Proof of Stake Inventor: In the long run, Bitcoin is unlikely to dominate altcoins

During a recent summit in Singapore hosted by the cryptocurrency data platform Coinmarketcap, Sunny King, the inventor of Proof of Stake (PoS), shared his views on the future of Bitcoin, suggesting that its dominant position will eventually be replaced.

King discussed a range of topics, but notably spent most of his time exploring Bitcoin's dominant position in the cryptocurrency market. He expressed support for altcoins and other blockchain alternatives, rather than being a Bitcoin maximalist. In the interview, he stated:

In the long run, Bitcoin may not be able to maintain its current market share. Do not lose hope for the current performance of altcoins. In fact, we need a sufficiently large economy to accommodate various blockchain functionalities. While the base currency BTC is crucial for a healthy and prosperous ecosystem, it only represents a small portion.

King asserted his view that Bitcoin will have a hard time "permanently dominating," especially as industry leaders in Silicon Valley are facing future challenges. For example, MySpace was once the largest social media platform, but now the torch has been passed to Facebook and Instagram.

King further pointed out that mainstream cryptocurrencies have some "risk factors," which will be addressed in the coming decades, especially when Bitcoin's block rewards approach nearly 0% annually:

The future will witness whether Bitcoin can sustain operations solely through transaction fees. But even if this can be achieved, concerns about a 51% attack still exist. If such an event ultimately occurs with Bitcoin, it is not a good sign for its long-term dominance.

According to a report, Sunny King is not only the inventor of the proof-of-stake mechanism but also the chief architect of the altcoin V SYSTEMS, which went online this year and is ranked 41st in market value.

Among all proof-of-stake coins, V SYSTEMS ranks 8th in terms of rewards, with an annual yield of up to 9.14%.

51% attacks are well-known in the cryptocurrency market, with notable projects such as Bitcoin Gold BTG and Ethereum Classic ETC having experienced them. However, due to Bitcoin's massive market value, executing such attacks poses significant challenges.

Further Reading

• The internationally renowned hacker group "Anonymous" will donate $75 million in Bitcoin
• Chinese insurance giant OneConnect applies for IPO in the United States, continuing to invest in the blockchain field

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