Our Chief Architect Sunny King is a pseudonymous developer known for being the creator of the proof-of-stake consensus for cryptocurrencies. In 2012, King was the first to introduce a PoS-based cryptocurrency, Peercoin. Below please find a quick and informative Q&A with Sunny conducted by our supernode Staked.
Q: What was your vision for PoS when you created proof of stake consensus in 2012?
Sunny King: In 2011, it seemed to me that Bitcoin’s proof-of-work consensus, despite its success, still had some limitations of its own. One of the major drawbacks of proof-of-work consensus is its massive energy consumption. The energy issue is not only an environmental or cost issue, it also limits the horizontal scalability of the technology. What this means is that, once you have a mass of independent or semi-independent blockchains, most of them would be effectively insecure. This is because, under proof-of-work consensus, the level of network security is proportional to network energy consumption. In 2011 and 2012, we managed to build an alternative consensus technology based on proof-of-stake known as Peercoin. It turned out that when you put enough belief in the merits of proof-of-stake, it indeed can completely replace proof-of-work and eliminate the energy consumption problem together with the associated scalability limitations.
Q: How has the space changed since the early days of proof-of-stake?
Sunny King: I’m thrilled to see the rapid development of proof-of-stake consensus in the space. More and more projects have adopted a variation of proof-of-stake in their consensus algorithm. Generally speaking, if a consensus algorithm does not rely on energy consumption and the election method of minters is based on proof-of-stake principles, it can be considered proof-of-stake consensus. V Systems is a recent example that provides a more efficient way of creating new blockchains through the use of Supernode Proof-of-Stake Consensus. In some metrics, proof-of-stake consensus has already surpassed proof-of-work consensus in popularity. We believe that adoption will become even more prevalent in the future.
Q: Where do you see V Systems and the overall PoS space in ten or twenty years?
Sunny King: At V Systems, we aim to lower the cost of blockchain and make it easier to use, while improving its efficiency so it would compete much better against established database technologies such as relational databases, cloud databases, and so on. The vision of V Systems is integration with databases and cloud services. Our team is working hard towards new generations of Internet infrastructure services. In terms of V Systems’ ecosystem, the current star application on the V Systems network is Tachyon (IPX). Tachyon’s VPN service has recently reached impressive milestones in popularity. Tachyon’s goal is to enable a vibrant VPN service marketplace for the world. More and more applications will be built on the V Systems blockchain.
In the long run, I believe that PoS systems will continue to gain market share and influence in the blockchain industry. Bitcoin has some risk factors with its design coming up probably within the next 10 to 20 years, when the generation of new bitcoins reduces to minimal. We shall see whether Bitcoin can still sustain a good enough security level via transaction fee collection. Now even if it manages that, there are still concerns that 51% of attacks might eventually happen to Bitcoin. In contrast to PoW systems, PoS brings much stronger security against 51% of attacks. Other benefits of PoS also include cost savings and minimal environmental impact, since you can get rid of all the energy consumption of PoW and the cost associated with its mining infrastructure.
About Staked
Staked helps investors reliably and securely compound their crypto by 5% — 100% annually through staking and lending. Staked runs validation nodes for proof-of-stake currencies and offers access to on- and off-chain lending options that provide an annualized yield of in-kind currency. Staked’s investors include Pantera Capital, Digital Currency Group, ParaFi Capital, Coinbase Ventures, Winklevoss Capital, Fabric Ventures, Global Brain, and other leading crypto investors. Learn about VSYS staking on Staked below.
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