30 December 2020 — This year has been greatly hit by the coronavirus pandemic. As 2020 comes to a close, let’s look back at our milestones this year, emphasizing blockchain adoption, system optimization and ecosystem development. V Systems believes 2021 will be another momentous year.
In July, we unveiled the newest iteration of the V Systems blockchain, VSYS 2. The upgrade has greatly expanded the functionality of the V Systems blockchain through supporting the Fermat Smart Contract functions including lock contract, NFT contract and payment channels.
Introduced in November 2019, Staking 2.0 has distributed around 50% of the dedicated IPX tokens to our community. With the joint participation of our supernodes and users, more than 1.8 billion VSYS tokens have been staked, representing 30% of all VSYS in existence. While Tachyon has laid the foundation for our blooming ecosystem, NFTOctopus and more applications to be built on the blockchain will further encourage community participation and enhance staking incentive in the V Systems ecosystem.
DeFi is set to become the next big thing in finance
In 2020, DeFi has grown into one of the most active sectors of blockchain. In 2021, the DeFi ecosystem will continue to evolve with a vast spectrum of specific financial services, and setting new standards for access and transparency.
“With bitcoin back in the market spotlight in 2020, it is expected that more traditional financial institutions and investors will become more interested in blockchain technology. Their involvement will greatly also promote mass adoption of cryptocurrency and DeFi . The other big difference from 2020 is that the current market is built upon more solid foundations, with more use cases and actual users. DeFi projects have now ranged in the thousands. In 2021, the industry will focus on the development of some of the most popular and usable DeFi services such as stable coins, insurance, financial management, derivatives and exchanges. ” — Alex Yang
The Rise of Cross Chain
“Blockchains have deep roots in decentralization. Healthy competition between diverse systems is part of the decentralization culture. Maximalists do not really care about the central tenets of blockchains.” — Sunny King
V Systems is currently working on the next version of smart contract to allow atomic swaps, cross-chain swaps, and VSYS to token swaps. These solutions will transform the approach of the current payment system, bringing better resilience to applications built on the V Systems blockchain and increase its scalability and usability.
NFT and Real-world Applications
“As we head into 2021, we’ll see more anonymous teams governed by the wider community or DAOs popping up and experimenting with groundbreaking layer 2 apps and NFT projects. It is expected to see more different kinds of real-world applications and gaming projects come up with financial complexity and global impact that drive adoption beyond what we’ve achieved in 2020.” — Alex Yang
Our current star application on V Systems network is Tachyon (IPX). Tachyon’s VPN service has reached impressive milestones of popularity in 2020. In 2021, Tachyon will implement the latest payment channel contract to enable a vibrant VPN service marketplace for the world.
On the other hand, a new experimental prediction card game Octopus is also launching soon. Built using the V Systems blockchain, Octopus lets users obtain OCT NFT tokens through yield farming and exchange for cards. More and more real-world applications and interesting projects will be built on the V Systems blockchain.
The Industries of Virtual Economy
“Blockchain, cloud computing and databases can be viewed as the three facets of the same technology foundation of the future Internet.” — Sunny King
As a blockchain infrastructure provider, V Systems continues to invest heavily in R&D of blockchain technology related to cloud and database integration. These areas serve as the industry of industries in the virtual economy of the future. vCloud, the cloud-oriented R&D arm of V Systems, is working toward not only a technology platform that would bring closer integration between cloud computing and blockchains, but also aims to showcase competitive solutions to centralized cloud users of today.
Sunny King predicts that Bitcoin is headed for obstacles in the future amid the rise of PoS systems
“In the long run, I believe that PoS systems will continue to gain market share and influence in the blockchain industry. Bitcoin has some risk factors with its design coming up probably within the next 10 to 20 years, when the generation of new bitcoins reduces to minimal. We shall see whether Bitcoin can still sustain a good enough security level via transaction fee collection. Now even if it manages that, there are still concerns that 51% attacks might eventually happen to Bitcoin. In contrast to PoW systems, PoS brings much stronger security against 51% attacks. Other benefits of PoS also include cost savings and minimal environmental impact, since you can get rid of all the energy consumption of PoW and cost associated with its mining infrastructure.” — Sunny King
We continue to regularly iterate new features into V Systems to provide developers a more stable and user-friendly platform. Community participation is encouraged, as feedback provides insight into the specific needs of developers. If you would like to offer feedback on V Systems and work more closely with our team, you can contact our developer relations team at Github.
Other Useful Links
VSYS Official Website: https://www.v.systems
Supernode Ranklist: https://vsysrate.com/
VSYS Blockchain Explorer: https://explorer.v.systems/