Sunny king, developer of the first cryptocurrency-based algorithm Proof-of-Stake, has prepared a new surprise for the industry.
As is known, the Proof-of-Stake algorithm offers a more environmentally friendly way to achieve consensus in the blockchain. In contrast to algorithm Proof-of-Work (proof of performance), it does not require expensive equipment, consuming large amount of electricity to calculate mathematical puzzles. Because of ease of use and great scalability, the PoS algorithm was added to blockchain projects, as EOS, NEO, Cardano and Tezos.
However, Sonny King argues that the modification of the PoS created for specialized equipment, will provide a top speed of transaction processing.
King is known as the Creator of the first cryptocurrency-based PoS called Peercoin. Another notable project of his authorship is the Primecoin cryptocurrency, providing its own security at the expense of finding Prime numbers. At the time, Primecoin has even become a source of inspiration for Ethereum creator Vitalik Buterin. In 2013, he called King "the most innovative developer of altcoins", and in the cryptocurrency industry it's considered the "researcher looking for innovative methods of architectural changes to technologies."
The essence of the new idea of a King is to create a Supernode algorithm Proof-of-Stake (proof of share supernodes), which requires special equipment.
Project details are not yet known, but king noted that the concept of SPoS is similar to DPoS (delegated proof of stake). He also added that the project is designed to simplify the development and support of the blockchain.
"I'm trying to imagine an era where the blockchain is widespread in the technological area. The consensus Proof-of-Stake is designed precisely in order to millions of blockchains could autonomously perform work at a high security level, without consuming a huge amount of electricity."
The project is promoting the introduction of the blockchain through the optimization of the technology for data storage and increase the efficiency of its deployment, has been created especially for the Hong Kong project Virtual Economy Era, in which Sonny Ping is the architect.
The launch of the project and the internal VEE token coin is scheduled for September 17. Simultaneously, will be published on the project's code base.
According to Кing, the Virtual Economy Era examines various barriers in the development of blockchain-based applications, trying to streamline the process and expand the ecosystem to use the blockchain with the same simple action like using a database.