The Creator of Proof-of-Stake Thinks He Finally Figured It Out

The creator of peercoin, the first proof-of-stake cryptocurrency launched in 2012, and primecoin, a cryptocurrency that achieves its security by searching for prime numbers, King is known for finding innovative ways to re-architect the technology.

Primecoin even inspired ethereum founder Vitalik Buterin, who called King "The single most original altcoin developer out there" in 2013.

According to King, with this, the project intends to simplify the development and maintenance of the blockchains therein.

Built to popularize blockchain adoption by optimizing the technology for data-storage and making it more efficient to deploy, the project is being designed specifically for a Hong Kong-based project, Virtual Economy Era, of which King is chief architect.

According to King, "VEE takes a good look at the barriers of building blockchain applications and tries to streamline the process and expand the ecosystem, so at some point we can say using blockchain technology is as easy as using a database."

Announced on a peercoin forum in January, King's new venture hasn't been entirely well received by his former communities.

Sure enough, King, who was the main developing force behind peercoin and primecoin, stepped away from those, leaving them to flounder.

Peercoin has had a rocky six years since King left, although currently, the developers behind peercoin are going to great lengths to "Modernize the codebase" by making it Segwit and Lightning Network compatible.

Following King's announcement of the project, peercoin community members warned each other from investing in VEE, pointing to the fact that the information on the corresponding website is only partial.

King continued, saying the idea came to him due to a long-standing developer quandary in peercoin - the problem of so-called "Cold-minting."