What’s up crypto people!
I am writing this on my Blog instead of the BEAST platform as I think everyone should hear about Sunny King, V SYSTEMS and how he plans to re-build the Blockchian infrastructure to make it more cost-efficient, developer-friendly, and of course secure.
As you read by the title Sunny King is the creator of Proof of Stake (POS) (Peer coin was his first POS coin) but just as Satoshi Nakamoto (Satoshi) he has chosen to stay private and has never attended any meeting nor events. Now this in my opinion gives the individual to be free with his/her creation, I am working on an interview with him but for now I have spoken to the whole team and gathered as much information as I could to tell you about his project and how he wishes to change the Blockchain world, for the better. So let’s get to it. PS: I have a variety of people visiting my blog so I will try make the article as informational as possible but also without getting too techy. This is what I do on the BEAST platform, which you can find by clicking HOME.
Sunny King obviously is the big name here. But V SYSTEMS also have a team of data experts who’ve previously held senior roles in global companies including Oracle, Accenture, VMWare, Google, Nomura, UBS etc. Over 80% of their team is specializing in R&D. This is not just a team of friends with an idea this is a planned out project with experienced leaders in their own field, all working together for one goal.
Let’s start with saying that I think that V SYSTEMS will be an extremely user friendly experience, especially if you are a business owner who wishes to digitalise your business operations, you can do this at ease with V Systems you will be able to “go online and spec out a Blockchain-based business system using simple templates and modular elements”. Basically meaning it will be very easy to involve your business in the digital age! This is what they have stated and personally I do not thing V SYSTEMS are limited to business owners, as i’m sure there are many of you out there who would wish to easily set up a community which will revolve around digital payments, be it for gaming, or socialising etc. The best part is that you will be able to interact with your system via mobiles and DAPPs.
Let’s start with saying that I think that V SYSTEMS will be an extremely user friendly experience, especially if you are a business owner who wishes to digitalise your business operations, you can do this at ease with V SYSTEMS you will be able to “go online and spec out a Blockchain-based business system using simple templates and modular elements”. Basically meaning it will be very easy to involve your business in the digital age! This is what they have stated and personally I do not think V SYSTEMS are limited to business owners, as I’m sure there are many of you out there who would wish to easily set up a community which will revolve around digital payments, be it for gaming, or socialising etc. The best part is that you will be able to interact with your system via mobiles and DAPPs.
HOW IT ALL BEGAN AND WHY SHOULD YOU CARE ABOUT SUNNY KING’S VISION?
So Satoshi created Bitcoin (BTC) and its Blockchain on the proof of work model which is pretty straight forward; someone creates a transaction on the BTC Blockchain and a machine, which is owned by someone, confirms this transaction and in return get some BTC for this confirmation. For anyone who is not aware this is what BTC mining is. Now this was a genius creation as it started the era of Blockchain and cryptocurrency, but now it’s well outdated, why? Well the mining process costs a lot of electricity and the more people that mine the more expensive it becomes and thus more energy is being used all over the world just to support BTC transfers, this also limits Bitcoins scalability.
Now BTC is like the “GOLD” of the crypto world but crypto and most importantly its tech is moving at the speed of light and in 2012 the POS solution was born with the idea that it alone can support distributed consensus without the need of energy consumption!
How does it work?
POS uses a built in token to assign weight which is given to the decision making power and is in proportion to the amount of tokens held (Known as the stake) This is what freed the Blockchain from the energy consumption which the Proof of work consensus (An agreement) uses.
Coin leasing + minting (Incredible new tech)
Coin owners can perform coin leasing and lease their coins to supernodes for minting. Supernodes will return minting reward to the respective coin owners. This is a key part for SPoS and here is how it works:
If you are a coin holder you will be able to lease your VSYS coins to any supernode of your choice (done though the V SYSTEMS leasing function). The part that took me by surprise and the part that really shows of the tech behind all of this is the fact that when you (the coin holder) lease your VSYS coins they still stay in your wallet! Yes, you heard me right, the SPoS “cold minting tech” actually allows you to lease the coins but still have full ownership of them, you will just not be able to use them during the lease period.
