Blockchain Inaccessibility Prevents DLT from Achieving Mainstream Adoption Says PoS Creator
One of the biggest barriers to entry in the blockchain industry is still finding the people with a good understanding of this nascent technology. The lack of this skill set combined with the awareness has this industry concentrated into a niche market.
A study carried out in October found that blockchain engineers were one of the highest paid roles in 2018 that were earning about 12 to 30% premium on their salary.
A technology that is hard enough to understand and discuss, presents a bigger problem when it comes to building. Sunny King, the creator of the consensus algorithm proof of stake (PoS) in his latest announcement stated that this sector needs to make it easier for anyone, even people from non-technical backgrounds to be able to create their very own distributed ledgers.
King has been continuously working on simplifying the development and maintenance of blockchain as he said back in September, last year, “I try to envision an era that blockchain is used widely in technology.” At that time, Sunny King came up with his new design called, “supernode proof-of stake” or SPoS that allows for the concentration of staking pools.
According to him, inaccessibility is preventing this tech from reaching mainstream adoption as he says,
“Blockchain has typically been optimized for its availability and redundancy, but not for ease of use, scalability or cost-efficiency. As a result, it’s often seen as difficult and exceptional, something that’s costly to create and expand.”
Ease Of Use To Drive Adoption
Sunny King, who believes this technology has the potential to disrupt the society is now working on making blockchain easier to use.
“But you shouldn’t have to be an expert in technology to create a blockchain. If we can build efficient and stable blockchains that are inexpensive to create and operate, they can be used to host decentralized databases and applications which in turn can drive all manner of businesses and societal functions,” said King.
PoS is an alternative means to PoW (proof of work) to achieve consensus. In PoS, instead of relying on energy-intensive mining rigs, it goes for a more practical way to scale the networks. King has shared in past that,
“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.”
Sunny King created PeerCoin which has been the first proof of stake cryptocurrency that was launched back in 2012. King also founded Primecoin, which even inspired Ethereum founder Vitalik Buterin who called King “the single most original altcoin developer out there.” The upcoming Caspar update of Ethereum, that is up for release in 2020 is basically to transit ETH from PoW to PoS.
King believes more needs to be done in order to eliminate the inaccessible issue. And it makes sense as ease of use will further enhance the utility of blockchain technology. This will drive its mainstream adoption which today is the need of this industry.