PR90874

SHANGHAI, July 27, 2021 /PRNewswire=KYODO JBN/ --

With multiple years of enterprise delivery under its belt, VeChain has

established itself as the top public blockchain solution provider in the world.

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In pursuit of our vision to enable global and scalable mass adoption of public

blockchain technology, the VeChain Research and Development team has built

SURFACE (PoA 2.0), standing for a Secure, Use-case-adaptive, Relatively

Fork-free Approach of Chain Extension.

This novel consensus mechanism was built to eliminate the weaknesses and gain

the benefits of the two main consensus types; Nakamoto Consensus and Byzantine

Fault Tolerance (BFT). With this new mechanism, the VeChainThor blockchain can

maximize its high throughput capability while also ensuring data finality. What

this means in practice is that very high-volume use cases can exist on-chain

with the highest level of data security unfound in any other blockchain

platforms.

With this major update to our technical model, VeChainThor becomes the ideal

open-source platform for enterprises, governments, or anyone looking to build

their applications on a secure, low cost, immutable, and full featured public

blockchain.

Today, the VeChain Foundation is proud to be launching our brand new public

testnet (https://c212.net/c/link/?t=0&l=en&o=3240201-1&h=2181531042&u=https%3A%2F%2Fgithub.com%2Fvechain%2Fthor%2Freleases%2Ftag%2Fv2.0.0-stage.0&a=launching+our+brand+new+public+testnet) with VIP-193 (https://c212.net/c/link/?t=0&l=en&o=3240201-1&h=274224647&u=https%3A%2F%2Fgithub.com%2Fvechain%2FVIPs%2Fblob%2Fmaster%2Fvips%2FVIP-193.md&a=VIP-193) fully implemented. This monumental milestone paves the way towards the full

enactment of PoA 2.0 on mainnet.

Described in the paper SURFACE: A Practical Blockchain Consensus Algorithm for

Real-World Networks, (https://c212.net/c/link/?t=0&l=en&o=3240201-1&h=3340148658&u=https%3A%2F%2Farxiv.org%2Fabs%2F2002.07565&a=SURFACE%3A+A+Practical+Blockchain+Consensus+Algorithm+for+Real-World+Networks) the PoA 2.0 consensus algorithm contains three major components:

  - The VRF-based source of randomness,

  - A committee-based block producing process and,

  - A passive block finality confirmation process.

The algorithm is proposed via two VIPs (VeChain Improvement Proposals): VIP-193

and VIP-200. VIP-193 focuses on the first two components while VIP-200

describes the last component.

As per our roadmap illustrated below, the realization of VIP-193 on public

testnet has bolstered our confidence for the official implementation of this

major upgrade to our technical suite.

PoA 2.0: The Foundation of Economic Digitization

PoA 2.0 clears the way for large scale adoption of public blockchain, tackling

the critical weaknesses of contemporary mechanisms found in other blockchains.

Its key features include:

A VRF-based source of randomness: A function that balances the unpredictability

and the unbiasedness of the block-proposing schedule, ensuring the highest

level of data security. For example - adversaries in this model are unable to

either manipulate the leader selection process to control several consecutive

block proposers nor predict and corrupt several consecutive block proposers way

ahead in time.

Committee-endorsed block production: A process that significantly reduces the

probability of forking, which decreases the confirmation delay and increases

the throughput (TPS).

The finality mechanism: This feature provides block finality, i.e., performance

even in asynchronous conditions and with uncompromised consistency. As a

result, a block in PoA 2.0 will first be confirmed in a probabilistic fashion

with very low latency before being finalized within a longer period. This means

that a finalized block (as well as all the transactions packed in the block)

could be theoretically proven immutable in any situation.

A Certain Future

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.

With VIP-193 now made public, VeChainThor continues its mission to provide

secure, scalable, reliable, and cost-effective infrastructure-level protocols

in anticipation of the wave of global digitization that is just around the

corner.

About VeChain Foundation

The VeChain Foundation has worked tirelessly to build the bridges between

blockchain technology and the real world. VeChainThor's evolution continues to

gather pace, transitioning from consortium network to best-in-class public

blockchain platform using Proof of Authority consensus, boasting advanced

technical features, governance structure and economic model.

As the ecosystem enabler, the Foundation's mission is to empower builders and

innovators by developing tools that systematically eliminate adoption hurdles.

Through the development of a suite of innovative tools such as multi-task

transaction, fee delegation and VeChain ToolChain(TM), VeChain has been able to

substantially lower the barriers to entry for businesses and developers alike.

Alongside key strategic partners PwC and DNV, VeChain has collaborated with

world-leading enterprises including Walmart China, Bayer China, BMW Group, BYD

Auto, PICC, Shanghai Gas, LVMH, D.I.G, ASI Group and more.

For more information, including developer tools/documents and foundation

grants, please visit: www.vechain.org

Source - VeChain

CONTACT: VeChain contact: News contact: press@vechain.com; Business contact:

bd@vechain.com; DNV contact: Cecilie Løne, Global Communication Manager, ph.

+47 90581704, eMail Cecilie.Lone@dnv.com