As a minting pool, the supernode starts to mint VSYS coins using leased coins and generates blocks to obtain rewards which are distributed proportionally to VSYS coin holders, in-line of the amount of coins the individual holds.
You can check out the list of supenodes here: https://vsysrate.com
Personally I see that this type of design brings in a really high level of security and at the end of the day, piece of mind!
The way I see it now is that everyone and their mama (joke) can now become part of the minting pools and everyone can earn even if you don’t have a large amount if VSYS coins. AMAZING!
Do you want to find out more? Then I suggest you join their telegram group, I’ll leave a link below.
How does V SYSTEMS fit into all of this?
Well V SYSTEMS is a continuation of Sunny’s other projects and is the step forward we all need in Blockchain tech.
It is possible to create even more efficiency and cost-reduction with Blockchains through what they are calling Supernode PoS (SPoS). Simply put, nodes are the individual servers making up the distributed network that hosts a Blockchain, each of which is regarded as equal despite how much (or little) work they do; Supernodes are high-performance versions which take on much more of the heavy lifting in the network. The supernode is not a shareholder but a minting pool in the system, which means it carries out functions both for the system and for miners. The minters’ activities take precedence in consensus weighting as their activities create value: they are rewarded for supporting and protecting the network while passive holders of coins are not.
Recently presented roadmap for 2019-2010
As you can see the goal of V SYSTEMS was to build a network based on the SPoS and well its happening already, the VEE Systems native Blockchain main network is fully functional and stable. Currently it produces 1 block every 4 seconds and it will get quicker as the network grows. Current success rate is 99.99%, average network delay is in sub-milliseconds.
So with this and before my personal conclusion I want to mention the 5 main goals V SYSTEMS set out for themselves this year on their new roadmap:
1) Scalability & Cost – This is the KEY to Sunny’s vision and I think it will be the main focus for this year and VEE Systems is currently working on providing the worlds first full-featured Blockchain database for storing object-oriented data!
2) The platform and how it’s used – They will be focusing on developing the platform by adding modular development functions and cloud platform tools which will allow enterprise developers to focus on the important stuff, which is doing business on the Blockchain, instead of working on difficult and time consuming code. This brings me back to my first point, which is that this platform is going to open doors to even the businesses which are not very experienced in Blockchcain tech.
3) Safe and stable smart contracts – It’s safe to say that the current smart contract methods are not the safest and well not smart haha, so by focusing on the scalability and the high performance structure of the SPoS network they aim to create the next generation of smart contract. More info about this to come this year.
4) Enterprise DAPP Support – VEE Systems will fully implement Enterprise Decentralised Application (DAPP) support with a full privacy protection layer for smart contracts, databases, and cloud development on mobile devices. An Enterprise DAPP’s back-end code will run on VEE Systems decentralised peer-to-peer network, unlike conventional apps whose back-end code runs on centralised servers. This is a big one and a must have feature for the VEE Systems Blockchain.
5) Decentralised mobile internet – The part I am most excited about and the part I will struggle the most to explain to you but in layman’s terms; the VEE Systems team is going to mix mobile internet and Blockchain technolgy to create a decentrailsed mobile internet network which will feature browser support for mobile phone users. This will simplify Blockchain operations in mobile internet applications. WOW! Let’s just wait and see what happens with this, because I’m pretty excited and it’s been a while since decentralised technology had me this hyped up.
I strongly suggest that all of you join their telegram channel which is: https://t.me/VSYSOfficialGroup
The Best place for their updates is their Medium:
Current price: https://www.coingecko.com/en/price_charts/v-systems/try
Conclusion and my opinion
V SYSTEMS are really un-restricting in what they can achieve with the V SYSTEMS PLATFORM and their Blockchain and are looking to create blockchain that is more scalable, cheaper and user friendly, which in turn will allow even more businesses and individuals to get involved in the industry. Their success in this project will create better Blockchains for all of us!
This is a project I was excited about since 2017! I wrote up an article about them before and now I have actually spoken to them directly and they have achieved exactly what they promised over a year ago, they have done above and beyond and have no sign of stopping.
I am working on making a video on this incredible project so if you don’t want to muss it then go and subscribe on my YouTube channel so you can be notified when it is out:
If you have any questions for me then please put them in the comment below and I will answer each one the best way I can.