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VeChain Foundation Reveals Roadmap for PoA 2.0, Key Bullish Catalyst?

VET posted a gain of 5.7% on the daily chart after the VeChain Foundation (VF) published the roadmap for Proof-of-Authority (PoA) 2.0. At the time of writing, VET is trading at $ 0.068.

VET is approaching major resistance levels on the daily chart. Source: VETUSDT Tradingview

As a key milestone for the project, the Foundation expects to remove the tradeoffs from the Nakamoto Consensus and Byzantine Fault Tolerance (BFT) consensus used by Bitcoin and other cryptocurrencies.

The new PoA 2.0 consensus will enable the VeChainThor blockchain to use a high throughput capability with guaranteed data finality.

This means that the users and companies that build on this platform can use high-volume use cases with “maximum data security”, according to the VeChain Foundation.

The update was called SURFACE, which means a safe, application-adaptive, relatively fork-free approach to chain extension. Peter Zhou, senior scientist at VF, said the following about the update:

The consensus algorithm is the most important part of a public blockchain. The main upgrade on the mainnet must be carried out with great care. This is done step by step on VeChainThor. Never expect it to be a one-time thing or that you will get it wrong.

Therefore, the update was rolled out to a new public test network, which, according to the GitHub repository of the project VIP-193 and VIP-200, which are part of the PoA2.0 consensus, was implemented.

The proposal focuses on 3 aspects, the VRF based source of randomness and the committee endorsed block making process.

The former will improve the security of VeChain and the selection mechanism of the ledger, the latter will reduce the likelihood of forking the blockchain and a passive confirmation process for the finality of the block.

A roadmap for one of VeChain’s most important milestones

This new update will bring what the VeChain Foundation has called economic digitization and a “clear” path to large-scale adoption. The VF added:

PoA 2.0 is designed to meet the growing demand for better performance and greater security from corporate and business customers who develop solutions with our toolsets. With the participation of blockchain experts from high-ranking VeResearch partners, PoA 2.0 is a significant milestone in the entire blockchain industry.

Users can join the test network and deploy or create decentralized applications. The VF activated a faucet app created by the project’s core team of developers.

In the future, the vocational training community and stakeholders will go through a coordination process in order to have an official implementation in the mainnet.

This update has generated a lot of hype in the professional education community. On July 13th, the core developers performed a stress and security test before deploying the public test network.

Many argued that increasing adoption and the potential for massive use cases will have a positive impact on the price of VET.

In the short term, VeChain has followed broad market sentiment on the downside and needs to recapture the $ 0.069 area if it is to open the door for a strong rebound to previous highs.

VeChain VET VETUSDTSource: PoA 2.0 roadmap, VF

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