Vechain (VET) Launches Voting Process for VeChainThor Proof of Authority 2.0 Upgrade
Blockchain-powered supply chain platform VeChain is looking to implement ‘mass adoption’ of its blockchain solution. In a recent release, the protocol called on community members to vote on adopting a new consensus algorithm.
PoA 2.0 Best Of Both Worlds
VeChain set out to address the issues in the supply chain industry, and to a large extent, it has been successful. However, the protocol seeks more adoption and is planning on launching its upgraded blockchain protocol.
A blog post reported that this new upgrade would be the best of both worlds, combining the prestigious Nakamoto mining algorithm with the Byzantine Fault Tolerance (BFT) consensus mechanism.
This is expected to form a new proof-of-authority (PoA) consensus algorithm, PoA2.0, which will enable higher throughput and high scalability while ensuring no data loss and a secure platform.
The upgrade called SURFACE is geared towards enabling more institutional adoption of the VeChainThor blockchain. SURFACE, which stands for a Secure, Use-case-adaptive, Relatively Fork-free Approach of Chain Extension, will comprise three major components. This includes a VRF-based source of randomness, a committee-based block-producing process, and a passive block finality confirmation process.
So far, the VeChain Foundation has been able to implement the first part of its VIP-193 upgrade. Also known as the VRF-based source of randomness. It balances the unpredictability and unbiasedness of the block-proposing schedule while allowing for the highest level of data security. This component is expected to make it impossible for anyone to predict and subsequently doctor the block proposers ahead of time.
The two remaining components are currently up for votes, with the VeChain Foundation requiring all stakeholders to either accept or reject the new upgrade.
The voting is expected to last for a week and commenced on October 11, continuing to October 18.
VeChain Closes Deal With Blue Aqua
The new upgrade will take into account three sets of key stakeholders. This will be the Authority Masternodes with 40% voting authority, Economic X nodes with 40% voting authority, and the Economic nodes making up the remaining 20% voting authority.
Stakeholders will be required to cast their vote to adopt the PoA 2.0 Phase 1 upgrade of the VRF-based source of randomness on the VeChain Thor Mainnet or choose to discard the upgrade.
However, the news has not positively impacted VeChain’s price, with the digital asset largely trading in the red.
Trading currently at $0.10518, VET is down 5.94% on the daily chart, with the market valuation dipping 5.85% as well.
VeChain recently partnered with Singapore-based aquaculture service provider Blue Aqua to adopt blockchain traceability in the shrimp farming industry. This will see the urban farming company integrate with VeChain’s ToolChain for implementing a traceability system for seafood source, quality, and sustainability of their farming operations.