Proof of Stake Mining Creator Sunny King Talks New Supernode PoS Breakthrough

Proof of Stake Mining Creator Sunny King Talks New Supernode PoS Breakthrough

Like Satoshi Nakamoto, there is another legendary anonymous figure in the cryptosphere: Sunny King. He is the famous developer that first tried to challenge the proof of work (POW) mining mechanism that dominated all blockchains until then. He wanted and still wants to make the blockchain more energy efficient. The solution: Proof of Stake.

Proof-of-stake, or PoS, has been declared as a more ecological way to come to a consensus on blockchains since it doesn't rely on expensive hardware using immense amounts of electricity to compute mathematical puzzles. As a result of this, and the algorithm's capability to manage more scale, several high-profile blockchain projects, including EOS, Tezos, NEO and Cardano, have embraced the system.

King is known for uncovering innovative ways to re-architect the technology. He is the creator of PeerCoin, the first proof-of-stake cryptocurrency launched in 2012, and PrimeCoin, a cryptocurrency that achieves its security by seeking for prime numbers.

Now, he's hoping to inspire again with his new design called “supernode proof-of-stake,” or SPoS, which requires specialized hardware to operate. While the project is still a bit light on the details, King said the concept of SPoS isn't far from delegated proof-of-stake, or DPoS, in that it allows for the concentration of staking pools. According to King, with this, the project aims to simplify the development and maintenance of the blockchains internally.

King says:

“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.”

Built to familiarize blockchain adoption by optimizing the technology for data-storage and making it more efficient to deploy, the project is being designed specifically for a Hong Kong-based project, Virtual Economy Era (VEE), of which King is the chief architect.

It's set to go live on September 17, at which time an internal token, VEE coin, will also launch, and the project's code base will be made open source.

Nevertheless, all is not well in the VEE camp.

Since the system will centralize more of the work of security, some might see this as anathema to the spirit of the cryptocurrency movement. However, noting the arguments, King contended that SPoS is a “reasonable compromise” for a more highly performant system.

Additionally, King's new venture hasn't been entirely well received by his former communities.

“I don't think the project was presented that well to people in the community and the fact Sunny has barely communicated publicly on the forum for the last couple years does not help matters much,”

brand manager for Peercoin, Randy Vittorini says.

Others warned that the company is simply using King's name as a marketing tactic — an assertion which Peercoin's Vittorini, a long time associate of King's, pushed back hard against. A climate of distrust is present on VEE social media channels. According to a group chat on Telegram, the company is trying to raise 18,000 BTC – or $120 million – in a private sale, to be redeemed for VEE tokens on September 17. But further information has been inadequate.

Get Daily Headlines

Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

What to Know More?

Join Our Telegram Group to Receive Live Updates on The Latest Blockchain & Crypto News From Your Favorite Projects

Join Our Telegram

Stay Up to Date!

Join us on Twitter to Get The Latest Trading Signals, Blockchain News, and Daily Communication with Crypto Users!

Join Our Twitter

Add comment

E-mail is already registered on the site. Please use the Login form or enter another.

You entered an incorrect username or password

Sorry, you must be logged in to post a comment.
Bitcoin Exchange Guide