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VeChain (VET): Consensus Model of VeChainThor and PwC Partnership

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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 As there is no computational competition in PoA, the “longest chain” rule is no longer applicable here.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.

Image courtesy of Sean Davis via Flickr

Altcoins

KaratGold Proves Its Business Model By Providing Official Documents

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There has been a lot of renewed enthusiasm in the cryptocurrency market thanks mainly to Bitcoin’s strong move about 10,000.  Although Bitcoin continues to show its dominance, the altcoin market has yet to benefit from that rally.  A few of the largest altcoins remain popular but the rest of the market continues to lag behind.  In 2018, there was a lot of talk regarding a possible altcoin apocalypse where only the strong would survive.  That prediction appears to be playing out as expected.  Going forward, only the best projects that have a real world need will survive.  Crypto traders will have to spend a lot of their time doing proper research in order to find the best opportunities, just like in all financial markets.  One promising project that appears to have the makings of a future winner is KaratGold Coin.

KaratGold Background

KaratGold Coin is a cryptocurrency developed by the reputable German company Karatbars International, which maintains a leading position in the market of small gold items and investments. The project is part of a larger ecosystem, which involves several blockchain solutions that can be used for transactions, communication, investing and other tasks. During the past few weeks, however, the KaratGold ecosystem has been a target of unsavory scam allegations.  

Karatbars International and GSB Gold Standard Banking Corporation…

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ICTE May Bring About Sweeping Changes for Cryptocurrency Exchanges

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Cryptocurrency has taken the world by storm during the last few years. An entirely new financial market was created almost overnight which has captured the imagination of all its participants. Cryptocurrency is even starting to attract institutional money from investment banks, hedge funds, and other proprietary trading firms. Despite the rapid growth, traders remain extremely frustrated by having to deal with the fragmented nature of centralized crypto exchanges.

A Change is Needed

When cryptocurrency first began, there weren’t many participants and the trading volume was relatively insignificant. But, over time, that has radically changed. Some tokens now have a capitalization in the billions and are being traded 24-7 by institutions all over the world. Despite the volume, significant problems exist with the current way that exchanges work. Some of those problems include the following:

  • Constant fear of hackers
  • Exchange manipulation
  • Fragmented liquidity
  • Risk of identity theft

One of the biggest issues regarding centralized exchanges is the risk of being hacked. These hack stories seem to always be circulating around the internet. While experienced traders may have the tools to avoid becoming a victim, potential new traders have zero interest in dealing with this. And it’s not just the small exchanges that are at risk. Even large exchanges, such as Mt. Gox and Binance, are subject to being hacked.

Another huge risk is having to deal with…

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SonicX and Dash Could Challenge Facebook’s Libra for Global Payments Market Share

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When Satoshi Nakamoto unveiled Bitcoin to the world, the dream was always for Bitcoin to serve as a new universal currency.  It would be free from the bureaucracy of governments.  And free from the tyranny of the old-world financial cartels.  Although the dream hasn’t yet materialized, it comes closer and closer with each passing day.

One of the biggest roadblocks for Bitcoin has been scalability.  At a speed of approximately 7 transactions per second, Bitcoin lags behind other cryptocurrencies like Ripple and global payment processors like Visa.  Many expect the lightning network to have a positive impact on Bitcoin’s TPS but until that comes to fruition, mass adoption will likely need another significant development.

Libra Currency Announcement

One development that could help pave the way toward mass adoption is the launch of the Libra currency.  Libra is expected to go live during the first half of 2020 according to Facebook’s June announcement.  According to Facebook, Libra will make sending money online cheaper and faster.  It will also have a hand in improving access to financial services, especially for the unbanked.  Given Facebook’s global reach, including many third world countries, providing financial access to the unbanked could provide a huge spark to global economies.  Additionally, it could provide the growth spark that cryptocurrency needs.

Facebook’s most popular messenger, WhatsApp, has approximately 1.5 billion monthly users.  This application is…

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