- The rollout of a new consensus mechanism for VeChain, PoA 2.0, will require three phases to be completed and approved.
- The VeChain Foundation is in discussion with various institutions in China that could use the VeChainThor technology.
VeChain co-founder and CEO Sunny Lu held an Ask Me Anything (AMA) session with the community yesterday. The platform is close to changing its consensus algorithm to the Proof of Authority (PoA) 2.0. This will make the VeChainThor blockchain more scalable, secure, and more capable of including new partners, among other improvements.
VeChain Foundation announced via Twitter that the new consensus mechanism was deployed in its second iteration in a testnet. As Lu stated, all developers are invited to test it:
It is very exciting to see the coming of PoA 2.0. In fact, at 2:00 pm China time, our new test network will go live (…). For PoA 2.0 we will address many improvements and take VeChainThor to the next level (…).
Lu elaborated that the new consensus protocol will combine the benefits of both the Nakamoto Consensus and the Byzantine Fault Tolerance (BFT) consensus. The Nakamoto consensus is designed to allow the VeChainThor blockchain to achieve “near-optimal throughput and latency performance”, while the BFT consensus “guarantees uncompromising ledger consistency (security) even when the network is highly asynchronous”.
In that way, Lu said, VeChain’s platform will give its users and partners “the ultimate confidence and certainty” about its immutability. Lu added:
Especially (important) for companies with credibility or reputation concerns. So PoA 2.0 will have a two-part release VIP-193 and VIP-200. We will deal with this step by step (…) we will go through several phases. Now we will launch a testnet and we will do a lot of stress network, system optimization.
After this, the new mechanism will go through a second phase that will update the consensus on the main testnet. At this stage, VeChain’s team will simulate the upgrade process. Finally, the last phase will require a vote of all stakeholders to approve the deployment on the mainnet. Lu said:
I am confident that it will be approved, we will update the mainnet. With the release of PoA 2.0 we will have more confidence to attract more builders to build serious applications for real business.
VeChain meets global demand for digitization
The VeChain Foundation has achieved significant collaborations in several sectors over the past year. One of them was the E HCert solution to check if a person is Covid-19 infected, which was adopted by national institutions in Cyprus and China. The CEO of VeChain said:
The whole world is crying out for digitization. People think that digitalization is something that should have happened yesterday, not today or tomorrow (…). We seized opportunities to quickly launch solutions such as those for Renji Hospital (China) and for Cyprus. In fact, we are exploring more and more in these sectors.
In that regard, Lu said they are in talks with companies and care centers in China to implement their solution. However, he stressed that each entity has its own approach to dealing with the current situation. The severity of the disease in a specific area is a determining factor. Based on this, VeChain must adapt its solutions to respond to the demands of a company or a country’s authorities.
As reported by CNF, VeChain has partnered with the Chinese government in Hubei province to develop a platform for healthcare and disease prevention such as Covid-19. In parallel, Lu revealed that they are working with Renji Hospital on a new solution to secure key information in the healthcare sector. He promised to provide more information in the near future.