V SYSTEMS
Who is Sunny King?
Sunny King, a legendary blockchain developer, is the inventor of Proof-of-Stake consensus mechanism and creator of three cryptocurrencies/blockchain projects, including V SYSTEMS, Peercoin and Primecoin. Each project brings important advancements to blockchain technology and its community.
In 2012, Sunny King invented Proof-of-Stake consensus to challenge the Proof-of-Work consensus used by Bitcoin, with the aim to create an energy efficient blockchain consensus mechanism.
Since then, Sunny King created Peercoin and Primecoin, and led the technology community to work on these two projects. The core ideas and technology used by Peercoin has inspired a lot of altcoins in the market, with Proof-of-Stake consensus massively adopted in the community.
In 2018, Sunny King returns with his new consensus mechanism - Supernode Proof-of-Stake, together with his brand new project, V SYSTEMS.
Read Sunny King's V SYSTEMS' announcement on bitcointalk
https://bitcointalk.org/index.php?topic=5095844
In 2012, Sunny King invented Proof-of-Stake consensus to challenge the Proof-of-Work consensus used by Bitcoin, with the aim to create an energy efficient blockchain consensus mechanism.
Since then, Sunny King created Peercoin and Primecoin, and led the technology community to work on these two projects. The core ideas and technology used by Peercoin has inspired a lot of altcoins in the market, with Proof-of-Stake consensus massively adopted in the community.
In 2018, Sunny King returns with his new consensus mechanism - Supernode Proof-of-Stake, together with his brand new project, V SYSTEMS.
Read Sunny King's V SYSTEMS' announcement on bitcointalk
https://bitcointalk.org/index.php?topic=5095844
Talks between Sunny King, Vitalik Buterin and Daniel Larimer
Sunny King in the News
What is PoS?
Proof-of-Stake (PoS) is a type of algorithm by which a cryptocurrency blockchain network aims to achieve distributed consensus. In PoS-based cryptocurrencies, such as Peercoin invented by Sunny King and Scott Nadal, the creator of the next block is chosen via various combinations of random selection and wealth or age (i.e. the stake). In contrast, Proof-of-Work based cryptocurrencies such as bitcoin uses mining; that is, the solving of computationally intensive puzzles to validate transactions and create new blocks. This makes Proof-of-Stake consensus much more energy efficient than Proof-of-Work consensus.
Incentives also differ between the two block generation mechanisms. Under Proof-of-Work, miners may potentially own none of the currency they are mining, and thus seek only to maximize their own profits. It is unclear whether this disparity lowers or raises security risks. Under Proof-of-Stake, however, those "guarding" the coins always own the coins, although several cryptocurrencies do allow or enforce the lending of staking power to other nodes.
Incentives also differ between the two block generation mechanisms. Under Proof-of-Work, miners may potentially own none of the currency they are mining, and thus seek only to maximize their own profits. It is unclear whether this disparity lowers or raises security risks. Under Proof-of-Stake, however, those "guarding" the coins always own the coins, although several cryptocurrencies do allow or enforce the lending of staking power to other nodes.
What is SPoS?
Supernode Proof-of-Stake (SPoS) consensus is Sunny King's new innovation, a major pillar that V SYSTEMS is built upon.
Performance-oriented Evolution
SPoS is designed with enough incentives for supernodes to upgrade hardware and therefore continuously improve the network performance to support large scale growth of decentralized applications.
Minting Economy and Self Governance
Supernodes minters produce blocks using both their own coins and coins leased by other users. A reward in the form of interest will be paid to the owners of paid coins. Since equal minting right gives supernodes equal standing and output, an equilibrium exists as a built-in force to equalize the ecosystem and thus solves the threat of centralization as seen in Bitcoin and other PoS ecosystems.
No Barrier to Participate in Minting
By introducing a pioneering account balance measure known as Minting Average Balance, V SYSTEMS is able to support stake liquidity and resolve busy contention attacks. The high liquidity removes the entry barrier for users who would like to participate in minting while ensuring the security of the network.
