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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

VeChain Foundation Reveals Roadmap To PoA 2.0, Major Bullish Catalyzer?

Reynaldo Marquez
Reynaldo Marquez
3 years ago
2 mins read
VeChain VET

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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.

VeChain VET VETUSDT
VET closing in on important resistance levels in the daily chart. Source: VETUSDT Tradingview

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.

VeChain VET VETUSDT
Source: PoA 2.0 roadmap, V.F.
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Reynaldo Marquez
Reynaldo Marquez

Reynaldo Marquez

A literature major, Reynaldo Márquez has been deeply immersed in the crypto industry since 2017. His journey began with translating articles for various crypto news outlets, a role he took on with zeal. In 2018, amidst a challenging market, he embraced his first writing assignment, demonstrating his unwavering commitment to the nascent industry and the promise of change it bears for many people worldwide.
In March 2021, he joined the prestigious crypto news outlet NewsBTC and Bitcoinist, where he not only reported on the latest crypto news but also had the privilege of interviewing some of the industry's most influential figures. A year later, his dedication and hard work were recognized, and he was promoted to Managing Editor, a position he currently holds with pride.
He believes in honesty, good communication, hard work, and the power of cryptocurrency and its potential to transform people's lives, especially those alienated by the legacy financial system. Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times.
In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson’s ‘Neuromancer.’ The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau’s ‘Civil Disobedience.’
But that’s for another life. In this one, Reynaldo has been trading to improve his trading skills. Since 2023, he has been trying to learn Python to create successful strategies and find ways to execute them. It is a difficult task, which continues to keep him busy today and will most likely continue to keep him busy in the near and long term.
In his free time, he enjoys lifting heavy objects, reading, watching movies, and listening to his favorite music. Some of his favorite authors are Walt Whitman, William Faulkner, Allen Ginsberg, James Baldwin, Raymond Carver, Ray Bradbury, George Orwell, Mario Vargas Llosa, Reinaldo Arenas, Rafael Cadenas, and many others. Lately, he has been primarily interested in reading about dystopic societies, a topic that deeply resonates with the crypto industry.
Since 2023, he has lived in Spain with his wife. He loves the weather, the food, and the people and their culture. They both expect to travel much more within the country they now call home and beyond its border. He hopes to retire with his wife, maybe in a quiet place near a beach, but most likely in a city close to a library and a university with his kids and, hopefully, grandkids.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
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Ad discliamer

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