The underlying blockchain database, VEE, created by long-time bitcoin geeks Sunny King, unveiled a white paper for the first time and announced that the mainnet will be online within a week. In the meantime, the VEE token will be listed on the stock exchange in a short time.
The full name of this project is called Virtual Economy Era. It aims to create an absolutely secure basic infrastructure platform for the blockchain database through technological innovation and consensus mechanism innovations, so that companies that use VeeChain technology can focus on their own business instead of deepening the problems of encoding. In this way, we can support the operation of trillions of blocks effectively in the future and build a new world of blockchain.
After funding at the beginning of the year, the VEE project is now valued at $ 500 million US dollars. If it hits the exchange, it should position itself close to the top 20 blockchain projects globally and be listed as one of the best public chains in the world.
As satoshi nakamoto, a pioneer of cryptocurrency, Sunny King invented PeerCoin and PrimeCoin, both are ranked in the top 10 in the world. Introducing the shareholder consent Proof of Stake mechanism, has made a major contribution to the development of cryptocurrency technology. In 2015, Sunny King led the team to restart, hoping to further reduce the technical barriers and entry costs of the blockchain and introduce the technology into a wider range of applications.
After a huge research and development, the VGA cloud blockchain database will finally be officially launched in September 2018. This time, SunnyKing brings a new generation of innovations on consensus algorithms, SPoS. The detailed SPoS technical documents will be published simultaneously with the mainnet, please watch the progress of the official VEE website.
By significantly reducing the cost of blockchain technology, VEE provides universal and customized underlying database cloud support for blockchain projects with various application scenarios. VEE will take a step forward in accelerating the application of blockchain technology and in supporting the use of blockchain in the future commercial company. Sunny King is the project's chief designer, who led to the creation of numerous senior engineers and silicon valley database architects.
According to the VEE development team, the transformation in decentralization mode brought by blockchain as a database has enhanced privacy protection by reducing technology costs and improving data security. As a blockchain cloud VEE, it needs to redefine the blockchain through the decentralized database cloud to promote the advent of the virtual economy era.
The vision of VEE is that the future of the blockchain lies not only in the multi-billion dollar blockchain, but also in multi-billion dollar blocks, which will bring a new economic era in the world. According to the white paper, the VeeChain mainnet will be able to carry four or more TPS digits.
Compared to traditional blockchain projects, VEE mainly presents the following innovative salient points:
- The adoption of the SPoS consensus algorithm Can support industrial TPS and reduce operational costs of whole system, solving the problem of energy consumption.
- Unique and innovative cloud computing capabilities s It can effectively generate blockchain, reduce the cost of blockchain application development, and provide more developers with an efficient and cost-effective application development platform.
- Modular Construction Simplifies Software Updates in the Entire Ecosystem
- Common Database Features Presenting data and information in a descriptive and integrated way while supporting multiple consent algorithms allow application developers to focus on business logic  Smart Contract The VEE platform plans to support both the smart contracts of Ethereum and EOS in a compatible manner. Virtual machines will be implemented in a modular way so that applications can choose the type of intelligent contract they prefer; In addition, it will evaluate and evaluate the growing number of other competitive smart contract systems.
At the same time, the VEE platform also allows different applications to work in different blockchains. To achieve complete isolation of scalability with other application systems in the same ecosystem, making VEE even more secure, flexible, compatible and open than current blockchain platforms.
The value of the VEE ecosystem is to provide the underlying cloud database service for applications of more than hundreds of billions of level projects in the area of artificial intelligence, digital resources, and technology. education, cross-trades and the smart contract in the near future. In this case, VEE will really promote the advent of the virtual global economy era and build a blockchain platform at trillion level. At that point, VEE will have a value of $ 50 billion, $ 500 billion or more.
Just as SunnyKing created POS in the past, which changed the history of blockchain development, as well as the vision of VEE. It is believed that the third innovation of SunnyKing in the blockchain world will completely change the future of the blockchain and allow it to go deep into the social economy. People can actually live a better life through blockchain technology and realize the virtual economy era in the future.
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