What Is V Systems? Introduction To VSYS Token
Sunny King, inventor of PoS, has a new gig.
What is V Systems?
V Systems is a general purpose blockchain system with an eye toward becoming a platform of choice for those building decentralized applications. The chief architect is Sunny King, the pseudonymous creator of Peercoin and Primecoin.
This project launched a working blockchain in November 2018 and in recent months has picked up plenty of momentum, rapidly moving up CoinMarketCap’s Top 100 list.
Sunny King is a ‘consensus specialist’ and the man behind Peercoin, a blockchain that inspired the designs of several other projects. Peercoin pioneered the use of a Proof of Stake system, a controversial move back in 2012.
He was also the creator of Primecoin in 2013, another contender from years ago that had a unique Proof of Work system. Primecoin had miners working to discover new prime numbers, work that actually benefits humanity.
V Systems has a lot of activity now, with multiple projects in development and projects in various phases of completion. Recently announced partnerships include Tachyon, a collaborative undertaking with X-VPN to build some core infrastructure, and SesameOpen, a project to create a disruptive “middle layer protocol” for blockchain enhanced e-commerce.
VSYS Token Summary
V Systems has a native currency traded under the symbol VSYS, with 3,721,578,678 issued. The all time high back in July was $0.297542 USD per coin, up from the all time low in March of $0.027344 USD.
At the time of writing, VSYS is currently ranked #37 on CoinMarketCap, with a market capitalization estimated at $149,848,434 USD.
VSYS is currently trading on fifteen exchanges with seven trading pairs.
VSYS had their IEO in March 2019 with 300,000 participating and has been announcing new projects, partnerships and exchange listings ever since. Hodlers of this coin can take advantage of V Systems’ non-restrictive staking mechanism. Coin holders can lease them to supernodes and earn a share of the rewards from minted blocks. That share varies among the different supernodes along with the interest payment cycle.
V Systems Decentralized Application Platform
One of the distinguishing features of this platform is the SPoS consensus mechanism. Supernodes mint VSYS coins proportional to the amount of staked coins they control. These coins include those leased from ordinary coin holders who share the block rewards.
Those leasing their coins to the supernodes retain control of the private keys. This system has sixty slots for supernodes, one for each second in a minute. This is designed to lead to a fast emission schedule and predictable block minting times.
There are currently several choices for wallet software including the reference a web based wallet and corresponding Android wallet. There appears to be support for IoS as well, and for Trezor and Ledger hardware devices.
The landscape for infrastructure and utility development is highly competitive and V Systems intends to attract new projects. For developers interested in building on this platform there is a V Systems API, and SDK and code libraries available in several popular languages.
A token creation system has recently been deployed that allows users to create and issue tokens. This will blossom into a full smart contract platform in 2020, supporting EOS and Ethereum style smart contracts according to the V Systems whitepaper.
V Systems Summary
V Systems is an energetic new player in the decentralized application space and their coin VSYS has been powering up the charts in recent months. This is an infrastructure play, with decentralized finance (DeFi) being targeted as an application area they intend to compete for. The success of V Systems relies on these key factors:
– V Systems uses the SPoS consensus mechanism to ensure fast, predictable and reliable block production.
– Continued development will bring a flexible and compatible smart contracts platform to V Systems.
– A focus on attracting new projects and partnerships will enable V Systems to build out the ecosystem around their platform.
With a high profile chief architect, aggressive pursuit of partnerships and hard work V Systems hopes to build a blockchain system with a difference. They are taking deliberate steps to become the DeFi platform of choice and that could be their winning move.