The Future Development of Blockchain -- perspective from Sunny King

The main views of Sunny King (VEE CTO) are as follows:

Consensus is the core for the decentralization of blockchain. Although currently PoW (Proof of Work) is the dominant consensus mechanism, the application of POS (Proof of Stake) will gradually increase and finally become dominant in the future. Bitcoin was the first application of blockchain. The POW algorithm it used laid the mainstream blockchain consensus mechanism for the past 10 years. However, PoW also has disadvantages, such as high energy consumption and long-term confirmation, which is not suitable for commercialized applications. At present, the energy consumed by Bitcoin is already equivalent to a small or medium-sized country. With the establishment of more and more blockchains, it is hard to imagine that other blockchains could use the same resources to ensure their operation. Peercoin, developed by Sunny King, pioneered the PoS consensus. PoS allocates the possibility of producing blocks to each node according to the number and possession time of tokens/coins, which solves the energy consumption issue of Bitcoin mining, and shortens the time for achieving consensus to some extent. So far, more and more projects have adopted the PoS mechanism. For example, Ethereum began to incorporate PoS into the existing PoW mechanism. Therefore, Sunny King believes that the PoS consensus will play an increasingly important role and will be the basis for the future development of sustainable and scalable industrial blockchain applications.

Just like the Internet has brought many offline applications online, more and more applications will migrate from centralized platforms to blockchain based platforms in the future. The Internet was born in 1994, and following that a large number of web-based web pages were created. Among them, companies such as Amazon and Alibaba brought retail stores online and successfully transformed the traditional retail industry. In the last decade, mobile Internet has transferred mass applications from computers to mobile devices such as mobile phones and tablet computers. Blockchain technology now offers the opportunity to migrate applications from centralized commerce platforms to decentralized platforms.

The question in the migration is to build a public platform that has stable performance, robust system, strong ability to support for high-volume users, and low cost for developing applications on it. Ethereum made a very good start in this area, meanwhile there are also issues such as network congestion and transaction delays. The development of the blockchain may follow a development path similar to that of the early Internet. In the next two years, we will go through the process of bubble development with trials and errors, gradually upgrade the engineering capabilities and expand the application scenarios. The VEE team focuses on the innovation of blockchain technology, specifically on improving the performance of open blockchain platforms, enhancing scalability, and reducing application development costs, thereby creating a robust industrial-level blockchain platform.

Blockchains should be developed under the appropriate supervision. The birth of any new technology is always full of controversy, such as artificial intelligence and genetic engineering. Technology has no good or evil itself, but it is inevitable that someone will take the opportunity to do bad things when the legal system is not yet complete. Sunny King believes that first, the government should fully respect new technologies and create a good environment for the development of science and technology. Meanwhile, entrepreneur should understand the significance of regulation and cooperate with agents to achieve a balance between regulation and technique development. In addition, not only the blockchain platforms, but also application developers should take the responsibility for supervision while making full use of the tools provided by the platform.

With the continued Bitcoin heat, public’s attitude toward the blockchain technology has also changed from skeptic to positive. The VEE team believes that the blockchain is not only a carnival of programming geniuses, but also a great technology that can transform the traditional social production relations. VEE is willing to work together with everyone who is willing to join us to continuously expand the frontier of the blockchain technology.