POS Proof Of Stake creator Sunny King is said to be working on a blockchain powered database cloud titled as supernode proof-of-stake or SPoS. The specialty of this project is that it is designed to perform the task in collaboration with a Hong Kong-based project, Virtual Economy Era (VEE). The entire objective of this pilot project is to crack the European blockchain technology market.
VEE will be expanding their business in the European region beginning with the installation of elements of their infrastructure there. This launch has just arrived with the announcement of more information about Casper which is an Ethereum’s proof-of-stake concept done by Ethereum founder Vitalik Buterin himself. Buterin is an avid follower of King influenced by him and his initial work on Primecoin.
POS Proof Of Stake and VEE’s co-creator stated that VEE specializes in looking at the issues of building blockchain technology applications. Also, it can streamline the process in a wonderful way and has the capability to expand the ecosystem. It can make it as easy as using a database.
Proof of Stake Everything To Know About
King is a cryptocurrency pioneer who found the first proof-of-stake cryptocurrency way back in 2012 with Scott Nadal. He is also the founder of PrimeCoin, which is a crypto coin that achieves its security by searching for prime numbers. King and the godfather of Bitcoin Satoshi opened the crypto-coin market for others to follow in. King is also credit with appreciations as he has come up with several innovative solutions in technology. It won’t be incorrect to say that VEE can possibly turn out to be a beginning of a viable virtual economy which will bring a revolutionary transformation in this technology. (Via Forbes)
The idea of making POS Proof Of Stake was to resolve the difficulty of Bitcoin mining’s high energy consumption. In the earlier days, an average of $150,000 was required for a day to maintain the Bitcoin network which has come to $6.7 million as of now, according to Coin Telegraph.[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]