A realistic consensus mechanism algorithm for real-world networks was recently presented in a preprint paper by VeChain’s Chief Scientist Dr. Peter Zhou and Senior Researcher on Blockchain Dr. Zhijie Ren.
The study proposes a new Proof-of-Authority (PoA 2.0-SURFACE) consensus mechanism for blockchain networks. With PoA 2.0-SURFACE, you may extend your chain securely and without forking.
This preprint aims to increase scholarly communication and knowledge on the unique, friendly business characteristics of VeChainThor Blockchain. Innovations in blockchain technology would benefit the industry and initiatives using the VeChainThor Blockchain and help attract other businesses to the VeChain ecosystem.
Security, Speed, and Stability
PoA 2.0-SURFACE is a blockchain consensus algorithm that combines the Nakamoto and BFT consensus algorithms. The former provides for near-optimal throughput and latency, while the latter ensures ledger stability (security) even though the network is rigidly asynchronous.
PoA 2.0-SURFACE selects a committee (a group of consensus nodes) to approve a block in each consensus round. The chain is confirmed in fewer rounds to avoid folks. The authors also used recent blockchain technology, such as the HotStuff BFT, to offer verifiable block finality. These capabilities will assist businesses and blockchain users in many ways, as outlined below.
Consensus on Business Adoption
PoA 2.0-SURFACE uses a VRF-based random beacon generation mechanism to meet enterprise security requirements. In other words, adversaries cannot manipulate the timetable to undertake an attack. Nor can they forecast the schedule in advance (say, one day) to influence honest users to aid their attack.
PoA 2.0-SURFACE adds a committee-endorsing mechanism akin to collecting more trailing blocks (as in Bitcoin) without actually waiting for the block intervals. We could then run experiments on the test network and adapt the committee size to our network’s features, something no other approach allows.
PoA 2.0-SURFACE also enables for total finality of transactions for company security and correctness. A “confirmed” trade on a public blockchain with Nakamoto consensus is never final since another longer chain could negate it. Thus, it was not a desirable characteristic for real-world business users.
So, in addition to regular block confirmation, PoA 2.0-SURFACE will use a BFT-based technique to enable blocks to be finalized quickly, preventing forks.
VeChain: A Blockchain Pioneer
The blockchain industry has traditionally focused on researching and developing the technical components of blockchain technology. It further keeps most organizations and projects in the industry locked in the technical consensus phase, preventing actual use or adoption of the technology.
VeChain, on the other hand, has established definite milestones for the broad adoption of blockchain technology. The Whitepaper 2.0 Section 1 defined three fundamental phases of blockchain evolution: technological, business, and governance consensus. These phases form the backbone of VeChain’s development strategy, guaranteeing that they don’t stagnate.
Business leaders and decision-makers who have seen the effectiveness of blockchain technology in proofs-of-concept continue to invest in the technology to gain a competitive advantage.
The industry must recognize the importance of business involvement and the mutual benefits of combining existing leading economic technologies with blockchain technology for long-term development and ecosystem robustness. To persuade organizations to use blockchain technology, solution providers must demonstrate their blockchain is dependable and straightforward to use.
VeChain has long been a leader in the modern corporate world, working with enterprises that value our industry-leading blockchain applications. Over 50 enterprise companies use our BaaS data platform, VeChain ToolChainTM, to do business on the VeChainThor Blockchain mainnet with no technical experience. Businesses may quickly deploy blockchain-powered use cases onto the mainnet using VeChain ToolChainTM.
Once accepted and deployed, the PoA 2.0-SURFACE will help us reach a technical and business consensus. VeChain remains the market leader in blockchain technology and blockchain integration and implementation.
