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 As there is no computational competition in PoA, the “longest chain” rule is no longer applicable here.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
Reasons Why 2019 May Be A Great Year For Crypto
The new year was always considered to be a time of new beginnings, where people can reflect on the past and learn from their mistakes in order to be better in the future. The same is true for the world of crypto, and investors around the world are hoping for 2019 to be better, more profitable, and to have more success than 2018.
The hope for the future is even more important when we consider all the negative development in 2018. There were numerous high-profile hacking attacks, two market crashes, with a strong bear market in between. Not to mention that some of the biggest projects that may have brightened the year a bit ended up being delayed.
With that in mind, it is understandable why investors are looking forward to the new year and all the potential development that it may bring. In fact, there are several reasons why they should be excited about 2019.
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Now, however, it is a brand new year, and attempts to shake off the bears’ grip can be seen even in these first two weeks. The market is still struggling and mostly losing value, rather than gaining, with most coins being in trouble once more. Still, a lot can happen in a year, and most investors remain optimistic regarding 2019. Here are some of the coins that are believed to have tremendous potential, and to be the hope of this year.
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The next several years, altcoins started appearing, and the voice of cryptocurrency slowly started to spread. Then, there was a period of hype, when crypto exploded, and the entire world finally learned about this new technology that promised to change the world. Naturally, the overhype led to a market crash and price correction that we experienced last year, but the impact was made, and the world is still talking about them on a daily basis.
However, now is the time for cryptos to deliver on their promise, grow up, and start showing results. There are high expectations for many projects, but for various reasons, they have yet to deliver, and many are hoping that 2019 will be the year when they finally do it. Let’s see which 3 crypto projects really need to show results, and soon.
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