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The underlying blockchain database VEE, created by long-time bitcoin geek Sunny King, has unveiled a white paper for the first time and announced that the mainnet will be online within a week. In the meantime, VEE token will be listed on top exchanges in a short time.
The full name of this project is called Virtual Economy Era. It aims to create an absolutely secure underlying infrastructure platform for blockchain database through technological innovation and innovations of consensus mechanism, so that companies using the VeeChain technology can focus on their own business instead of delving into coding issues. In this way, we can support the operation of trillions of blocks effectively in the future and build a new world of blockchain.
After financing at the beginning of the year, VEE project is now valued at $500 million US dollars. If it hits the exchange, it is expected to rank near the TOP 20 blockchain projects globally and be listed as one of the top public chains in the world.
Like Satoshi Nakamoto, a cryptocurrency pioneer, Sunny King invented PeerCoin and PrimeCoin, both of them ranked among top 10 in the world. By introducing the equity Proof of Stake consensus mechanism, he made great contributions to the development of cryptocurrency technology. In 2015, Sunny King led the team to set out again, with the hope of reducing the technical barriers and entry costs of blockchain further and introduce the technology to a wider range of applications.
After tremendous research and development, the blockchain database cloud VEE will finally be officially launched in September 2018. This time SunnyKing brings a new generation of consensus algorithm innovations, SPoS. Detailed SPoS technical documents will be published simultaneously with the mainnet, please look forward to the progress of VEE’s official website.
By significantly reducing the cost of blockchain technology, VEE provides universal and personalized underlying database cloud support for blockchain projects with various application scenarios. VEE will make a breakthrough in accelerating the application of blockchain technology and supporting the use of blockchain in the future commercial society. Sunny King is the chief designer of the project, leading several cryptography senior engineers and database architects from silicon valley to develop in depth.
According to the development team in VEE, the decentralization mode transformation brought by blockchain as a database has strengthened privacy protection while reducing technology cost and improving data security. As the VEE of the blockchain database cloud, it needs to redefine the blockchain through the decentralized database cloud to promote the advent of the era of virtual economy.
The vision of VEE is that the future of blockchain lies not only in the multi-billion dollars of blockchain, but also in the multi-billion blocks, which will bring a new economic era to the world. According to the white paper, the VeeChain mainnet will eventually be capable of carrying four or more digits of TPS.
Compared with traditional blockchain projects, VEE mainly has the following innovative highlights:
- The adoption of SPoS consensus algorithm It can support industrial TPS and reduce the operating cost of the whole system while solving the energy consumption problem.
- Exclusive and Innovative cloud computing features It can generate blockchain effectively, reduce the cost of development of blockchain applications, and provide more developers with an efficient and convenient application development platform.
- Modular construction It simplifies software upgrades in the entire ecosystem
- Common database functionality Presenting data and information in a descriptive and integrated manner while supporting multiple consensus algorithms enables application developers to focus on business logic.
- Smart Contract VEE platform plans to support both Ethereum and EOS smart contracts in a compatible manner. Virtual machines will be implemented in a modular manner so that applications can choose the type of smart contract they prefer; It will also assess and consider the growing number of other competitive smart contract systems.
At the same time, VEE platform also allows different applications to run in different blockchains. Realizing complete scalability isolation with other application systems in the same ecosystem, making VEE even more secure, flexible, compatible and open than current blockchain platforms.
The value of VEE ecosystem is to provide the underlying database cloud service for the applications of several hundreds of billion level projects in the area of artificial intelligence, digital assets, education, cross-linked transaction and smart contract in the near future. In this case, VEE will truly promote the advent of the era of global virtual economy and build a trillion-level blockchain platform. By that time, VEE will be worth $50 billion, $500 billion, or more.
Just as SunnyKing created POS in the past, which has changed the development history of blockchain, as well as the vision of VEE. It is believed that SunnyKing’s third innovation in the blockchain world will completely change the future of blockchain and enable it to go deep into social Economy. People can indeed live a better life through blockchain technology and it will realize Virtual Economy Era in the future.