Bitcoin Global News (BGN)
September 12, 2018 -- ADVFN Crypto NewsWire -- Sunny King is
credited by most as being the de-facto inventor of Proof-of-Stake
as a Blockchain consensus protocol. He or she is also a
pseudonymous developer like Satoshi Nakamoto, which is why no one
really knows about him or her, beyond the name and his or her chief
achievement.
Now, King is back with something
new to bring to the table that he or she claims will truly solve a
key issue that has been driving the growth of the Blockchain
industry.
In general, this new offering is
trying to tackle the question: how do we truly bring about
widespread use of Blockchain technology?
To truly understand King’s latest
project, its important to understand the industry context that it
sprung from.
Across the Blockchain industry, the
consensus seems to be that to do so will mean incentivizing the
everyman and everywoman to use the Blockchain for his or her
everyday needs. In other words, we need to be able to easily answer
the question: why should I care about the Blockchain and
Cryptocurrencies?
Simply due to the fact that most
projects continue to be publicized in a way that seems to be only
written for Crypto insiders, we, as Blockchain professionals, could
logically start with changing the way we communicate with our
potential customers.
In the interests of being fair as
well as clear, however, it can also be said that Blockchain
technology and everything surrounding it is complicated by nature,
which brings us back to our central question above.
How do we truly spread the adoption
of the Blockchain beyond our insulated walls?
Because of the idea that the
barriers to entry in the Blockchain industry are high for the
average consumer, networks like the Divi Project have hit the
scene, claiming to be point and click solutions in response to this
specific issue.
While such projects appear
promising, at least related to ease of use, it can still be argued
that any project to truly achieve this, will have to differentiate
itself technically as well as in how it interacts with its
users.
Recently, Coindesk and
Cointelegraph have both published pieces on Sunny King’s new
project, called Virtual Economy Era, which is being touted as if it
is the one that will reach all of these goals and more.
Because Coindesk’s article only
briefly mentions the project and Cointelegraph’s article is a press
release that is biased by definition, it is important to try to
further contextualize VEE’s possible points of
differentiation.
In short, VEE has the overall goal
of making Blockchains as easy to use or even easier to use than
traditional databases. In doing so, they hope to make Blockchain
tech a business standard.
In a more specific sense, it seems
logical to say that the heart of VEE’s differentiation is its new
iteration of the Proof-of-Stake consensus protocol, which is being
called Supernode Proof-of-Stake.
As of now, most of the details on
this protocol are a mystery by design as VEE has not released all
of them to the public, judging by statements which were made in the
same articles from Coindesk and Cointelegraph.
What is known is that it is very
similar to Delegated Proof-of-Stake in how it works, which means
that VEE will not be far off from networks like Cardano in how it
works. Secondly, SPoS is supposed to be able to support more
transactions per second than any existing protocol out there,
according to information shared with these outlets as well as
information contained in the firm’s white paper.
In the end, because the project has
just recently gone public and has yet to launch, only time will
tell whether these specifications will prove to be true, in
practice.
However all of this plays out,
having the creator of one of the two most popular consensus
protocols on your team cannot hurt at all.
By: BGN Editorial Staff
News:
Blockchain
Proof of
Stake