VeChain leads the blockchain market with the most adopted proof-of-authority consensus solution
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Source: Diego Ioppolo – Shutterstock
- VeChain’s Proof-of-Authority consensus mechanism finds its use in new protocols and real-world applications.
- VeChain is currently working on some key projects ranging from Web3 to sustainability.
Enterprise-grade Layer-1 smart contracts platform VeChain has been in the news recently and has been one of the major participants in the climate and sustainability initiatives in the market.
The VeChain network has been one of the preferred choices for several business applications as well as real-world use cases due to its Proof-of-Authority (PoA) consensus mechanism. Interestingly, this PoA mechanism from VeChain finds a mention in a prestigious article ‘Time Manipulation Attack: Breaking Fairness Against Proof of Authority Aura’.
VeChain’s Proof of Authority consensus algorithm was mentioned in a recent journal article, ‘Time Manipulation Attack: Breaking Fairness Against Proof of Authority Aura’ 🔖https://t.co/WMxs4MBxFW#VeChain $KNOW #VeFam #Blockchain #Tech #Bitcoin $BTC #Ethereum $ETH #Technology pic.twitter.com/r36e2PJ0tI
— eisenreich (@eisenreich) 1 May 2023
The PoA mechanism of VeChain is inspired by the Byzantine Fault Tolerance (BFT) protocol and thus allows a group of designated authorities to vote for the proposed blocks.
As a result, VeChain and other protocols that use PoA do not need to rely heavily on computational power, while allowing for fast confirmation of transactions. Several algorithms using PoA have been used in several mature blockchain projects.
Furthermore, the PoA mechanism fits governance models where there will be no anonymous block producers, but instead a fixed number of validators, authorized by the top committee of the VeChain Foundation.
VeChain’s Key Projects
VeChain has worked on a number of new projects and one of the most recently launched is a Web3-as-a-service platform VORJ. Also, VeChain also had a great time at Consensus 2023”with crypto, technical and senior teams meeting talent and building connections across #crypto-verse”.
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