Updated: Dec 20, 2019
V SYSTEMS is a decentralized app platform and a general-purpose blockchain database, to create a brand new digital economy era. VSYS is the native cryptocurrency used by the platform. The blockchain attempts to deliver decentralized database cloud technology, which is both scalable and durable.
This guide will explain the purpose behind V SYSTEMS, its creators, the way it works and various uses and applications.
What Is V SYSTEMS Designed For?
The decentralized apps platform was designed for a visionary mission to create a future economy, which was built upon millions of blockchains. V SYSTEMS was created to overcome the common barriers to entry experienced by various blockchain technology. It is intended to essentially free things up for use by the masses in a cost-effective, developer-friendly, and secure ecosystem.
For this purpose, the founding team created Supernode Proof of Stake (SPoS). This is the next evolution of PoS - a stable and scalable infrastructure, which brings a healthy blockchain ecosystem. V SYSTEMS aims to build an innovative database cloud that would make blockchain developments swift and easy.
Who Is the Team Behind V SYSTEMS?
V SYSTEMS (VSYS) is led by chief architect, Sunny King. King is the legendary blockchain developer and also the creator of Proof of Stake (PoS) consensus model. He created Primecoin and was the first to initiate PoS in a real-time project with Peercoin.
Other members on the core developer team are all experts having worked with Oracle, Google, VMware, Uber, and many other Silicon Valley tech companies. The leading developer team has some of the top database scientists and mathematicians from all over the world.
How Does V SYSTEMS Work?
V SYSTEMS works on the SPoS algorithm, which aims to target the limitations of a more common Proof of Stake (PoS) consensus algorithm. In SPoS, only supernodes that have a much higher bandwidth, memory, and processing capacity are allowed to mint as compared to PoS where any computer can mint.
This allows for faster processing of transactions and increased scalability. To make the entire system work, ordinary nodes lease their coins to the supernodes through a process called cold minting or cold staking. The supernode, in turn, stakes the coins to mint rewards. These rewards are distributed proportionately among all the stake owners.
Constant minting interval is maintained here since the process is completed only by supernodes. Around 15 supernodes are being currently operated by wallets, exchanges, and staking communities.
It is expected that the platform shall deliver decentralized cloud database technology with finality, high scalability, performance, and durability. One of the reasons why V SYSTEMS has been readily accepted by the crypto community is that it is practically resistant to 51% attacks.
What are Current and Future Applications of V SYSTEMS?
The V SYSTEMS mainnet along with supernodes went live in November 2018. Since its inception in 2019, the token VSYS has been listed on most top 10 exchanges including ZB, Bitfinex, Huobi, OceanEx and more.
V SYSTEMS is designed for mass adoption in practical real-world use cases. Users will soon be able to create their tokens with just a few clicks and inputs in the wallet, without the need for any solid IT knowledge.
It can also support effective and agile development of a broad range of applications, including (but not limited to) entertainment, decentralized finance applications (DeFi), social media, Dapp deployment tokenization, and a lot more.
VSYS has multiple uses which include transactions, staking and minting on the network. These tokens can also be used to access a wide variety of applications that are built on the network, such as cross chains, side chains, Dapps and smart contracts. VSYS can also be used towards paying for resource usage on the decentralized database cloud.
In June 2019, the decentralized platform partnered with ChainLink (LINK) to use the blockchain oracle and implement it before the upcoming mainnet upgrade (titled Euclid). Euclid is the smart contract of V SYSTEMS and carries a high level of processing power, which enables it to handle a mountain of data in a swift manner.
Even more recently, in September, V SYSTEMS announced a partnership with Xangle, which is a South Korea-based crypto-asset disclosure platform. The collaboration is expected to bring transparency to the blockchain community and also propel VSYS into the world of traditional corporations and financial institutions.
V SYSTEMS has an ambitious vision of tackling all the current limiting features of existing blockchains, which stand in the way of creating a multi-purpose, large-scale, user-friendly, and economical blockchain. Experts believe that V SYSTEMS success shall not only result in creating better future blockchains but also help in delivering massive improvements in the crypto space.