Vechain, who has managed to attract the attention of the cryptocurrency universe with its recent agreements, announced that its previously existing agreement with Oxford University has been expanded. Both the Vechain Foundation and Oxford University will conduct independent scientific studies and provide advice in this context.
The VeChain Foundation has expanded its collaboration with Oxford University. With the announcement yesterday, Oxford University Mathematical Institute and VeChain Foundation will provide independent scientific advice. In addition, both organizations published a technical article titled “AlphaBlock: An Evaluation Framework for Blockchain Consensus Protocols”.
As the name of the article suggests, the article aims to evaluate the performance of the blockchain consensus model on an industrial level. While there are theoretical models to analyze existing designs, there is no way to objectively evaluate the security of consensus designs. According to the Vechain Foundation, this is; It is a big problem for adaptation to the blockchain industry.
The official statement for this project, which is an infrastructure work to improve blockchain consensus performance, said:
“The proposed framework will be a powerful tool for both the blockchain industry and the academic world to measure the performance of a particular consensus algorithm under different algorithmic settings and network conditions. VeChain and the University of Oxford and the AlphaBlock Mathematical Institute will be able to experiment and test their consensus designs without execution. ”
Vechain’s search for a ready-made consensus model for the industry
As the VeChain Foundation explains later in the statement, VeChain has long been aiming to develop VeChainThor’s core consensus for long-term development and ecosystem resilience:
“Our research work with Oxford University is just one example of our leadership in the industry.”
In February 2020, VeChain’s most senior scientist, Dr. Peter Zhou and VeChain’s senior blockchain researcher Dr. Zhijie Ren introduced the PoA 2.0 SURFACE consensus algorithm for blockchain networks to make the VeChainThor blockchain more attractive in enterprise use.
Introduced about 6 months ago, the consensus model is expected to be safer, unique in use, easy to adapt, faster and more resistant to bifurcation.