This is a submitted sponsored story. CCN urges readers to conduct their own research with due diligence into the company, product or service mentioned in the content below.
The project, VEE — with its international team — aims to significantly lower the cost of blockchain technology and massively increase its competitiveness as a database platform when compared to traditional, centralized systems.
An improvement upon Bitcoin
Sunny King — one of the founders — said that VEE is a continuation of his previous work. Peercoin and Primecoin were focused on addressing one aspect of Bitcoin (BTC) that he thought could be improved upon — energy-efficiency.
Peercoin was the first proof-of-stake (PoS) cryptocurrency, which significantly improved efficiency. Primecoin was a coin based on proof-of-work (PoW), but instead of performing calculations useful only for securing the chain, the miners searched for prime numbers, which justified the energy usage.
VEE aims to solve another one of Bitcoin’s problems — making the development of new systems more accessible. More accessibility means that, with this system, launching a new chain should be less costly and simpler.
The project’s features
Viability and scalability
The VEE platform has two main focuses. One is to render blockchain as a viable database system choice. The other one is to make it possible for companies to use blockchain without getting lost in its complexities, letting them focus on their business.
Since this blockchain is also intended to be used as a database, it will support object type data storage and, in a future version, indexing and searching as well. Object data modeling lets developers handle data more conveniently for some applications.
Trying to make it simple doesn’t mean that the platform isn’t also meant to be versatile and customizable. When it comes to scalability, VEE aims to scale its platform by having many collaborating blockchains. The project’s white paper states:
“It is our vision that the future of blockchain is not only in a few billion dollar blockchains, but also in billions of blockchains as well, to bring a new economic era to the world.“
That being said, VEE should also be able to guarantee over 1,000 transactions per second. More conclusive data on this front will be available shortly when the testnet goes live.
This system aims to support many consensus algorithms and smart contract virtual machines (VM) on sidechains in order to increase its versatility. The white paper explicitly cites future support for Ethereum and EOS style smart contract systems, which means that developers working on those platforms are also potential VEE developers.
To further improve customization, the system also features a modular design in Q5. This design lets developers choose the features of their sidechain, like the consensus algorithm or the smart contract VM in an easy way.
When asked if VEE will be as decentralized as Bitcoin in the future, Sunny King said:
“Bitcoin mining pools are often criticized as a point of possible centralization. In this regard, the supernode in SPOS [Supernode Proof of Stake] is sort of like the Bitcoin node operated by a mining pool.”
“Unlike Bitcoin’s mining pools that have a tendency to monopolize, the SPOS system has a built-in mechanism to make the supernodes more equal in their power. So in this sense, one can make the argument that SPOS is more decentralized than Bitcoin in terms of the decision-making power of the pool nodes.”
A more equal distribution grants a higher amount of nodes need to be hacked in order for the entire network to be compromised, which translates into higher security.
Still, while this may be true, the total amount of nodes is also important. The number of nodes of a young blockchain is much lower when compared to BTC. As a consequence, the resources needed to hack BTC would still be much more than the resources necessary to hack a younger blockchain with a more equal “power distribution.”