Proof of Stake (PoS) mystery man, Sunny King, is still the busy man. The legendary developer finds himself working on different projects, with his eyes set firmly on transforming the crypto world. This time, King aims to make the PoS mining mechanism faster and more energy efficient.
Already, King’s PoS is seen as the more attractive blockchain alternative because it offers a more efficient way to reach a consensus on blockchains because it is less energy-intensive than the Proof of Work (PoW) mechanism. This, coupled with the algorithm’s capacity to handle more scale, makes it the preferred option for various blockchain projects, including popular ones such as Cardano, EOS, NEO, and Tezos.
Quite a number of the projects king has undertaken turned out to be highly innovative. Back in 2012, he launched PeerCoin, the first Proof-of-Stake cryptocurrency. He followed the commendable feat by introducing PrimeCoin, a digital currency that keeps transaction data safe by searching for prime numbers.
Recent events suggest that King’s top priority right now is getting the new Supernode Proof-of-Stake (SPoS), which needs specialized hardware to function, up and running. So far, new information on the project has been slow to emerge. But King disclosed that the concept of Supernode Proof-of-Stake is almost similar to the delegated proof of stake (DPoS), as it supports the concentration of staking pools.
Ultimately, SPoS will make it easier to develop and maintain blockchains internally. “Proof-of-Stake consensus is specially designed for this purpose, to enable an era where millions or more blockchains can run independently with a high level of security and basically no energy requirement,” King was quoted as saying. The pseudonymous developer intends to achieve this by reworking the algorithm to support specialized hardware.
Further, the system is designed to encourage mass adoption of the blockchain. To achieve this, King will make the technology more efficient to use by optimizing it for data storage. The gifted developer has been charged with the responsibility of spearheading the program design on behalf of the Virtual Economy Era (VEE). Should things go according to plan, the project will launch on September 17. The system’s internal token, VEE coin is also expected to launch the same day. VEE’s code base will be open for members of the public.
King explained that the larger mission of VEE is to examine the barriers of building blockchain applications, and then streamline the process and expand the ecosystem, so that “using blokchain technology is as using a database.”
Skepticism and Mounting Criticisms
For some observers, reports that VEE will centralize most aspects of security goes against everything the cryptocurrency community stands for: decentralization. On his part, King who is overseeing the project sees this as a sacrifice that is necessary to achieve a “highly performant system,” per Coindesk.
Elsewhere, King faces some difficulty convincing the PeerCoin community that the SPoS can be beneficial to them. Randy Vittorini, who is the brand manager for PeerCoin mentions that the reason why the project raises skepticism among some PeerCoin users may not be unconnected with King’s prolonged absence and the fact that it was poorly presented to forum members.
True to claims, King has abandoned PrimeCoin and PeerCoin completely, leaving PrimeCoin in particular, without any active development. “I don’t know much about why he chose to develop this other project,” Coindesk quoted Vittorini, who feels PrimeCoin is “pretty much dead,” as saying.
Although it hasn’t had an easy time either since the departure of Sunny King, PeerCoin is performing way better than its sibling thanks to developers who are making concerted efforts to modernize the codebase by making it compatible with Segwit and Lightning Network.
While some PeerCoin users complain about the seeming lack of information on the SPoS project, others worry that the Virtual Economy Era is only using King’s name as a ploy to lure people into adopting the currency. Vittorini, however, confirmed that King is actively involved in project VEE as he still uses “the same email address for communication.”
On nearly every platform, there appears to be cause for worry. A telegram chat revealed that VEE is looking to raise 18,000 BTC (which is equivalent to $120 million) in a private sale. The amount is expected to be redeemed for VEE tokens come the September 17 launch date. Other than that, though, not much else is known about VEE’s plans for now.
It’s easy to question VEEs intentions with so many information gaps. Even though the forthcoming launch is scarce on details, Vittorini acknowledged the moves are typical of King. To Vittorini, the lack of details is attributable to King’s preference to deal with the “tech side of things and not the marketing aspects or communication.”
Despite a few people coming forward to challenge the goal of the new design, King maintained that the intention of the SPoS project is good, calling it a “natural evolution” of his former work.
King Eyeing Mass Adoption
With VEE and the SPoS, what Sunny King aims to achieve is mass adoption. King revealed that his decision to leave PeerCoin and PrimeCoin was informed by his desire to make blockchain more accessible to more people.
Information about the specialized hardware that King intends to deploy has yet to be made public. Nevertheless, the developer gave an idea of what to expect, saying: “Typically the memory and bandwidth requirement would be much higher average PC’s.”
King further revealed that he was inspired to explore this option due to the “cold-minding” or cold staking dilemma he faced as a PeerCoin developer. The problem bordered on how to permit users to stake their holdings while stashing the capital in a secure offline location.
“The concern is that people will start offering services as nodes and people will trust their minting power to single collective points of failure,” a PeerCoin developer under the pseudonym Nagalim informed.
To tackle this problem, King designed the SPoS to support specialized hardware and run quite like how ASICs work for Proof-of-Work while keeping power consumption at the barest minimum. King also revealed that he has worked to ensure that no single supernode can gain too much power even though the system is slightly centralized.