VEE Aims to Reduce Cost of Blockchain Technology, While Offering Potentially Greater Security
Sunny King, one of the founders of Peercoin and Primecoin, has decided to push the boundaries of blockchain once more with VEE.
Peercoin and Primecoin both helped with the way that Bitcoin managed their energy efficiency in different ways. As Peercoin’s proof-of-stake protocols improved efficiency and Primecoin’s proof-of-work protocol required miners to search for prime numbers, instead of performing calculations, effectively using the energy. However, with VEE, King hopes to make it easier for new systems to be developed with Bitcoin. With more accessibility, any chain developer can spend less time and money on the launch.
VEE will be an entire platform that is dedicated to making blockchain more viable for databases and to make the blockchain easier to integrate, regardless of how complicated the technology is. In doing this, companies can focus on running their business, instead of diving deep into coding issues. It will be enables for object type data storage and will eventually include the options of indexing and searching. However, even though the integration will be simple, VEE will maintain the versatile and personalized approach that makes these platforms appealing.
Based on the whitepaper for the VEE project, the vision is “that the future of blockchain is not only in a few billion-dollar blockchains, but also in billions of blockchains as well, to bring a new economic era to the world.” The information available indicates that it should be easy for VEE to handle over 1,000 transactions in each second, though the testnet’s launch will reveal how many transactions it can realistically handle during operation.
With the new system, there will be many smart contract virtual machines (VMs) and consensus algorithms to support the versatility needed for these transactions. Specifically, the whitepaper says that there will be support in the future to host Ethereum and EOS smart contract systems, which will make them even more appealing to consumers and developers. For easy customization, the system has a modular design tool, which lets the developer decide on various features for the side chain.
King clearly wants to make a splash in the Bitcoin platform. He was questions as to whether VEE plans to be as decentralized as the biggest cryptocurrency, he replied, Bitcoin mining pools are often criticized as a point of possible centralization.
In this regard, the supernode in SPOS [Supernode Proof of Stake] is sort of like the Bitcoin node operated by a mining pool. Unlike Bitcoin’s mining pools that have a tendency to monopolize, the SPOS system has a built-in mechanism to make the supernodes more equal in their power. So, in this sense, one can make the argument that SPOS is more decentralized than Bitcoin in terms of the decision-making power of the pool nodes.”
VEE’s platform is immensely more secure, due to the even distribution on the network. Since more nodes need to be hacked to actually compromise the network, the company can have additional safeguards in place to catch hackers before they completely pass the nodes. Still, since the platform is young, they do not have as many nodes as BTC yet, which means that they will need more transactions and resources before their security goals are met.
Read the entire whitepaper at https://www.vee.tech/index/index/resources.html?id=2. Users can choose to view the content in English or in Chinese.