What is V Systems?
V Systems (VSYS) is a blockchain database cloud project that aims to revolutionize the digital economy. The project’s goal is to create the world’s first object-oriented general purpose distributed database, which will be able to store and empower Decentralized Applications (DApps) that are more complex than pre-existing DApps. At the same time, it hopes to simplify the blockchain and DApp building processes in order to help make blockchain use more universal and easier to employ by businesses of any size or industry.
History of V Systems
The idea behind V Systems was originally developed by Sunny King, who is the inventor of the Proof of Stake (PoS) consensus algorithm. King is also credited with developing Peercoin (PPC), the first cryptocurrency to use PoS, as well as Primecoin (XPM) – one of the first coins whose Proof of Work (PoW) was used to perform useful computations (in the case of XPM, finding unknown prime numbers via PoW computations). King started V Systems because of his belief that the blockchain sector needed to be made easier for anyone to use, even by those with non-technical backgrounds, so that they could create their own distributed ledgers. The coin held a highly successful ICO in early 2018 and the project’ main net was launched approximately a year later. In this time, it has since become one of the most successful coin projects to be launched in 2019, reaching a market cap valuation of over $400 million by mid-July.
How V Systems Works
V Systems uses a novel consensus algorithm known as Supernode Proof of Stake (SPoS), which allows for greater resistance to 51% attacks than Proof of Work, as well as a flexible smart contract system with support for different programming languages, as well as database functionality with smart contract system integration in mind. SPoS also allows for more democratic governance of node voting and gives nodes more flexibility in how they spend and/or allocate newly-minted coins.
Why V Systems?
As a novel blockchain project, V Systems has several advantages over 1st and 2nd generation blockchains. Some of these include the provision of:
- Decentralized database and application. Provision of custom solutions for businesses and organizations with decentralized cloud platforms through a decentralized, scalable database and applications.
- Blockchain development platform. V Systems provides development platforms for app developers to instantly create blockchains. Their platform has a modular structure that allows support for multiple consensus algorithms.
- User-friendly blockchain creation. V Systems creates easier access to blockchain development by easing the burden on developers who use its blockchain creation platform.
- Open platform. V Systems is open to the integration of all types of blockchain technologies and aims to promote a healthy and competitive environment for a wide variety of technologies and ideas.
- Cloud. Usage of a cloud-based database allows for a more efficient creation of blockchain apps, as well as the provision of cloud-based tools that allow blockchain developers to focus on business logic.
- Scalability. V Systems is optimized for database application, modular architecture, micro services, and an industry standard API.