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Virtual Economy Era- Redefining the Blockchain

12/09/2018 5:37pm

ADVFN Crypto NewsWire

Bitcoin Global News (BGN)

September 12, 2018 -- ADVFN Crypto NewsWire -- Sunny King is credited by most as being the de-facto inventor of Proof-of-Stake as a Blockchain consensus protocol. He or she is also a pseudonymous developer like Satoshi Nakamoto, which is why no one really knows about him or her, beyond the name and his or her chief achievement.

Now, King is back with something new to bring to the table that he or she claims will truly solve a key issue that has been driving the growth of the Blockchain industry.

In general, this new offering is trying to tackle the question: how do we truly bring about widespread use of Blockchain technology?

To truly understand King’s latest project, its important to understand the industry context that it sprung from.

Across the Blockchain industry, the consensus seems to be that to do so will mean incentivizing the everyman and everywoman to use the Blockchain for his or her everyday needs. In other words, we need to be able to easily answer the question: why should I care about the Blockchain and Cryptocurrencies?

Simply due to the fact that most projects continue to be publicized in a way that seems to be only written for Crypto insiders, we, as Blockchain professionals, could logically start with changing the way we communicate with our potential customers.

In the interests of being fair as well as clear, however, it can also be said that Blockchain technology and everything surrounding it is complicated by nature, which brings us back to our central question above.

How do we truly spread the adoption of the Blockchain beyond our insulated walls?

Because of the idea that the barriers to entry in the Blockchain industry are high for the average consumer, networks like the Divi Project have hit the scene, claiming to be point and click solutions in response to this specific issue.

While such projects appear promising, at least related to ease of use, it can still be argued that any project to truly achieve this, will have to differentiate itself technically as well as in how it interacts with its users.

Recently, Coindesk and Cointelegraph have both published pieces on Sunny King’s new project, called Virtual Economy Era, which is being touted as if it is the one that will reach all of these goals and more.

Because Coindesk’s article only briefly mentions the project and Cointelegraph’s article is a press release that is biased by definition, it is important to try to further contextualize VEE’s possible points of differentiation.

In short, VEE has the overall goal of making Blockchains as easy to use or even easier to use than traditional databases. In doing so, they hope to make Blockchain tech a business standard.

In a more specific sense, it seems logical to say that the heart of VEE’s differentiation is its new iteration of the Proof-of-Stake consensus protocol, which is being called Supernode Proof-of-Stake.

As of now, most of the details on this protocol are a mystery by design as VEE has not released all of them to the public, judging by statements which were made in the same articles from Coindesk and Cointelegraph.

What is known is that it is very similar to Delegated Proof-of-Stake in how it works, which means that VEE will not be far off from networks like Cardano in how it works. Secondly, SPoS is supposed to be able to support more transactions per second than any existing protocol out there, according to information shared with these outlets as well as information contained in the firm’s white paper.

In the end, because the project has just recently gone public and has yet to launch, only time will tell whether these specifications will prove to be true, in practice.

However all of this plays out, having the creator of one of the two most popular consensus protocols on your team cannot hurt at all.



By: BGN Editorial Staff





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