VeChain (VET), University of Oxford Introduce Blockchain Evaluation Framework

VeChain (VET), a distributed ledger technology (DLT) project that claims to be dedicated to helping users enhance supply chain management and business processes, has joined forces with the University of Oxford to propose an evaluation framework for blockchain consensus algorithms, according to a blog post on August 11, 2020.

Making Blockchain Adoption Easier 

In a bid to make it possible for enterprises to evaluate the overall performance, security, and robustness of blockchain consensus protocols without necessarily implementing them, VeChain (VET) and Oxford University’s Mathematical Institute have rolled out a DLT evaluation framework dubbed AlphaBlock.

As stated in its blog post, AlphaBlock is the product of extensive research carried out by VeChain (VET) and the University of Oxford as part of efforts to support the blockchain industry and provide independent scientific advice.

The team says the primary objective of AlphaBlock is to enable enterprises to objectively evaluate the real performance of any consensus protocol of their choice, instead of just analyzing it theoretically.

Comparing DLT Consensus Protocols 

To that effect, the University of Oxford and VeResearch, a global research grant program from the stables of Vechain, has released a research paper titled AlphaBlock: An Evaluation Framework for Blockchain Consensus Protocols.

In the research paper, the team describes how the AlphaBlock framework was used to evaluate the overall performance of Byzantine Fault Tolerant (BFT) consensus and Nakamoto Consensus (NC) algorithms.

VeChain said:

“The joint research work is aimed at providing a framework for the evaluation of blockchain consensus performance. The proposed framework will be a powerful tool for both academic worlds to quantify the performance of a particular consensus algorithm under various algorithmic settings and network conditions.”

Explaining how AlphaBlock works, the team hinted that the framework uses the topographical graph model to represent blockchain nodes and how they communicate with each other. This way, researchers will be able to find out the total cost and delay of each new block.

The team claims the AlphaBlock framework also allows researchers to accurately evaluate the throughput of a particular consensus protocol by “analyzing how efficient the bandwidth is used, the latency according to the message delay, the block interval and the total number of rounds before a block is confirmed.”

VeChain (VET) has continued to gain traction in various industries across the world. On August 10, 2020, BTCManager informed that Shanghai Gas has expanded its digitization project powered by VeChain Thor.

At press time, the price of VeChain (VET) sits at $0.019706, with a market capitalization of $1.09 billion, as seen on CoinMarketCap.