Full description of V Systems
VSYS is a utility
Token (?) that fuels the platform V Systems. The platform is a
Blockchain (?) infrastructure provider aiming to create a secure space for dApps’ developers with a focus on database and cloud services. Powered by the Supernode Proof-of-Stake (SPoS)
Consensus (?) algorithm, it provides its users with a highly scalable and durable solution.
The token VSYS is primarily used within the platform with such use cases as transactions, staking, and minting on the network. They can also be used to access a variety of
Decentralized (?) applications built on the V Systems network. One of the key innovations delivered by the platform is the SPoS consensus algorithm which is a modification of DPoS (Delegated-Proof-of-Stake) mechanism.
On DPoS, there is a number of
Block (?) producers that are eligible for minting new coins and releasing them into the network. Other participants of the network can delegate their tokens to these block producers and thus vote which of them has the right to mint tokens further. While token holders delegate their coins, they still remain in control over their private keys. With SPoS, the situation is similar, only block producers are exchanged for supernodes who have the right to mint new coins proportional to the amount of staked coins that they control.
Such an approach helps to eliminate the problem of high electricity consumption inherent to cryptocurrencies based on the PoW (Proof-of-Work) mechanism. Also, it makes the network scalable and makes it possible to conduct thousands of transactions per second at zero fees.
VSYS is not the only project implementing PoS-based solutions to overcome the scalability issue. One of its key competitors is DPoS-based
EOS (?) which is one of the most active blockchains according to Blocktivity.info. Other projects include Lisk, Bitshares, and Steem. To attract developers, V Systems develops API, SDK and code libraries in several popular languages. Also, the platform plans to support the smart contracts’ functionality and help its users to issue their own tokens.
The
ICO (Initial Coin Offering) (?) was conducted on March 28th, 2019. It was bad timing for raising funds as the whole market was in the deep stagnation and there were not too many investors eager to give their money to risky startups. However, the project managed to raise the needed cap of ~$560,000 USD within a day and by November it released a working blockchain.
VSYS coins can be stored on the platform’s native
Wallet (?) that is available for download on the project’s official website. The most active
Exchange (or Cryptocurrency exchange) (?) platforms that support VSYS include Huobi, OKEx, Bithump, Coinall and many more.
The key person standing behind the project prefers to appear in public under the pseudonym Sunny King. He’s famous for inventing the PoS mechanism, and apart from V Systems, he has such prominent projects behind his shoulder as Primecoin and Peercoin, a pioneer of the Proof-of-Stake system. Other team members are pretty experienced, too, and are mainly located in Hong Kong with two more offices in Silicon Valley and New York.
- Exchange symbol (?): VSYS
- Cryptocurrency type (?): Token (?)
V Systems for developers
V Systems social sites
Source: NOMICS
