VeChain Foundation, a leading enterprise-grade L1 smart contract platform, revealed in a recent Tweet that the VeChain PoA 2.0 stakeholder vote is scheduled for October 20 and will span one week.
According to the Tweet, this event will be accompanied by the launch of VeChain’s new decentralized voting platform, ‘VeVote’.
Instead of replacing the Proof-of-Authority (PoA) consensus, the VeChain blockchain development team chose to design and implement a finality gadget called the Finality with One Bit (FOB) to run dual modes of consensus, namely the Nakamoto and BFT consensus, at the same time.
The most recent version of PoA 2.0 has been running on the testnet, and stakeholders should enable its deployment on the mainnet.
According to the development team, block finality is an essential property for a modern blockchain system that provides an absolute security guarantee for blocks that meet certain conditions. VeChain has pursued this property in order to improve its consensus algorithm.
PoA 2.0 will combine various types of blockchain consensus to achieve the holy grail of real-world mechanisms. According to the foundation, It is a necessary feature of any modern blockchain system.
By decoupling finality from the PoA process, the design will maintain the usability and robustness of VeChain’s system.
It will add minimal complexity to the current PoA-based system, reducing the risk of unknown design flaws and implementation bugs. It will also add minimal extra information for network communication.
VeChain is an L1 smart contract platform with an ultra-low carbon & highly scalable blockchain architecture that uses blockchain technology to solve real-world problems. Its goal is to assist businesses in tracking the movement of goods and ensuring their quality. It has collaborated with renowned companies such as Walmart China, BYD Auto, PICC, Shanghai Gas, and others.
VeChain recently announced a number of new partnerships, including one with OrionOne, a SaaS (software as a service) firm, TruTrace, a Canadian SaaS (software as a service) firm, and a partnership with UCO Network to develop blockchain infrastructure for the biofuel sector.
VeChain also plans to develop VeCarbon, “a blockchain-oriented carbon emission data management SaaS platform.”
