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VeChain has proclaimed that it would extend its partnership with the University of Oxford to include research on Decentralized Finance (DeFi) and blockchain economic models.
The idea is born out of the blockchain firm’s readiness to empower all and unflinchingly render supports to the blockchain industry.
DeFi is being widely adopted as the next big thing in the crypto industry and lots of users are venturing into the section en masse.
While nothing much has been said about the partnership extension, it is an indication the two collaborators are working on helping the blockchain industry with their findings.
A few days back, VeChain and the University of Oxford’s Mathematical Institute indicated that they have both been working together as partners on some independent scientific research.
The collaboration resulted in the research arm of VeChain, VeResearch team, and the Mathematical Institute to co-publishing a technical paper titled “AlphaBlock: An Evaluation Framework for Blockchain Consensus Protocols,” purposely to publicize their findings on blockchain consensus protocols.
The technical paper compares the performance of the Byzantine Fault Tolerant (BFT) consensus and Nakamoto Consensus (NC) using the AlphaBlock framework. It also offers a structure for estimating the performance of blockchain consensus, and the framework will be a much-depended upon tool for the academic and blockchain world.
The framework gives the whole blockchain industry an avenue to test and try their consensus designs without necessarily putting it into implementation.
The technical paper, according to VeChain, attests to its dedication to being at the forefront, leading changes in the blockchain world.
Earlier, the VeChain Research team unveiled PoA 2.0-SURFACE consensus algorithm designed for blockchain network to meet up with the ever necessary security requirement of enterprise users who demand outstanding and genuine ideas.
The consensus algorithm was referenced as a secure, use-case adaptive, and relatively fork-free system of chain extension, VeChain said in a report.
At present, there are 8 top universities across the world working with the VeResearch initiative.
The universities are working on different innovations and working on realizing solutions to some technical problems and topics.
Those research topics, according to VeChain, are to remodel the world’s economy to using blockchain technology.
The research body still seeks new academic partners to realize more development in the blockchain industry.
VeChain has been at the front working on the adoption of blockchain technology. The blockchain firm has the likes of Bayer China, DNV GL, Walmart China, ASI, D.I.G, LVMH, Shanghai Gas, H&M, PICC, BYD Auto, BMW and some others in its chains of partners.
Already, VeChain traceability solutions are being adopted by companies all over the world to counter counterfeit products that are inimical to the development of the world’s economy.