On the 4th of December 2021, I had the honor to interview People Network CEO Subham Basu and partner Anthony J James at the BlockShow conference in Singapore.
Mr Basu was an early investor in blockchain technology and met Mr James in 2016 before becoming a making it a full-time endeavor.
“I have become a believe of blockchain technology and I know that it will bring about an even bigger evolution to our lives as compared to the discovery of the internet. However, we will still need to tackle the issue of scalability before the solutions can be applied in the real-world and for the masses. The only person who is most likely to achieve this goal in this field will only be Anthony J James” – Mr Basu
Blockchain 3.0: People Network Proof-of-Value (POV)
When discussing about why POV was developed, Subham Basu had the following to say:
“I think POV is the only way to scale the blockchain and solve the blockchain trilemma. As of now, quantum computing still has ways to go before it be implemented on a larger scale. We still have not found any (successful) POS that is both decentralized and fast. POW is decentralized but not scalable. By 2025, the Bitcoin mining is poised to take up most of the electricity consumption in the world, and that excludes other POW chains. From an economic standpoint, it just does not make sense to further develop a blockchain that costs that much to run. We think that the only solution is POV, and we have been doing research on this topic for many years. Alpha seekers will decide which is the mining protocol they would like to embark on, and this fulfills the spirit of decentralization and equality. When a new mining protocol comes up an is actually producing blocks (returns), they (alpha seekers) can make the switch quickly. POW requires high performance mining rigs to operate, and small-scale computers and mobile phones will not work for the mining. As such, my answer is yes, POV is the only way to scale the blockchain unless we invent something that does not exist today. I’ll continue to prove this point. The only limitation of POV is that, unlike other protocols, the code is complicated and it does not allow everyone to build the type of technology they want on it.”