Hello Beast community
Today we have a very special post and yes you read the title correctly! I have managed to get an interview with the creator of Proof of Steak (P.O.S). For those of you who don’t know what it is, in very simple terms P.O.S is a consensus algorithm which is used to achieve consensus/agreement within a specific Blockchain. Currently BTC used Proof of Work, this is where mining comes in and uses a lot of energy and is arguable the worse option of the 2. So Sunny King who is a Blockchian developer agreed to do an email Q&A with me and today I will share this with all of you!
I think there has never been a better time to speak to someone like this, due to the release of quantum computing, new Blockchains, development in the industry and extreme FUD in the market this type of interview made me feel like there are still people, just like myself, who are heading in the same direction and see the big picture and not just BTC and its current price!
I also made a video with the Q&A if you prefer to have it in video format:
Here is the written interview:
Q1) POS and now SPoS is basically your creation and without trying to ask an extremely broad question; why did you create it
Answer: Satoshi’s Proof-of-Work Consensus (POW) was clearly a breakthrough, but it also has some serious limitations. From a technologist point of view, I generally didn’t agree with the popular sentiment of many Bitcoin fans that it should be the be all and end all cryptocurrency. The scalability and security limitations had already reared its ugly head around 2011, when newly launched cryptocurrency networks were concerned with its own security against 51% attacks. It’s not a problem for bitcoin maximalist, but it’s a scalability problem for the future of Blockchain industry.
On the other hand, energy is a big issue in my mind. Bitcoin’s security is directly linked to its network energy consumption. This is a concern for both environmental and economical reasons. If it can be shown that the Bitcoin’s approach is too ‘wasteful’, then we could open up a blockchain economy that is more efficient and prosperous.
Fortunately we found a way in Peercoin’s Proof-of-Stake Consensus (POS). This consensus system does not require energy consumption. I often make the analogy that if POW is like gold then POS is like paper money. It’s not exactly the full picture but it conveys the idea.
Q2) How will SPoS outweigh POW?
Answer: V Systems’s Supernode Proof-of-Stake Consensus (SPOS) is a recent design of POS with the focus on security and high performance. It’s quite possibly orders of magnitude more secure against 51% attacks than POW with the features of cold minting and stake liquidity. Cold minting means you don’t need to leave your coins online in a hot wallet in order to participate in minting. Stake liquidity means that stake that participates in minting is not withheld or locked by the system in any way, you can always immediately withdraw it and use it as currency. These two features encourage maximum participation in minting thus extremely high level of security. Similar to POS, SPOS also doesn’t need to consume energy for the consensus so it’s very efficient. The problems with 51% attacks for POW is getting more and more prominent. We know that top 20 coins have already been attacked this way. The authors of this BIS paper (https://www.bis.org/publ/work765.pdf) apparently agree. They believe even Bitcoin might be realistically vulnerable to it in the coming years.
Q3) “Blockchain Is Easy – We Just Need To Use It Like A Database” great
statement and personally I agree, but even a data base is difficult for
How is V SYSTEMS helping the average Blockchain user or company or even
a rookie to use the Blockchain and cryptocurrency?
Answer: I wouldn’t say Blockchain is easy, it appears to be so to some extent but we are building on the shoulders of giant, but it will get easier along the way I am sure.
Clearly Blockchain as the current state is not yet ready to challenge existing database industry. V Systems is aiming to change that, to make it more competitive to existing database technologies. There are two aspects of the challenge, how to make it more amenable to average programmer, and how to make the system economically more competitive to existing database technologies. So yeah V Systems is working on both fronts toward the ultimate goal of making Blockchain challenge existing database technologies.
Q4) I wrote an article on my blog about V Systems:
In that article I spoke about the new roadmap V Systems has released and
in point 5 i spoke about the Decentralised mobile internet, I really
want to know more about this! What can you tell us?
Answer: Clearly in our time the mobile interface has taken over more and more user time. So it is taking more of a front seat in terms of the Internet experience. People are ever more connected through the Internet, the social networks, the virtual worlds. So in terms of decentralization becoming a core tenet of the next generation of Internet experience, we are also considering our strategy here to accommodate these changes.
Q5) The last question I want to ask is a bit of topic from V Systems.
What do you think will happen with Blockchain technology in 5 years
without saying it will be more adopted or more accepted.
Answer: Regardless of price fluctuation of cryptocurrencies, we know that blockchain technology is here to stay. The market clear has spoken, that it has a lot of appetite for decentralization. We believe that Blockchain will become the a core part of the global Internet infrastructure. It will become one of the engines to power the Internet, an engine that emphasizes decentralization and free market rather than central power and control. So it is a force that advocates for more freedom to the world. Of course it’s not all rosy, as we know more freedom also calls for more responsibility. But we are optimistic, it’s dawning a new era for our civilizations.
So there it is, a brief insight into the mind of a Blockchain developer who has been there from the start and has developed a better consensus algorithm. then BTC’s.
I hope this was insightful and helped many of you, this was an extremely hard interview to get so if you wish to support me you can send me your shit tokens to my new shit tokens address: