist at the VF, said the following about the update:
The consensus algorithm is the most important part of a public blockchain. Its major upgrade on mainnet has to be done with max cautiousness. It’ll be done on VeChainThor step by step. Never expect it to be a one-off thing or you are doing it in a wrong way.
Thus, the update was roll-out to a new public testnet that implements VIP-193 and VIP-200, part of the PoA2.0 consensus, according to the project’s GitHub repository.
The proposal focuses on 3 aspects, the VRF-based source of randomness and the Committee-endorsing block producing process.
The former will improve VeChain security and the ledger’s selection mechanism, the latter will reduce the blockchain’s probability of forking, and a passive block finality confirmation process.
A Roadmap For One Of VeChain Most Important Milestones
This new update will bring what the VeChain Foundation has called the Economic Digitization, and a “clear” path to large-scale adoption. The VF added:
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.
Users can go into the testnet and deploy or build decentralized applications. The VF has enabled a faucet app that was created by the project’s core team of developers.
In the future, the VET community and stakeholders will go through a voting process to make an official implementation on the mainnet.
This update has generated great hype in the VET community. On July 13, core developers completed a stress and security test before deploying the public testnet.
Many argued that the increase in adoption and potential for massive use cases will have a positive impact on VET’s price.
In the short term, VeChain has followed the general market sentiment to the downside and must reclaim the $0.069 area if it wants to open the door of a strong rebound to previous highs.