Why Vsync (VSX Coin) could be the ultimate crypto currency for privacy
VSYNC is an open source, completely private PoS cryptocurrency which is actually a fork of Bitcoin Core 0.15.x and DASH
The team have recently released the white paper and at first glance Vsync’s vision is to provide a crypto-currency that provides a quality currency in four main areas, privacy, security, decentralization and speed.
White-Paper
Current Technology
Looking in more detail, I have to say the technology they are looking to implement impresses me to a very high degree.
The technology Vsync currently has implemented is, SwiftX, PoS, Masternodes & Zerocoin Protocol.
SwiftX:
A Bitcoin transaction can take hours to complete, but when I tested a transaction with Vsync and its SwiftX capabilities, it was completed with a blink of an eye.
Proof of Stake & Masternodes:
These two features provide an upgrade on the proof of work model, as the network can save on energy costs but can also provide a safer network.
Zerocoin Protocol:
This currently provides the privacy feature for Vsync. Upon a transaction, coins are pooled together in exchange for a temporary currency called zerocoins, creating an untraceable transaction.
These are all features that are implemented within crypto-currencies such as PIVX & Dash and you may be thinking, this still doesn’t explain why Vsync provides the ultimate privacy coin that differentiates from already established competitors?
New Technology
Well let me tell you. I started to investigate the depths of the whitepaper and I began to notice features such as I2P, The Dandelion Protocol, Smart Contracts, Atomic Swaps, SegWit, Lightning Network and Elastic Block-size are to be integrated into the currency, which would take Vsync to a whole new level.
Why do you ask? This is because it would create a streamlined crypto-currency, with technology above competing privacy coins.
Atomic Swaps & Smart Contracts:
Atomic Swap eliminates the need for an Escrow or any third party centralized app, allowing safer, more secure and faster exchanges. For example, if you had Vsync but wanted to exchange it for Litecoin’s you can trade with the owner without the need of third party exchange.
Smart contracts enable private and secure transactions to occur on the blockchain without the need for a third party or central authority in a way that both the buyer and seller are protected.
These two features will allow true integration into mainstream commerce in a decentralized fashion.
I2P & Dandelion Protocol:
The I2P network encrypts users’ traffic with end-to-end encryption and sends it through a volunteer-run network of approximately 55,000 computers (called “I2P nodes”) distributed globally. Combined with The Dandelion Protocol, which provides additional privacy and security to the VSYNC community by obscuring the original source IP of each transaction to further protect users from attacks.
These two features are both deemed to provide a more robust, more secure and much faster anonymous communication model than other models such as Tor, which even new privacy coins such as Token-pay & Deep-Onion currently use.
SegWit, Lightning Network & Elastic Blocksize:
Vsync are looking to improve the scalability and speed of their currency where implementing SegWit, will allow the number of transactions per block on Vsync’s network to be increased by changing the way that data is stored. Lightning network will provide a second layer protocol that enables scalable, instant transactions on the blockchain powered by smart contracts and lastly but not least The Elastic Blocksize. will allow the size of blocks in the VSX network to automatically adjust on demand, to assure the best possible user experience, as well as ensure that VSX will be able to scale on mass consumer adoption.
I’ve been watching the dev team for a long time and I must say they are a really dedicated, strong team which is important for any crypto-currency to be successful when integrating technology of such a level.
Partnerships
In the past month Vsync has been listed on a range of Masternode directories and an exchange called Crypto-Bridge, which is probably one of most promising decentralised exchanges to date.
If you’re an avid mobile user, Vsync has even been listed on a mobile wallet called Sato-Wallet, creating an on the go platform to manage your funds.
Stake-Cube is an interesting platform that has partnered with Vsync which provides a Masternode sharing service for those who aren’t fortunate enough to possess the 100,000 VSX collateral required to run one.
Conclusion
Vsync is a very young coin and at such a low price of under 1 cent, personally I feel this is an absolute steal for what Vsync is and with a circulating supply of 168 million, the potential for growth is beyond my imagination.
I’m sure there are even more exciting things to look forward to with Vsync and don’t say I didn’t warn you, this will be one to watch!
Quick Disclaimer: This is not an investment advice. It is totally my own thoughts and is based on research I have made. Please conduct your own research and decide whether it’s a good investment for yourself.