Performance-oriented Evolution
SPoS is designed with enough incentives for supernodes to upgrade hardware and therefore continuously improve the network performance to support large scale growth of decentralized applications.
Minting Economy and Self Governance
Supernodes minters produce blocks using both their own coins and coins leased by other users. A reward in the form of interest will be paid to the owners of paid coins. Since equal minting right gives supernodes equal standing and output, an equilibrium exists as a built-in force to equalize the ecosystem and thus solves the threat of centralization as seen in Bitcoin and other PoS ecosystems.
No Barrier to Participate in Minting
By introducing a pioneering account balance measure known as Minting Average Balance, V SYSTEMS is able to support stake liquidity and resolve busy contention attacks. The high liquidity removes the entry barrier for users who would like to participate in minting while ensuring the security of the network.
What is Peercoin?
Peercoin, also known as PPCoin or PPC, is a peer-to-peer cryptocurrency utilizing both Proof-of-Stake and Proof-of-Work systems.
Peercoin is based on a whitepaper released in August 2012 by Sunny King and Scott Nadal. Sunny King, who also created Primecoin, is a pseudonym. Nadal's involvement had diminished by November 2013, leaving King as Peercoin's sole core developer.
Peercoin was the 4th in cryptocurrency market cap in 2014.
Peercoin is based on a whitepaper released in August 2012 by Sunny King and Scott Nadal. Sunny King, who also created Primecoin, is a pseudonym. Nadal's involvement had diminished by November 2013, leaving King as Peercoin's sole core developer.
Peercoin was the 4th in cryptocurrency market cap in 2014.
What is PrimeCoin?
Primecoin (sign: Ψ; code: XPM) is a peer-to-peer open source cryptocurrency that implements a unique scientific computing Proof-of-Work system. Primecoin's Proof-of-Work system searches for chains of prime numbers. Primecoin was created by Sunny King, who previously created the cryptocurrency Peercoin. The Primecoin source code is copyrighted by a person or a group called “Primecoin Developers”, and distributed under a conditional MIT/X11 software license.
What is V SYSTEMS?
V SYSTEMS (also known as VSYS) is the third project of Sunny King, creator of Proof-of-Stake (PoS) consensus. The vision of the project is to build a blockchain database cloud using the new Supernode Proof-of-Stake consensus which could host a large number of blockchain appilications. The V SYSTEMS mainnet went live in September 2018.
Based on PoS, Sunny King further improved the blockchain consensus from a mathematical perspective with a brand new design called "Supernode Proof-of-Stake", or SPoS. Equipped with this efficient and solid fundamental layer, V SYSTEMS blockchain platform is carrying a very high TPS (transaction per second) and meanwhile keeping the system performance stable.
Decentralized database cloud on V SYSTEMS platform is designed as an industrial blockchain fundamental infrastructure. It provides sound solutions to industrial application scenarios including high concurrency, relation database, key-value pairs, big volume, efficient indexing and data security. Object data model specifically implemented in the V SYSTEMS platform enables V SYSTEMS to support more and more complicated and practical blockchain applications which are in high demands for database, such as finance, gaming, and social networks etc. This feature would speed up the application migration from Internet to blockchain.
In order to materialize the vision of V SYSTEMS, accessibility and developer friendliness are two of the very crucial features designed for the platform at the moment of its birth. Several other innovative features were also implemented so that application developers could be free from blockchain coding puzzles and solely focus on their business logic.
Based on PoS, Sunny King further improved the blockchain consensus from a mathematical perspective with a brand new design called "Supernode Proof-of-Stake", or SPoS. Equipped with this efficient and solid fundamental layer, V SYSTEMS blockchain platform is carrying a very high TPS (transaction per second) and meanwhile keeping the system performance stable.
Decentralized database cloud on V SYSTEMS platform is designed as an industrial blockchain fundamental infrastructure. It provides sound solutions to industrial application scenarios including high concurrency, relation database, key-value pairs, big volume, efficient indexing and data security. Object data model specifically implemented in the V SYSTEMS platform enables V SYSTEMS to support more and more complicated and practical blockchain applications which are in high demands for database, such as finance, gaming, and social networks etc. This feature would speed up the application migration from Internet to blockchain.
