A General Overview of V Systems (VSYS)
About V Systems
V Systems is a decentralized app platform and native blockchain database that seeks to create a new era of digital economy. Sunny King, the world-renowned blockchain developer and creator of the Proof-of-Stake consensus mechanism with Peercoin who then founded Primecoin, is the chief architect of the V Systems project.
The aim of V Systems is to create a future economy that is built on blockchains. To actualize this aim, V Systems creates a scalable and stable infrastructure that introduces a healthy blockchain ecosystem based on Supernode Proof-of-Stake (SPoS), the next evolution of PoS. V Systems seeks to bring this vision to reality by building an innovative database cloud that ensures blockchain development is swift and easy.
The History of V Systems
Sunny King began a project called V Systems in 2016. The project sought the expertise and knowledge from some of the world’s top database scientists and mathematicians to create a system were innovative consensus algorithms and distributed database cloud platforms can be used to solve some of the blockchain industry’s biggest problems, which are scalability, stability and ease of development.
V Systems created the Supernode Proof-of-Stake (SPoS), which is a new consensus mechanism that is based on the construction of supernode hardware. Now all transactions on V Systems’ main net are completed in less than a second.
The data with regards to V Systems’ main net performance shows that the blockchain is fast, secure, stable, and almost immune to 51% attack. Another revolutionary idea of V Systems is its aim to build the world’s first all purpose decentralized database that has an objective data type, is able to support high-concurrency and provide efficient indexing functions that help to unleash the potential of decentralized apps in day-to-day data processing.
In addition, V Systems seeks to build a modular development cloud platform that allows for the creation of simple, swift, and secured blockchain development platforms.
V Systems has currently adopted the mechanism of reduction of transaction cost and annual fixed inflation rate to build an economic model that is sustainable and viable.
The mainnet was launched on November 27th, 2018, and in the roadmap of 2019–2020, the team is releasing data-oriented smart contracts, secure cross chains, multi-level side chains, etc.
Four Pillars at V Systems
Supernode Proof-of-Stake (SPoS): This is the first pillar of V Systems. It was released in September 2018 and was implemented as V Systems’ basic layer. It is crucial to the development of the next generation of blockchain and is a foundation of a self-governance blockchain infrastructure. Some essential features of SPoS include performance-oriented evolution, minting economy and self-governance. There is also no barrier to participate in minting.
General Purpose Blockchain Database: It is used as a general purpose blockchain database. Bitcoin, by design, is a virtual currency with a blockchain not intended for data storage. V Systems is exploring the use of blockchain technology as a competitive choice for future databases.
Cloud Development & Modular Design: To accelerate the emergence of the proposed digital economy V Systems aims to bring, V Systems is equipped with modular developments and cloud platform tools that will make it easy for enterprise developers to create blockchains with or without in-depth coding skills. This makes the migration to blockchain easier and more accessible.
Sustainable Virtual Economy: V Systems uses the coin VSYS. This coin can be used for paying transaction fees, supernode functions, leasing, and minting. You can access applications built on the V Systems network such as smart contracts and DApps, and pay for resource usage for projects built on the platform’s decentralized database cloud.
The V Systems team is made up of experts from different fields from the giant internet companies and world-leading universities. They are based in Hong Kong, Silicon Valley, and New York. The team is led by Chief architect Sunny King.
Sunny King is the legendary blockchain developer, who invented the Proof of Stake (PoS) consensus mechanism and created three blockchain projects: Peercoin, Primecoin, and V Systems. He is joined by other team members, including:
Jacob Gadikian Developer
James Hitchcock Developer
Kate Shan Developer
Rob Zhang Developer
NC Ying Developer
Craig Thornton Global Relation
Scott Nadal Lead Developer
Barde Z. Developer
James Zhou Strategist
Paul Brown DeFi Advisor
Edward Shuwalov Marketing Advisor
The VSYS Token
The native cryptocurrency for the V Systems blockchain is the VSYS coin. After the mainnet launch in November 2018, the genesis block has generated 5,142,858,000 VSYS coins. Every year, a fixed amount of VSYS coins at 283,824,000 will be produced. However, there is an annual inflation rate of about 5%, but VSYS will act to reduce inflation by burning coins during transactions.
The VSYS coin has a multitude of uses, which include making transactions, staking, minting on the network, access to a wide variety of applications on the network, as well as to paying for resources used on the V Systems decentralized database cloud.
Ethereum is a decentralized, open-source, and public distributed blockchain network that focuses on running programming for decentralized applications. To put it simply, information shared across Ethereum is immutable and unchangeable.
Neo, formerly Antshares, is an open-source, decentralized blockchain platform that seeks to bring to reality a smart economy through the issuing and managing of digital assets using blockchain technology and smart contracts.
Cardano is a completely open-source, decentralized public cryptocurrency project and platform that not only makes direct digital cash transfers fast and secure, but also seeks to run the financial application in use today by individuals and governments around the whole world.
Unique / Key Features Against its Competitors
- Open-Source — As an open-source platform, developers get the opportunity to build an application using public APIs, which encourages fair competition.
- Agile — Compared to its competition, V Systems offers greater flexibility and enables users to quickly generate new blockchains just by using commands through a user-friendly interface.
- Powerful Database Features — The database features are exceptional, allowing developers to focus on the business logic in designing data modules.
- Cloud — This is the public platform that supports an ecosystem of applications.
- Scalability — The application can be run both in-chain and cross-chain.
- SPoS Consensus Mechanism — This is the most distinctive feature of V Systems. Supernodes are minting pools, and minters (holders of VSYS coin) lease coins to earn incentives and gain power over network governance.