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 As there is no computational competition in PoA, the “longest chain” rule is no longer applicable here.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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While many cryptocurrencies aim to bring the change to the world by bringing full decentralization, one aspect of the crypto space still remains mostly centralized, and that is the way they are exchanged. Most crypto exchanges are centralized companies, where traders and investors need to deposit their coins for safekeeping. This is a risky way to handle the funds, as exchanges remain susceptible to hacks and theft, as many realized recently, after the hack of the world’s largest exchange by trading volume, Binance.
During the hack, around 7,000 BTC (over $40 million) was taken, and sent to multiple wallets, never to be seen again — for now, at least. The hack also came as quite a shock, as Binance was known for its efficiency, security, and high levels of confidence. It also made people realize that their coins are not really theirs if they need to rely on third parties, such as exchanges, to keep them safe. As a result, many are now turning away from centralized exchanges, and are heading towards decentralized ones — also known as DEXes.
Here are some reasons why you might want to consider doing the same.
1. True ownership of your coins
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Crypto prices are once again going up, and Bitcoin has just passed a major resistance level at $6,000. With a situation like that, it is not surprising that everyone in the crypto community is looking forward to the future, wondering what to expect in years to come. Many experts have already given their predictions, some more optimistic than others, but almost all bullish.
Crypto billionaire Mike Novogratz has always been very supportive of cryptocurrencies, and very bullish on Bitcoin. He recently stated that he sees the coins’ prices triple in the following 18 months, meaning that Bitcoin’s return to $20,000 might not be far away, according to him.
He noted that Bitcoin is back to $6,000 after its price hit as low as $3,100 only a few months ago. These days, Novogratz does not believe Bitcoin will return to such lows unless there is a devastating exchange hack or a major shift in regulations. Of course, there was a big hack that had the potential to damage the coin’s price, only days ago. The world’s largest crypto exchange by trading volume, Binance, saw a significant security breach which resulted in a theft of 7,000 BTC.
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Corporate executives are turning to blockchain technology more than ever in an attempt to revolutionize the business world. Although blockchain is still a relatively new concept, that hasn’t stopped more and more companies from jumping on the bandwagon. This hot new technology has quickly gained a reputation for providing greater transparency, enhanced security, improved traceability, increased efficiency, and low costs. One industry that could certainly benefit from decentralization is the online gambling market, specifically, online casinos. TokenRoll (TKR) has developed a platform that appears to offer a promising alternative to centralized casinos.
Problems with Centralized Casinos
The primary reason why blockchain technology is being implemented so quickly is because it solves a lot of the problems typically associated with the traditional business model. And online casinos are no different. It still needs to be said that centralized casinos have proven that there is a great demand for online gambling. The market is growing faster than anyone could have predicted, and future opportunities appear very promising and lucrative. But industries are continually evolving and this one is no different.
A few of the problems facing centralized casinos include the following:
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These are four monumental issues that need to be addressed quickly given the global growth of the market. Casinos need to…
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