The creator of Proof-of-Stake, Sunny King, has been working on a blockchain database cloud that has been dubbed the “supernode proof-of-stake” or SPoS. The project is designed to work in conjunction with a Hong Kong-based project, Virtual Economy Era (VEE), and is determined to crack the European blockchain market.
King said of the launch:
VEE takes a good look at the barriers of building blockchain applications and tries to streamline the process and expand the ecosystem, so at some point we can say using blockchain technology is as easy as using a database.”
As part of VEE’s plans to expand into Europe, they are set to install elements of their infrastructure in the region. VEE’s launch comes just at the time that Ethereum founder Vitalik Buterin announces more information about Casper, Ethereum’s proof-of-stake concept. Buterin has been vocal about King’s influence on him as a developer and early work on Primecoin.
Driving change in the blockchain
It’s a tall order, but the vision conveyed by the project’s architects is one of change. In light of the struggles faced by the blockchain industry in 2018, such as the market cap drastically falling by $200bn, there is constant speculation that the bottom is about to drop out of coin-based platforms.
With spikes of coins occurring due to greater publicity in the general domain, VEE capitulates on the idea that affordable and commercially viable projects perform better. The developers’ vision for VEE is of it being the future of blockchain, and for it to open access to a new economic era globally.
VEE’s co-creator, Sunny King, is a cryptocurrency pioneer. He is credited with the creation of PeerCoin, the first proof-of-stake cryptocurrency launched in 2012 and PrimeCoin, a cryptocurrency that achieves its security by searching for prime numbers. Both ranked as top ten currencies before 2014. Together with Satoshi, the godfather of Bitcoin, they opened the floodgates for alternative cryptocurrencies to enter the market.
As King is known for finding innovative solutions in technology if his latest project follows in the path as those previously, VEE could be the start of a viable virtual economy. Perhaps it could be the breakthrough the blockchain market has been craving in recent times.
How does it work?
VEE aims to create a secure underlying infrastructure platform for blockchain database through innovations of consensus mechanism and blockchain platform functions so that companies using the VEE blockchain platform can focus on their own business instead of delving into coding issues. In this way, the VEE blockchain platform can support the operation of trillions of blocks effectively in the future and build a new world of blockchain.
By creating modular pieces of software that can make blockchain “as easy as using a database,” King believes it should make the technology more accessible to more people.
It’s called “supernode proof-of-stake,” or SPoS, which requires specialized hardware to operate.
Now the Vee Explorer is launching with a system response that is not only fast but also much more predictable and stable (it generates a block every 4 seconds which contains 36 V coins).
Why change the system?
The costs of blockchain can be restrictive, not only does it use a lot of processing power but there are challenges across systems.
VEE works on the model that the cost associated with the migration of data is much lower than when using other older systems, making it easier for eco-developers to proceed to distribution quickly.
It boasts improved data stability and the entire database is supported on the blockchain. It can safely store a multitude of digital identifiers including addresses, keys, digital assets and shares among others.
There is also innovation in King’s proof-of-stake system with the introduction of the Supernode proof-of-state. The new mechanism has 15 supernodes, but VEE is set to add a further 15 – 45 as the network grows. Some of which are now planned to be based in Europe. Each of these nodes is a high-performing computer which enables the system to have excellent operational efficiency. It is designed for high-performance blockchain and has been created to withstand the expected growth within the sector.
The developers said,
The design of the economic system encourages the continuous investment of the ecosystem in the upgrading of supernodes, which ensures that the operation efficiency of the system will be continuously improved.”
Spreading the technology to Europe
After launching the platform in September, now King has announced that they are looking to break into the European market and employ staff in the region.
So far the main category of user benefitting from VEE’s innovation are gaming applications, but currency and identity management providers are also using the technology, amongst others.
With King’s previous projects well-respected, VEE is certainly standing out from the crowd. With the developers aim to create an entire virtual economy, cracking the European market will be crucial to the innovation becoming mainstream in the mid to long-term.
The company is planning to install some blockchain nodes in Europe to allow for enhanced responsiveness of the network in the region. This paired with the company’s potential hiring of developers in Europe could help them to establish themselves as a significant player in the market quickly.