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Known for creating the first game-based cryptocurrency, Sunny King, the pseudonym developer, is back with an idea that will surely surprise you: adding hardware.
Proof-of-stake, or PoS, has been announced as a greener way to reach consensus on blockchain because it is not based on expensive hardware that uses a large amount of electricity to calculate mathematical puzzles (for example, as proof of bitcoin -work).
As a result of this, and the ability of the algorithm to handle more scale, various high-profile blockchain projects, including EOS, Tezos, NEO and Cardano, have adopted the system.
But according to King, reworking the algorithm to allow specialized hardware, the PoS will be even better suited for high-speed transaction throughput.
The creator of peercoin, the first proof-of-stake cryptocurrency launched in 2012, and primecoin, a cryptocurrency that reaches its security in search of prime numbers, King is known for finding innovative ways to redesign the technology.
Primecoin has also inspired the founder of Ethereum Vitalik Buterin, who in 2013 called King "the only most original altcoin developer".
And now, he hopes to still inspire with his new design called "supernode proof-of-stake", or SPoS, which requires specialized hardware to work.
While the project is still a bit light on the details, King said the SPoS concept is not far from delegated delegation testing, or DPoS, as it allows the concentration of the stakeout pools. According to King, with this, the project intends to simplify the development and maintenance of blockchain in it.
"I try to imagine an era where blockchain is widely used in technology," King told CoinDesk, adding:
"The consent to the stake test was specially designed for this purpose, to allow for an era where millions or more blockchains can function independently with a high level of safety and virtually no energy requirement."
Built to promote the adoption of the blockchain by optimizing data storage technology and making it more efficient to implement, the project was designed specifically for a Hong Kong-based, Virtual Economy Era (VEE), which King is the chief architect.
It is scheduled for September 17, when an internal token will be launched, a VEE currency, and the basic code of the project will be made open source.
According to King, "VEE analyzes well the barriers to creating blockchain and tries to streamline the process and expand the ecosystem, so at some point we can say that using blockchain technology is as easy as using a database."
Monte dei sospetti
Since the system will centralize security work more, some may see it as an anathema to the cryptocurrency movement ethos. However, noting the arguments, King argued that SPoS is a "reasonable compromise" for a more performing system.
Still, this is not the only reason why some are suspicious of the project.
Announced in a peercoin forum in January, King's new adventure was not well received by his previous communities.
"I do not think the project has been presented so well to people in the community and the fact that Sunny has barely communicated publicly on the forum for the past two years does not help much," Peercoin's brand manager, Randy Vittorini, told CoinDesk. . "I do not know much about why he chose to develop this other project."
Sure enough, King, who was the main development force of Peercoin and Primecoin, turned away from them, leaving them to spy. Primecoin, for example, is "practically dead," Vittorini said.
Peercoin has been six years since King left, even though Peercoin developers are doing everything to "modernize the code" making it compatible with Segwit and Lightning Network.
Therefore, following the announcement of the project by King, members of the peercoin community warned of investing in VEE, emphasizing that the information on the corresponding website is only partial.
Others have warned that the company simply uses the name of King as a marketing tactic – a statement that Vittorini, a longtime associate of King's, has strongly rejected. "He has always used the same email address for communication and his personality has remained constant over the years," said Vittorini.
Yet, that atmosphere of distrust is also present on the 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 the VEE token on September 17th. But more information has been scarce.
But according to Vittorini, such oversights on communication are typical of the king.
He told CoinDesk:
"He only likes to deal with the technological side of things and not with the marketing or communication aspect, which I have always felt to be one of his worst flaws".
And talking to CoinDesk, King was firmly convinced of the project's best intentions, describing it as a rational continuation, a "natural evolution" of his previous research.
PoS continued
When it comes to VEE and SPoS technology, King's attention has expanded into a different kind of sustainability: adoption.
By creating modular software components that make the blockchain "as easy as using a database," King said, it should make technology more accessible to more people.
And King explained, his departure from Peercoin and Primecoin was for this purpose.
Distinguished by the peercoin, SPoS is built thinking of specialized hardware, and while the exact details of this are "still under evaluation," he told CoinDesk, "Typically the memory and bandwidth requirement would be much higher than to average PCs. "
King went on to say that the idea came to him because of a dilemma for long-standing developers in the peercoin industry, the so-called "cold coinage" problem.
Also known as cold-staking, the question is how to allow network participants to stake their positions by keeping those resources in a safe and offline location. Since it requires the transfer of a right to a third party, peercoin developers were concerned that it could lead participants to delegate their stakeholder role to someone else, potentially leading to pooling, which some consider a centralizing tendency.
"The concern is that people will start offering services as nodes and people will trust their power to coin for individual collective bankruptcy points," Peercoin's pseudonym developer Nagalim told CoinDesk.
However, this is what King is exploiting in his new design.
The code makes it ideal for running the algorithm in optimized hardware environments, a bit like the way ASICs perform demonstration work. Unlike the test of work, however, the production of electricity is minimal, so King is not worried that energy consumption will be considered wasteful, as some think of the bitcoin extraction process.
And while the system is more centralized by design, King has worked to ensure network security, coding with the certainty that each supernode has the same opinion – preventing a single entity from gaining too much energy.
"These two projects are maintained through community efforts over these years, so it seems slower than some of their commercial competitions," King told CoinDesk, adding:
"In the meantime I was looking at the blockchain industry as a whole and reflecting on its future potential."
Image of Anas Alshanti's keyboard on Unsplash
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