- The VeChain Foundation has published a first preprint version of a revised Proof of Authority (PoA) 2.0.
- The objective is to make the VeChainThor blockchain even more attractive for use in the corporate sector.
VeChain uses a Proof of Authority (PoA) consensus model, which is said to be superior to the consensus algorithms commonly used in the blockchain industry, such as Proof of Work (PoW), Proof of Stake (PoS), Delegated Proof of Stake (DPoS) and Byzantine Fault Tolerance (BFT). The advantage lies in a lower computing power requirement and the fact that no communication between the nodes is required. This is supposed to make the VeChainThor blockchain ideal for use in the enterprise sector.
Another advantage for the enterprise sector is that there are no anonymous nodes. In order to qualify as an Authority Masternode for the VeChainThor blockchain, the person or company must disclose their identity to the VeChain Foundation. This is to avoid the occurrence of “bad actors” who plan an attack on the blockchain.
The chief scientists of VeChain have published a preprint of a paper for a Proof of Authority 2.0 yesterday. In the paper entitled “SURFACE: A Practical Blockchain Consensus Algorithm for Real-World Networks”, the researchers present a concept for an improved “PoA 2.0-SURFACE”. The revised consensus model is supposed to be “more secure, use-case specific, adaptive”, faster and less vulnerable to hard forks. With this, the VeChainThor blockchain is to be made even more attractive for use by companies:
The pioneering work on highly effective and stable blockchain infrastructure will benefit businesses and projects with solutions deployed and built on the VeChainThor Blockchain in many areas, and will help attract even more enterprises into the VeChain ecosystem.
To this end, the new PoA 2.0 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”. According to the VeChain Foundation, this works as follows:
To satisfy the demanding security needs of enterprise users, PoA 2.0-SURFACE uses a VRF-based random beacon generation mechanism. With this new mechanism, we balance the unpredictability and the unbiasedness of the block-proposing-schedule.
VeChain’s blockchain becomes faster and more secure
In order to optimize throughput, latency and security, the PoA 2.0 SURFACE adds a committee mechanism to the VeChainThor blockchain, which is similar to the confirmation in the Bitcoin blockchain. However, the PoA 2.0 does not have to wait for the next block interval. Furthermore, the revised consensus is intended to reach an absolute finality to make hard forks even less likely:
In addition, PoA 2.0-SURFACE allows the absolute finality of transactions for the safety and accuracy of business practice. In public blockchains with a Nakamoto consensus, a “confirmed” transaction is not final in the sense that there will always be a possibility, no matter how small it is, that there exists another longer chain which could nullify it. […]
Therefore, apart from the normal confirmation of blocks, PoA 2.0-SURFACE will use a BFT based scheme to allow blocks to be finalized after a relatively short period of time, so that the block can absolutely not be forked.
The new Proof of Authority 2.0 SURFACE is expected to further expand the acceptance of the VeChainThor blockchain in the enterprise sector. How the further schedule for the implementation looks in detail, is not yet fixed at the time of writing.