HomeCoinsVeChain (VET)Announcing VeVote for PoA 2.0 Phase 1 Official Implementation on VeChainThor Mainnet...

Announcing VeVote for PoA 2.0 Phase 1 Official Implementation on VeChainThor Mainnet | by VeChain Foundation | VeChain Foundation | Oct, 2021

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VeChain Foundation

Our main mission has always been to deliver a secure, stable and scalable public blockchain and enable mass adoption of blockchain technology across the globe. For this reason the VeChain Research and Development teams have been working on a massive upgrade of the VeChainThor blockchain called SURFACE (PoA 2.0), standing for a Secure, Use-case-adaptive, Relatively Fork-free Approach of Chain Extension.

Announcing VeVote for PoA 2.0 Phase 1 Official Implementation on VeChainThor Mainnet | by VeChain Foundation | VeChain Foundation | Oct, 2021

To ensure that the future needs of businesses are met, a blockchain must be able to guarantee no data loss whilst also providing high-throughput and high scalability. This is why we are proud to be able to finally present our upgraded consensus mechanism — the first of its kind in the world. VeChain continues to lead the pack on the road to mass adoption due to the development of many revolutionary technologies, built to serve and deliver real value.

This major upgrade to the network greatly enhances finality and data security by uniquely combining the two most common consensus types — the Nakamoto and Byzantine Fault Tolerance (BFT) consensus mechanisms — allowing the network to benefit from the strengths of each type whilst eliminating their weaknesses. PoA 2.0 is the world’s first example of such a combined consensus mechanism.

Described in the paper SURFACE: 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
  • A passive block finality confirmation process.

In this first Phase we want to implement the first part of VIP-193, called a VRF-based source of randomness. This function balances the unpredictability and the unbiasedness of the block-proposing schedule, ensuring the highest level of data security. After implementation, it will be impossible to predict, and thus manipulate, block proposers way ahead in time, increasing the security of the VeChainThor blockchain.

On July 21st we announced the launch of a new public testnet with the VRF-based source of randomness fully implemented. After months of testing by the core team, as well as our partners and community developers, we are now confident that this upgrade is ready to be deployed on the main net.

With the requisite steps for migration to mainnet now in place, we are incredibly proud to present the following proposal to all stakeholders in the VeChain ecosystem.

Only after a successful vote by all stakeholders, an implementation on our main net can take place, and that’s why we need your vote!

From October 11, 2021, at 10pm (UTC+8) to October 18, 2021, at 10pm (UTC+8)

Authority Masternodes (40% voting authority), Economic X Nodes (40% voting authority), Economic Nodes (20% voting authority)

  • Agree to apply PoA 2.0 Phase 1 (The VRF-based source of randomness) on VeChainThor Mainnet
  • Disagree to apply PoA 2.0 Phase 1 (The VRF-based source of randomness) on VeChainThor Mainnet

Voting can be done by all those that are eligible using Sync or the VeChainThor mobile wallet.

Click Here to Access VeVote!

After the voting period has ended, the option with the most weighted votes will be selected.

We look forward to hearing the thoughts of our community stakeholders!



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