VSYS Fermat Smart Contract Empowers Tachyon(IPX)

Published in

Tachyon Protocol

4 min readAug 7, 2020

V.Systems, the blockchain platform on which our decentralized Internet protocol has been built, has launched the 2nd version of their advanced smart contracts. Known as Fermat, this new set of smart contracts includes payment channel contract, lock contract, and non-fungible contract. Being the first member of the VSYS ecosystem, the Fermat smart contracts will significantly accelerate the development of Tachyon Protocol.

Why VSYS Smart Contracts?

The first version of the VSYS smart contracts, known as Euclid, were similar to templates which allowed DApp developers to create their own tokens and define their uses. However, V.Systems’ vision includes end applications which would require more features beyond tokenization. This is where the Fermat smart contracts come in. With this update (VSYS2), V.Systems has introduced substantial upgrades to their blockchain platform which will allow developers to go from start to ready-to-build instantly.

Tachyon and V.Systems (also known as VSYS) share a joint vision to improve fundamental internet infrastructure technologies, and find a solution to online privacy and security issues. We have been collaborating and sharing R&D with VSYS’ team since 2016 with this aim in mind. Through this partnership, our application will bring millions of users onto the VSYS ecosystem, while VSYS will provide us with technologies needed to design scalable and robust DApps.

Tachyon Bandwidth Marketplace

Tachyon’s decentralized VPN app is already being used by over 870,000 users worldwide. We are also building a global peer-to-peer Bandwidth Marketplace, where nodes with excess bandwidth will be able to sell their spare resources to other Tachyon VPN customers. The IPX Staking System will be a core component of this upcoming marketplace.

Users can already stake their IPX tokens to the Tachyon network and earn conventional Staking rewards similar to other PoS-based blockchains. Moreover, users who sell bandwidth will be paid Session rewards directly by their customers. The rate of session rewards will depend on session pricing and bandwidth demand.

Apart from the IPX Staking System, the Tachyon Bandwidth Market infrastructure will consist of 3 other critical components — the IPX Node Manager, the IPX Wallet, and the Tachyon Payment Channel. The IPX Node Manager 2.0 already allows Node Providers to create and run Tachyon nodes, and join and manage IPX staking. The IPX Wallet, which enables Tachyon VPN users to obtain IPX to buy premium VPN traffic, has also been released. The Tachyon Payment Channel will be the final step towards the completion of the Bandwidth Marketplace.

Tachyon Lock Contracts and IPX Staking System

Tachyons users can stake their IPX tokens through one of Tachyon’s official Platform Partners, which includes IPXUS and Bithumb. Going forward, the IPX Staking application will make use of Lock contracts, which allow users to lock funds for a pre-defined period of time before they can be retrieved. Users will be able to stake their IPX tokens to the smart contract for a certain staking period, at the end of which the staked tokens will automatically be transferred back to their wallets. The use of Lock contracts is expected to make IPX Staking more reliable, hassle-free, and easily customizable.

Tachyon Payment Channel Smart Contracts

Users of Tachyon VPN will pay the bandwidth sellers for each session, comprising 5MB blocks of data. Considering the rapidly growing number of Tachyon users, this will lead to a huge volume of micro-payments. This can heavily slow down the network if all these transactions have to be verified by the blockchain nodes. Moreover, the delay between the payment and confirmation of the payment can disrupt the VPN service and lead to inferior user experience.

The Tachyon payment channel will use a special type of smart contracts to solve these issues. These smart contracts will settle most of the transactions between two participants off-chain, and broadcast only the final state to the blockchain nodes. The time and money spent on settling transactions will be reduced significantly, ensuring that Tachyon’s VPN service can continue to function in a smooth manner without any disruption.

The Future of Tachyon

Tachyon’s VPN app already supports over 870,000 users and 1,520 decentralized nodes. At this rate, we will reach one million users by the end of August. The global VPN market is expected to grow to $36billion by 2020. The current focus on DeFi shows that decentralized services are growing in stature. Being one of the few players in this market segment, Tachyon VPN will grab a major share of the decentralized VPN market.

The integration of Tachyon Bandwidth Marketplace will attract more nodes into the Tachyon ecosystem by providing them with a platform to sell their spare bandwidth resources. On the other hand, PC and router Tachyon users will be able to become Node Providers through Tachyon VPN, driving the number of Node Providers to expand far beyond our imagination. Since IPX is the only method of payment in the market, the IPX staking community will also grow simultaneously.

The Fermat smart contracts are poised to play a major role in all future developments of Tachyon’s distributed Internet protocol.

Stay Connected:

➤ Telegram Group: https://t.me/tachyoneco

➤ Telegram Channel: https://t.me/tachyonprotocol

➤ Twitter: https://twitter.com/tachyon_eco

➤ Medium: https://medium.com/tachyon-protocol

➤ LinkedIn: https://www.linkedin.com/company/tachyon-protocol

➤ KaKao: https://open.kakao.com/o/gRTetMzb

➤ Reddit: https://www.reddit.com/r/TachyonIPX

➤Youtube:https://www.youtube.com/channel/UCvrANAq2HBYEPSL5nnsYQPg