On the 8th of May 2018, the VeChain Foundation had published the third part of their technical papers that reveals more about the VeChainThor blockchain. The consensus algorithm was focused upon in the papers, which is an essential aspect of the upcoming VeChainThor blockchain. It is already known that the VeChain Foundation has selected the proof of authority (PoA) consensus model. The papers reveal the method that VeChainThor will apply to achieve consensus. According to the announcement by VeChain Foundation, the proof of authority consensus model will eliminate the issues faced in a Proof of Work (PoW), Proof of Stake (PoS), Designated Proof of Stake (DPoS), or Practical Byzantine Fault Tolerance (PBFT) model. The proof of authority has “low computational power requirements, no requirement for communication between nodes to reach consensus, and is optimized for system continuity.”
The philosophy of VeChain’s governance model, “Neither a total centralization nor a total decentralization would be the correct answer, but a comprise and balance of both would,” led to the PoA consensus algorithm for the VeChainThor blockchain. It is also expected to shrug off anonymous block producers. The user will have to reveal their identity voluntarily if they want to be an Authority Masternode (AM) of the VeChainThor blockchain. The team believes that all the AMs will work in favor of the network growth and security when their identity and reputation are at stake.
The proof of authority protocol of VeChainThor blockchain provides an equal opportunity to the Authority Masternodes to produce blocks. As there is no computational competition in PoA, the “longest chain” rule is no longer applicable here. The VeChainThor blockchain system prioritizes the branch that is viewed by more Authority Masternodes between the two. Unlike the practical Byzantine fault tolerance (PBFT) protocol, the PoA protocol does not need a certain number of genuine validations to be available. This ensures that the system can perform multiple rounds of inter-code communications to get consensus.
VeChain and PwC Partnership
The 4th of May 2018, saw a new partnership announcement between VeChain and the multi-national audit and consultancy firm PricewaterhouseCoopers (PwC). As of now, PwC holds a minority stake in the Chinese start-up. PwC is interested in VeChain Global Technology Holding Limited that specializes in supply chain management, the Internet of Things (IoT), and anti-counterfeiting. PricewaterhouseCoopers plans to incorporate VeChain’s service platform into its infrastructure. This means that VeChain tokens will be used to access and perform transactions. The platform of VeChain has been developed to apply IoT technology to build private keys for all the products and they can be traced throughout the distribution process.
“We are glad to establish a deeper relationship with VeChain, which aims to build a trusted and distributed business ecosystem to help address long-standing challenges in supply chain management, food trust and anti-counterfeiting areas. VeChain’s mission aligns with PwC’s purpose of solving important problems and building trust in society,”
- Raymund Chao, PwC Asia Pacific and Greater China Chairman
This partnership with VeChain will put PwC ahead of its competitors like Deloitte, EY, and KPMG. The discussions between PwC and VeChain concluded that the logistics and transport industry, government and pharmaceutical/medical industry could benefit most from blockchain technology. The multi-national audit firm may actually help in bringing out solutions to issues hereto undiscussed. The partnership between VeChain and PwC is thus expected to benefit not only to the ‘real-life’ sectors but also the blockchain industry. Sunny Lu, the CEO of VeChain also believes that the distributed data storage characteristics of the blockchain technology will be vital in improving traceability and transparency for the supply chain management and logistics. He hopes that “With people’s increasing awareness and knowledge of blockchain, ‘killer’ applications are sure to emerge, and initially these are most likely to occur outside of the financial sector.”
At the time of writing, according to coinmarketcap.com the price of VeChain (VET) shows $4.59 USD approximately. The market cap is approximately $2,415,132,754 USD while the volume (24h) is nearly $26,617,100 USD. (As of 14th May 2018) According to coinmarketcap.com, the crypto coin currently ranks 15. The partnership with VeChain and the proof of authority of the VeChainThor blockchain is hopefully going to see more investments in VET and thus increase the trading volume.
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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.
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XNO Token of Xeno NFT Hub listed on Bithumb Korea Exchange
Hong Kong, Hong Kong, 25th January, 2021, // ChainWire //
Xeno Holdings Limited (xno.live ), a blockchain solutions company based in Hong Kong, has announced the listing of its ecosystem utility token XNO on the ‘Bithumb Korea’ cryptocurrency exchange on January 21st 2021.
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The Xeno NFT Hub project team includes former members of the technology project Yosemite X based in San Francisco and professionals such as Gabby Dizon who is a games industry expert and NFT space influencer based in Southeast Asia.
NFT(Non-Fungible Token) technology has recently gained huge focus in the blockchain arena and beyond, making waves in the online gaming sector, the art world, and the digital copyrights industry in recent years. The strongest feature of NFTs is that “NFTs are unique digital assets that cannot be replaced or forged”. Unlike fungible tokens such as Bitcoin or Ether, NFTs are not interchangeable for other tokens of the same type but instead each NFT has a unique value and specific information that cannot be replaced. This fact makes NFTs the perfect solution to record and prove ownership of digital and real-world items like works of art, game items, limited-edition collectibles, and more.
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2020 has been an incredible year for crypto as investors have generated windfall profits and crypto projects have seen their businesses gain the spotlight they’ve been looking for. While Bitcoin has received most of the attention after major institutional investors announced they were accumulating the increasingly scarce asset, many altcoins have also seen their fair share of glory. When looking at all the big winners of the past year, the first project that probably comes to mind is Chainlink, having appreciated by more than 550% YTD and now valued at over $4.5 billion. But, the actual biggest winner of the year is HEX with a YTD return of over 5,000%.
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Cryptocurrency vs. Blockchain Technology
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XENO starts VIP NFT trading service and collaborates with contemporary artist Hiro Yamagata
Hong Kong, Hong Kong, 24th December, 2020, // ChainWire //
The XENO NFT Hub (https://xno.live) will provide a crypto-powered digital items and collectables trading platform allowing users to create, buy, and sell NFTs. Additionally it will support auction based listings, governance and voting mechanisms, trade history tracking, user rating and other advanced features.
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