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The work on a blockchain project is never finished, which is not surprising, given that this is still brand-new technology, and each project is completely unique. That means that there is no perfect formula to success, and for blockchain, it likely never will be. Instead, each project will simply have to find its own way.
VeChain has been working strong towards doing just that, and it recently made a breakthrough. According to the project’s recent announcement on Twitter, it managed to successfully launch VIP-220 on a private testnet, which is a huge step on the road to its goal of launching a revolutionary consensus mechanism upgrade known as POA 2.0.
We're excited to share VIP-220 is LIVE on private test net; a huge milestone toward our revolutionary POA2.0 consensus mechanism upgrade!
— VeChain Foundation (@vechainofficial) June 20, 2022
VeChain is on the road to eliminating weaknesses
VeChain is an older project at this point, launched in 2015. However, along the way, it had a security incident or two, and it became dissatisfied with its security, seeking a way to eliminate weaknesses and provide a better, more reliable service. This set it on the road towards revolutionizing its consensus mechanism, and it came up with a POA 2.0 upgrade which is meant to do just that.
Now, on its way to creating a full upgrade, it launched a vital component of it called VIP-220, which introduces finality, and combines the strengths of the two common consensus types while eliminating weaknesses.
VIP-220 went live on a private testnet yesterday, June 20th, and while the project has seen some criticism for progressing slowly, many have voiced their support for ensuring that everything is working as it should, even if that means waiting a bit longer.
What does VIP-220 do?
According to VeChain’s documentation, VIP-220’s primary purpose is to help the project achieve block finality. Apart from that, it will be used for “maintaining the usability and robustness of the VeChain system by decoupling finality from the PoA process which allows the blockchain to grow in adverse environments.”
VIP-220 is also meant to introduce minimal complexity to the current PoA-based system, and minimize the potential risks caused by unknown design deficiencies and implementation bugs. Finally, it will add minimal extra information, which will only include one extra bit of info per block. This will involve information for network communication so that there will be no need to sacrifice system performance in order to achieve block finality.
Block finality comes as an indispensable property of modern chains, delivering absolute security guarantees for blocks, as well as transactions stored within those blocks. It was very important for VeChain’s devs to achieve this milestone, and with VIP-220, they are moving along towards securing the project’s network with the most advanced and completely new technology.
Furthermore, they are not simply replacing their Proof-of-Authority with a new consensus, which would arguably have its own, new, and unique flaws. Instead, they are combining it with this new technology that fills in the holes of the old system and brings something new to the table as well.
To learn more visit our Investing in VeChain guide.
Ali is a freelance writer covering the cryptocurrency markets and the blockchain industry. He has 8 years of experience writing about cryptocurrencies, technology, and trading. His work can be found in various high-profile investment sites including CCN, Capital.com, Bitcoinist, and NewsBTC.