Sunny King: An Introduction to Euclid Smart Contracts
Dear Community,
It has been a while since V SYSTEMS launched its main chain, the team is working around the clock to bring a stable release of smart contract features this month. Here I would like to take this opportunity to thank the project team and the community for their ongoing support and dedication to the project. Today I want to highlight the development progress of Euclid, and how it can take us one step closer to our vision of the virtual economy era.
With a mission to deliver decentralized cloud database technology with high scalability, durability, and performance, V SYSTEMS has already implemented SPoS consensus, a super-efficient distributed consensus algorithm with the highest resistance to 51% attacks. The network plans to operate as a cloud platform based on modular systems that can support efficient and agile development of a vast variety of applications to achieve mass adoption.
Release of Euclid 1.0
Euclid aims to provide an omnidirectional token solution for anyone to implement a token economy system in order to rapidly build and deploy high-performance and high-security blockchain-based applications in the V SYSTEMS network. The first release of Euclid will include basic issue and transfer functions that will allow users to create their own tokens and define their uses. It also includes an optional experimental feature for stock split and reverse split, to cater to the future token market supporting traditional stock market features.
V SYSTEMS token infrastructure is designed to be broad enough for most token applications. It is based on a new smart contract language under development by V SYSTEMS.
The V SYSTEMS team has been achieving progressive development goals since our concept inception in 2016 to the main chain launch in November 2018, and now we are unlocking the first release of smart contract functionalities. Moving on, the team will continue to work on smart contract upgrades and system optimization, with a primary focus on blockchain databases.
With Supernode Proof of Stake, the V SYSTEMS mainnet has been operating well without significant issues since its launch. SPoS serves as the enabling technology for V SYSTEMS to reach a global scale. Its governance processes and incentives not only ensure the quality of the nodes but also guarantee a truly decentralized ecosystem where VSYS coin owners have the actual power to govern the network. Based on the mathematical approach, we can ensure the long-term stability and steady development of the V SYSTEMS network.
Paving the way for a virtual economic era
Euclid will provide a simple and compelling application experience for token issuers and DApp developers. In the fourth quarter, we will release a token issuance packaged solution for token developers, which will make issuing tokens as easy as possible for everyone.
When we set out to build V SYSTEMS, we had a goal to focus on Decentralized Finance (DeFi) in our ecosystem development. V SYSTEMS greatly simplifies the process of creating tokens and developing blockchain-based applications. Following the launch of Euclid 1.0, there will be major ecosystem projects coming, utilizing the released features.
The Road Ahead
In the following releases of Euclid, our plan is to support more advanced smart contracts such as depository contracts, payment channels, atomic swaps, and exchanges.
Blockchain technology will more and more resemble a different class of databases. V SYSTEMS plans to achieve this transition in multiple stages. We will gradually integrate database features into our smart contract solution. Sidechain remains a primary model for horizontal scalability for decentralized applications. We will also begin to introduce sidechain-related features in the following releases.
V SYSTEMS aims to be one of the most innovative and efficient blockchain infrastructure providers for the future virtual economy. The team will be updating the community on the project's progress and keep working to realize the mission and move toward the virtual economy era.
CoinMarketCap Global Conference is Almost Here
On 12–13th November, I am happy to be invited by my friend Brandon Chez, Founder of CoinMarketCap, to join him on stage for the opening fireside chat happening on the first day of CoinMarketCap Global Conference — The Capital (https://conference.coinmarketcap.com/).
At the conference, I’m going to share more about the evolution of Proof of Stake, the magic of Euclid's smart contract, and how we can revolutionize blockchain technology with decentralized database and cloud technology in order to create awareness and capability.
Following the official launch of Euclid smart contracts, the team will also announce three highlighting projects to be built on the V SYSTEMS mainnet:
1. Tachyon Protocol — a decentralized internet protocol co-launched by X-VPN, which is one of the world’s largest VPN service providers and the world’s top 20 mobile apps by Apple and Google with 50 million global users.
2. Home Token — a mortgage-backed stable coin project co-launched by a Fortune 500 real estate group.
3. WalkBank — a decentralized bank platform with fiat-crypto integration co-developed by XCurrency, which is a leading mobile forex chart app with 70+ million global users.
Our team is committed to pushing forward a new economic era. I’m very excited to see the blockchain community in Singapore. Please stay tuned with us for more updates and announcements!
By Sunny King
