On February 25, 2020, Vechain introduced a next-generation Proof-of-Authority referred to as the PoA 2.0-SURFACE consensus algorithm for blockchain networks.
The new consensus algorithm is characterized as a Secure, Use-case adaptive, and Relatively Fork-free Approach of Chain Extension.
The revolutionary algorithm is projected to create a stable blockchain infrastructure that will benefit businesses and projects with solutions deployed and built on the VeChainThor Blockchain.
PoA 2.0-SURFACE enjoys the benefits from both the Nakamoto Consensus and Byzantine Fault Tolerance (BFT) consensus.
The former allows the system to achieve a near-optimal throughput and latency performance most of the time, while the latter guarantees uncompromised ledger consistency even when the network is strictly asynchronous.
The blockchain consensus algorithm uses a verifiable random function (VRF) based mechanism to select a committee (a cluster of consensus nodes) to endorse for a block in every consensus round.
As a result, the chain is very unlikely to be forked and can be confirmed within fewer rounds.
How PoA 2.0-SURFACE Will Benefit Businesses and Users of the Blockchain
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, the blockchain balances the unpredictability and the unbiasedness of the block-proposing-schedule.
In other words, malicious operators in the blockchain will neither be able to bias the schedule in their favor to perform an attack nor make predictions of the schedule in a period ahead of time to corrupt honest users to help their attack.
Moreover, in order to achieve better security with a shorter confirmation time, PoA 2.0-SURFACE adds a committee-endorsing mechanism, which is equivalent to collecting more trailing blocks without actually waiting for the block intervals.
This aspect allows for the optimization of the throughput and latency of the entire ecosystem, which is not possible with any other existing algorithm.
Finally, in order to achieve the absolute finality of transactions for the safety and accuracy of business practice, 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.
Vechain is Driving Blockchain Adoption
VeChain has seemingly identified clear stages in order for blockchain technology to be mass adopted by the general public.
With this new consensus algorithm, Vechain will successfully foster increased business involvement and realize the mutual benefits of integrating existing real economy systems with blockchain tech.
This news comes shortly after Vechain increased its involvement in artwork and games, further fostering accelerated blockchain adoption in the crypto space.