Supply chain tracking platform VeChain We have upgraded the consensus mechanism by incorporating “Finality with OneBit” (FOB). The team said the upgrade under VIP-220 “provides a complete consensus mechanism for PoA 2.0.”
As the name implies, this technology is transaction related FinalityThis refers to the point at which the parties consider the transaction complete and therefore cannot be undone or modified.
Theoretically, efficient finalities reduce delays. In other words, network users are more certain in a shorter time frame.
according to @WatcherGuru, FOB upgrade is currently running on a private testnet. This tweet was later retweeted by the VeChain Foundation.
ICYMI: #VeChain Announced that the upgrade to Proof-of-Authority 2.0 is available on the private testnet.
— Watcher.Guru (@WatcherGuru) June 21, 2022
VeChain will update Proof-of-Authority
VeChain In November 2021, we launched Phase 1 (of 3) of the Proof-of-Authority (PoA) 2.0 consensus mechanism, which we call “the most environmentally friendly consensus in the world.” This phase introduces a verifiable randomness function that randomly assigns nodes to generate blocks and handles transactions, encouraging nodes to act in good faith.
Phase 2 refers to incorporating a committee-approved block generation process that reduces the potential for network forks. Therefore, it minimizes latency and speeds up network throughput.
The current phase, finality, is the third and final component of the consensus upgrade.As mentioned earlier, this improves transaction efficiency. Finality finished:
-Maintain system usability and robustness by decoupling finality from the PoA process. This will allow the blockchain to grow in adverse environments.
-Introduces minimal complexity to current PoA-based systems, minimizing potential risks caused by unknown design flaws and implementation bugs.
-Add minimal additional information (1 bit per block) for network communication so that you do not have to sacrifice system performance to achieve the finality of the block.
Project Chief Scientist, Peter Zhou A milestone called the “finality gadget,” it’s a big step forward for the chain in combining a high level of security with a “high level of performance.”
that is # PoA2.. With the finality gadget, #VeChainThor Blockchain provides state-of-the-art security while maintaining a high level of performance.
hope #VeFam Enjoy my article ~ https://t.co/Adsm1Xzpv1
— PeterZhouⓋ (@ PeterZh47977516) June 20, 2022
Price analysis
After the announcement of the FOB, VeChain experienced a consistent rise on the daily chart.
At the time of writing, VET is trading at $ 0.0246, up 19% from Saturday’s local lows. And it has increased by 6% in the last 24 hours. However, in line with many altcoins, VET is down 91% from the all-time high reached in April 2021.
Since mid-May, tokens have been trading flat in the range of $ 0.0277 to $ 0.0343. The June 10 outflow caused a clear downtrend before it bottomed out at $ 0.0202 on Saturday.