In order to materialize the vision of V SYSTEMS, accessibility and developer friendliness are two of the very crucial features designed for the platform at the moment of its birth. Several other innovative features were also implemented so that application developers could be free from blockchain coding puzzles and solely focus on their business logic.
Experience in Blockchain
In 2011, Sunny King built a Bitcoin research team to study Bitcoin replacement technology.
In 2012, Sunny King released Peercoin, the first blockchain project based on the PoS consensus mechanism.
In 2012, Sunny King registered his bitcointalk account and published 1,203 posts. Most of them were Peercoin updates and technology related topics.
In 2012, Sunny King first proposed that Bitcoin was comparable to gold.
In 2013, Sunny King created Primecoin, which utilized the energy wasted by the untargeted computation in cryptocurrency. PoW mechanism in Primecoin has a certain scientific value, and miners have also contributed to Prime searching while mining.
In 2013, Sunny King was interviewed by Vitalik Buterin forBitcoin Magazine (who then founded Ethereum).
In 2014, Peercoin was ranked the third in the global cryptocurrency market, following Bitcoin and Litecoin.
In 2016, Sunny King was interviewed by CoinDesk regarding his creation of Proof-of-Stake based cryptocurrency.
In 2016, Sunny King was interviewed by Crypto Capitalism on topics including technology, business, finance and society.
In December 2016, Sunny King was last seen on bitcointalk and has since stopped providing updates online.
On January 24th, 2018, after a year of hiding, Sunny King officially announced his new project V SYSTEMS.
In September 2018, Sunny King introduced a new consensus mechanism, Supernode Proof-of-Stake (SPoS) in V SYSTEMS project. SPoS is required to run on special hardware. King explained that SPoS is somewhat similar to DPoS, but is expected to further simplify the development and maintenance of blockchain. SPoS will work smoothly with optimized hardware. The special hardware is similar to the ASIC miner in PoW, but unlike ASIC miners, it is less energy-consuming. King has also designed a portal to ensure the network security. And while it appears that the system is more centralized, the portal could keep equal decision power distribution to every Supernode and therefore prevent certain node from being overpowered.
In 2012, Sunny King released Peercoin, the first blockchain project based on the PoS consensus mechanism.
In 2012, Sunny King registered his bitcointalk account and published 1,203 posts. Most of them were Peercoin updates and technology related topics.
In 2012, Sunny King first proposed that Bitcoin was comparable to gold.
In 2013, Sunny King created Primecoin, which utilized the energy wasted by the untargeted computation in cryptocurrency. PoW mechanism in Primecoin has a certain scientific value, and miners have also contributed to Prime searching while mining.
In 2013, Sunny King was interviewed by Vitalik Buterin forBitcoin Magazine (who then founded Ethereum).
In 2014, Peercoin was ranked the third in the global cryptocurrency market, following Bitcoin and Litecoin.
In 2016, Sunny King was interviewed by CoinDesk regarding his creation of Proof-of-Stake based cryptocurrency.
In 2016, Sunny King was interviewed by Crypto Capitalism on topics including technology, business, finance and society.
In December 2016, Sunny King was last seen on bitcointalk and has since stopped providing updates online.
On January 24th, 2018, after a year of hiding, Sunny King officially announced his new project V SYSTEMS.
In September 2018, Sunny King introduced a new consensus mechanism, Supernode Proof-of-Stake (SPoS) in V SYSTEMS project. SPoS is required to run on special hardware. King explained that SPoS is somewhat similar to DPoS, but is expected to further simplify the development and maintenance of blockchain. SPoS will work smoothly with optimized hardware. The special hardware is similar to the ASIC miner in PoW, but unlike ASIC miners, it is less energy-consuming. King has also designed a portal to ensure the network security. And while it appears that the system is more centralized, the portal could keep equal decision power distribution to every Supernode and therefore prevent certain node from being overpowered.
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