Press releases VEE.tech, led by Sunny King – the creator of POS, released technology details of their new consensus SPoS
Bitcoinist | Sep 17, 2018 | 05:00
VEE.tech, a blockchain database cloud project led by legendary blockchain developer and creator of PoS consensus Sunny King, participated F50 Silicon Valley conference and released a few technical features of SPoS, aka Supernode Proof of Stake.
According to the keynote speech delivered by VEE team located at Silicon Valley, SPoS was designed for high-performance Blockchain infrastructure platform with constant block interval generated to stabilize throughput capacity. It also provided better security with cold minting. SPoS of VEE Mainnet would likely be starting with 15 Supernodes, while the total number of Supernodes could be increased to 30 and 60 potentially, depending on its growth.
In a cover story by Coindesk on Sept 7 2018, when asked what he tried to achieve in VEE.tech with SPoS, Sunny King replied, ” VEE takes a good look at the barriers of building Blockchain applications and tries to streamline the process and expand the ecosystem, so at some point, we can say using Blockchain technology is as easy as using a database.”
Also, according to Coindesk’s report, VEE would launch Mainnet on 17th Sept, together with its own crypto coins whose listing ticker would be announced soon. It was announced that there would be airdrop events targeting global developers. According to the community, VEE.tech was in discussion with global exchanges to get their coins listed in a timely manner.
VEE has unveiled a 2nd version white paper for the first time in the last week and will release the paper of SPoS shortly.
VEE aims to create an absolutely secure underlying infrastructure platform for blockchain database through innovations of consensus mechanism and blockchain platform functions, so that companies using the VEE blockchain platform can focus on their own business instead of delving into coding issues. In this way, VEE blockchain platform can support the operation of trillions of blocks effectively in the future and build a new world of blockchain.
Just like Ssatoshi Nnakamoto, the cryptocurrency pioneer, Sunny King invented PeerCoin and PrimeCoin, both of them ranked among top 10 market capitalization globally. By introducing the Proof of Stake consensus mechanism, he made great contributions to the development of cryptocurrency technology. Years before, Sunny King led the team to set out again, with the hope of reducing the technical barriers and entry costs of blockchain further and introduce the technology to a wider range of applications.
After tremendous research and development, the VEE platform will finally be officially launched in September 2018. This time Sunny King brings a new generation of consensus algorithm innovations, SPoS.
By significantly reducing the cost of blockchain technology, VEE provides universal and personalized underlying database cloud support for blockchain projects with various application scenarios. VEE will make a breakthrough in accelerating the application of blockchain technology and supporting the use of blockchain in the future commercial society. Sunny King is the chief designer of the project, leading several cryptography senior engineers and database architects from Silicon Valley to develop in depth.
According to the development team in VEE, the decentralization mode transformation brought by blockchain as a database has strengthened privacy protection while reducing technology cost and improving data security. As the VEE of the blockchain database cloud, it needs to redefine the blockchain through the decentralized database cloud to promote the advent of the era of virtual economy.
The vision of VEE is that the future of blockchain lies not only in the multi-billion dollars of blockchain, but also in the multi-billion blocks, which will bring a new economic era to the world. According to the white paper, the Vee mainnet will eventually be capable of carrying four or more digits of TPS and more with more stability.
VEE mainly has the following innovative highlights:
- The adoption of SPoS consensus algorithm It can support industrial TPS and reduce the operating cost of the whole system while solving the energy consumption problem.
- Exclusive and Innovative cloud computing features It can generate blockchain effectively, reduce the cost of development of blockchain applications, and provide more developers with an efficient and convenient application development platform.
- Modular construction It simplifies software upgrades in the entire ecosystem
- Common database functionality Presenting data and information in a descriptive and integrated manner while supporting multiple consensus algorithms enables application developers to focus on business logic.
- Smart Contract VEE platform plans to support both Ethereum and EOS smart contracts in a compatible manner. Virtual machines will be implemented in a modular manner so that applications can choose the type of smart contract they prefer; It will also assess and consider the growing number of other competitive smart contract systems.
At the same time, VEE platform also allows different applications to run in different blockchains. Realizing complete scalability isolation with other application systems in the same ecosystem, makes VEE even more secure, flexible, compatible and open than current blockchain platforms.
The value of VEE ecosystem is to provide the underlying database cloud service for the applications of several hundreds of billion level projects in the area of artificial intelligence, digital assets, education, cross-linked transaction and smart contract in the near future. In this case, VEE will truly promote the advent of the era of global virtual economy and build a trillion-level blockchain platform. By that time, VEE will be worth $50 billion, $500 billion, or more.
Just as Sunny King created POS in the past, which has changed the development history of blockchain, as well as the vision of VEE. It is believed that Sunny King’s third innovation in the blockchain world will completely change the future of blockchain and enable it to go deep into social Economy. People can indeed live a better life through blockchain technology and it will realize Virtual Economy Era in the future.
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