The long-awaited VIP-220 from VeChain is finally life on a private testnet, the official Twitter handle of the VeChain Foundation said Tuesday. The community sees this as a huge step towards a Proof-of-Authority 2.0 consensus mechanism.
The announcement saw VET, the blockchain’s native token, rise 7% to $0.02414 in the past 24 hours.
Why IS VIP-220 a big problem?
VIP-220 introduced the third and final Finality component of the PoA 2.0 mechanism. VIP-193 has released the first two components: a VRF-based source of randomness and a commission-based block manufacturing process.
Proof-of-Authority is a consensus mechanism where a handful of validators earn the right to form the next block. In turn, the validators put their reputation on the line to prevent misconduct. The mechanism should be fast, scalable and energy efficient.
VeChain believes that PoA 2.0 will provide the tools and level of data security required for its mass adoption in the next decade. Peter Zhou, VeChain’s Chief Scientist, believes the Finality gadget will deliver: state-of-the-art securitywithout compromising the high level of performance.
There is widespread hope that the PoA 2.0 upgrade would lead to more secure, sustainable development on the VeChainThor blockchain.
Huge enthusiasm in the VeChain community
VeChain has its . receive quite some good news, with the organization recently partnering on a $100 million marketing deal with UFC. The deal increased VeChain’s trading volume by a whopping 120%. Not only that, but the price of $VET also rose 10% in the tie.
It also has along with other big names such as BMW and Renault, who substantiate their claim of possible mass adoption. Similarly, Businessworld believes that $VET can his investors make millions† Eisenreich, a popular member of the VeChain community, highlighted how VeChain is poised to compete in the trillion dollars Chinese ready meal market by ensuring the popularity of the supply chain.
The community hopes their consensus mechanism will bring $VET closer to the goal of mass adoption.
Nidhish is a technology enthusiast whose goal is to find elegant technical solutions to solve some of society’s biggest problems. He is a big proponent of decentralization and wants to work on the mainstream adoption of Blockchain. He also enjoys almost all popular sports and loves to talk about a wide variety of topics.
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