{"id":5111,"date":"2022-06-21T23:28:12","date_gmt":"2022-06-21T23:28:12","guid":{"rendered":"http:\/\/cryptoheretostay.com\/?p=5111"},"modified":"2022-06-21T23:28:12","modified_gmt":"2022-06-21T23:28:12","slug":"finality-with-one-bit-upgrade-live-on-testnet","status":"publish","type":"post","link":"https:\/\/cryptoheretostay.com\/?p=5111","title":{"rendered":"&#8216;Finality with One Bit&#8217; upgrade live on testnet"},"content":{"rendered":"<p> <script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"crypto\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<br \/> \ud83d\udc4b Want to work with us? CryptoSlate is hiring for a handful of positions!<\/p>\n<p>Supply chain tracking platform VeChain has upgraded its consensus mechanism by incorporating \u201cFinality with One Bit\u201d (FOB). The team stated that the upgrade, under VIP-220, will \u201cdeliver the perfect consensus mechanism for PoA 2.0.\u201d<\/p>\n<p>As the name suggests, this technology relates to transaction finality, which refers to the point at which relevant parties consider a transaction to be finalized, and, is therefore irreversible and unalterable.<\/p>\n<p>In theory, more efficient finality reduces latency, meaning network users can have a greater degree of certainty in a quicker time frame.<\/p>\n<p>According to @WatcherGuru, the FOB upgrade is currently running on a private testnet. This tweet was later re-tweeted by the VeChain Foundation.<\/p>\n<p lang=\"en\" dir=\"ltr\">ICYMI: #VeChain announced its upgrade to Proof-of-Authority 2.0 is live on a private testnet.<\/p>\n<p>\u2014 Watcher.Guru (@WatcherGuru) June 21, 2022<\/p>\n<h2>VeChain intends to update Proof-of-Authority<\/h2>\n<p>VeChain rolled out Phase 1 (of 3) of its Proof-of-Authority (PoA) 2.0 consensus mechanism in November 2021, calling it the \u201cWorld\u2019s Greenest Consensus.\u201d This phase introduces a verifiable randomness function that randomly assigns nodes to produce blocks or process transactions, incentivizing nodes to act in good faith.<\/p>\n<p>Phase 2 refers to incorporating a committee-endorsed block-production process which reduces the chances of a network fork. Therefore, minimizing delays and quickening network throughput.<\/p>\n<p>The current phase, finality, is the third and final component of the consensus upgrade. As mentioned, this will bring greater efficiency to transaction finality through:<\/p>\n<p>-Maintaining the usability and robustness of our system by decoupling finality from the PoA process which allows the blockchain to grow in adverse environments<\/p>\n<p>-Introducing minimal complexity to the current PoA-based system, minimizing the potential risks caused by unknown design deficiency and implementation bug<\/p>\n<p>-Adding minimal extra information (one bit per block) for network communication so that we do not need to sacrifice system performance for achieving block finality<\/p>\n<p>Chief Scientist at the project, Peter Zhou called \u201cthe finality gadget\u201d a milestone and a significant step forward for the chain in terms of combining advanced security with a \u201chigh standard of performance.\u201d<\/p>\n<p lang=\"en\" dir=\"ltr\">It\u2019s a huge milestone for #PoA2. With the finality gadget, #VeChainThor blockchain is going to provide the state-of-the-art security while maintaining its high standard of performance.<\/p>\n<p>Hope #VeFam enjoy my article~ https:\/\/t.co\/Adsm1Xzpv1<\/p>\n<p>\u2014 Peter Zhou \u24cb (@PeterZh47977516) June 20, 2022<\/p>\n<h2>Price analysis<\/h2>\n<p>Following the announcement of FOB, VeChain has experienced a consistent uptick on the daily chart.<\/p>\n<p>At writing, VET is trading at $0.0246, up 19% from Saturday\u2019s local bottom. And up 6% in the last 24 hours. However, in line with many altcoins, VET is trading down 91% from its all-time, achieved in April 2021.<\/p>\n<p>Since mid-May, the token has traded flat, ranging between $0.0277 and $0.0343. A spill on June 10 set off a distinct downtrend before bottoming on Saturday at $0.0202.<\/p>\n<p>Source: VETUSD on TradingView.comPosted In: VeChain, Technology<\/p>\n<h2>Get an Edge on the Crypto Market \ud83d\udc47<\/h2>\n<p>Become a member of CryptoSlate Edge and access our exclusive Discord community, more exclusive content and analysis.<\/p>\n<p>  <strong>On-chain analysis<\/strong><\/p>\n<p>  <strong>Price snapshots<\/strong><\/p>\n<p>  <strong>More context<\/strong><\/p>\n<p> Join now for $19\/month Explore all benefits<br \/>\n<br \/><script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"bitcoin\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<br \/><a href=\"https:\/\/cryptoslate.com\/vechain-proof-of-authority-finality-with-one-bit-upgrade-live-on-testnet\/\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>\ud83d\udc4b Want to work with us? CryptoSlate is hiring for a handful of positions! Supply chain tracking platform VeChain has upgraded its consensus mechanism by incorporating \u201cFinality with One Bit\u201d (FOB). The team stated that the upgrade, under VIP-220, will \u201cdeliver the perfect consensus mechanism for PoA 2.0.\u201d As the name suggests, this technology relates [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":5112,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_wp_rev_ctl_limit":""},"categories":[3],"tags":[],"class_list":["post-5111","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ethereum-news"],"_links":{"self":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/5111","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=5111"}],"version-history":[{"count":1,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/5111\/revisions"}],"predecessor-version":[{"id":5113,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/5111\/revisions\/5113"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/media\/5112"}],"wp:attachment":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=5111"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=5111"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=5111"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}