|Proof of stake, Cryptocurrencies, Peercoin|
Sunny King is a pseudonymous developer known for being the creator of Proof of Stake (PoS) consensus algorithm for cryptocurrencies. In 2012, King was the first to introduce a PoS-based cryptocurrency, Peercoin. King has subsequently created Primecoin in 2013. The latest project by King, Virtual Economy Era (VEE), was announced in January 2018. King is currently serving as the Co-Founder and Chief Architect of the VEE project.
In 2011, Sunny King started a small research group on Bitcoin and noticed the energy problem of mining. They started looking into alternative consensus mechanism and later proposed PoS. At the time, the group was the only one committed to using pure PoS as consensus mechanism. In August 2012, Sunny King and fellow scholar Scott Nadal published the whitepaper “PPCoin: Peer-to-Peer Crypto-Currency with Proof-of-Stake”. The release of Peercoin was met with acclaim and has later inspired the creation of many PoS-based cryptocurrencies. The Co-founder of Ethereum, Vitalik Buterin, who was then contributing articles to Bitcoin Magazine, commented highly on Peercoin and PoS, stating that Peercoin was at the time the only proposal of PoS that was working in practice.
In May 2014, Peercoin was ranked number three on cryptocurrency market capitalization, following Bitcoin and Litecoin.
In March 2013, Sunny King conceived the idea of using prime number searching to serve as Proof of Work (PoW) consensus. King published the Primecoin whitepaper “Primecoin: Cryptocurrency with Prime Number Proof-of-Work” in July 2013.
Primecoin was again well received by the cryptocurrency community, with Vitalik Buterin commenting that Primecoin is moderate yet potentially the most promising solution to the “waste factor” of cryptocurrency mining.
Virtual Economy Era (VEE)
In a statement released on Peercoin website in January 2018, King announced that he has assumed a full time position as the Chief Architect for Virtual Economy Era. King is currently leading the team to build a platform for users to create blockchain-based decentralized applications. According to King, the vision of the project is to bring forward a new economy era which is powered by billions of blockchains.
During his involvement with the project, King has designed an evolved version of PoS consensus, namely Supernode Proof of Stake (SPoS), to bring faster and safer throughput. SPoS targets to use cold minting, coin leasing and various technologies to make blockchain more stable and scalable. Owners of the native currency, VCoin, are able to participate in coin minting through leasing their coins to supernodes. According to King, in order to make blockchain more accessible, he has also created modular pieces of software that make blockchain “as easy as using a database”.
The supernode and mainnet of VEE have been launched in September 2018. Initial data shows that one block is generated every four seconds, with a block production success rate over 99%. VEE has subsequently announced the support for smart contracts, enterprise decentralized applications, and mobile internet network.
The creation of PoS based cryptocurrency was the first major breakaway from the traditional PoW mechanism made famous by Bitcoin, and is therefore considered to have brought major impact to the blockchain and cryptocurrency community. Since Sunny King’s introduction of Peercoin, many altcoins have abandoned PoW and adopted PoS during creation, such as Dash and NEO. According to a study in June 2018, 21% of global top 100 cryptocurrencies are using PoS as the consensus mechanism, 10% are using PoS and PoW hybrid, and 7% are using delegated PoS.
Other consensus algorithms have also been developed since Peercoin, such as Proof of Burn, Proof of Identity and more.
Co-Founder of Ethereum, Vitalik Buterin, has once referred King as “the single most original altcoin developer out there” in 2013. He has been vocal about King’s influence on him as a developer. In May 2018, Ethereum released the first version of code for its Casper Friendly Finality Gadget, as a move to fully transit to a PoS based system.
In an online interview, Sunny King admitted that the name is a pseudonym and he used this internet identity for political reasons. King identifies as a libertarian and is in favor of free market principles.
Despite being highly private about his personal life, King has revealed that his hobbies, besides from cryptocurrency, include meditation and tennis; and that his favorite food is Chinese dim sums.
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- Buterin, Vitalik. "Primecoin: The Cryptocurrency Whose Mining is Actually Useful". Bitcoin Magazine. Retrieved 2019-01-04.
- Author, Guest (2018-02-22). "Cryptosphere Veteran, King Creates New Blockchain Database Platform". NewsBTC. Retrieved 2019-01-04.
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- "VEE". www.vee.tech. Retrieved 2019-01-04.
- "Could Facebook give blockchain the thumbs up?". Coincast News. 2018-12-17. Retrieved 2019-01-04.
- Blenkinsop, Connor (2018-12-18). "'Legendary' PoS Creator Announces Plans to Remove Entry Barriers for Developers in 2019". Cointelegraph. Retrieved 2019-01-04.
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- Jenkinson, Gareth (2018-06-05). "Moment of Truth for EOS: What's Next for $4 bln EOSIO Following Launch of v1.0". Cointelegraph. Retrieved 2019-01-04.
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- Dayal, Preetisha. "8 Famous Blockchain Consensus Mechanisms and their Benefits". www.newgenapps.com. Retrieved 2019-01-04.
- Floyd, David (2018-05-08). "The First Version of Ethereum's Casper Upgrade Has Been Published". CoinDesk. Retrieved 2019-01-04.
- "Transcript of Sunny King Interview with Vitalik Buterin from BitcoinMagazine". Peercointalk. 2013-10-17. Retrieved 2019-01-04.
- "Legendary Anonymous Figure and Inventor of Pos Consensus Mechanism, Sunny King Expresses His Thoughts on Current Cryptocurrency Market". Mars Finance (in 中文). Retrieved 2019-01-04.
- "Cryptocurrency whiz Sunny King joins blockchain database cloud startup VEE · TechNode". TechNode. 2018-01-29. Retrieved 2019-01-04.
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