VSYS coin (which is the native cryptocurrency of V SYSTEMS) has recently been listed on several top exchanges such as Huobi Global, Bithumb Global and OKEx. As we are approaching the official release of smart contracts, VSYS coin will gain more visibility and usability in the blockchain space.
VSYS coin serves a multitude of uses including transactions, staking and minting on the V SYSTEMS network. Following the launch of smart contracts, VSYS coin holders will also be able to access a vast variety of applications built on the main chain.
VSYS has been steadily climbing the charts in CoinMarketCap, and is now ranked #31 by market cap. This is a major achievement for the V SYSTEMS team, and it wouldn’t have been possible without the support of the VSYS community. If you are with us for the long haul, you can stake your VSYS coins and earn regular mining rewards. Wondering how to do it? Read on to know more.
The Consensus that Powers VSYS
V SYSTEMS is a blockchain database cloud project and dapp platform, where we are creating a general-purpose distributed database for the new digital economy. Our consensus algorithm is called Supernode Proof of Stake, which is an upgraded version of Proof of Stake (PoS). In original PoS, any node can become a validator in the consensus algorithm. Unfortunately, as the nodes’ hardware deteriorates over time, average block minting time will get longer and longer. Participants in the network are unlikely to upgrade the hardware of their nodes to keep up with the increasing performance demand. This ends up hurting the entire network performance, as the network is only as good as its weakest node.
In SPoS, we take away this restriction by allowing only supernodes (which have more memory, bandwidth and processing capacity than ordinary nodes) to participate in the consensus process. By providing enough incentive to supernodes for them to keep upgrading their hardware, we can continuously improve the blockchain network performance. This eliminates any hardware-dependent limitations that conventional PoS suffers from. SPoS is the brainchild of V SYSTEMS Chief Architect Sunny King, who also happens to be the creator of the famed PoS algorithm.
The Magic of Cold Minting
Now just because you cannot maintain a supernode doesn’t mean that you can’t play any role in the V SYSTEMS ecosystem. The security of any PoS network depends on the number of coins staked. In SPoS, you can lease your coins to a supernode, without actually giving away ownership of your coins. The supernode, on its part, will stake all the coins that are leased to it, earn minting (or staking) rewards, and distribute them proportionately to the actual coin owners.
Transferring your coins to another wallet while still maintaining ownership is achieved through the technique of Cold Minting. Here, each wallet is provided with 2 keys — a minting key and a spending key. The spending key has actual ownership of the stake, and is kept offline safely. The minting key, on the other hand, remains online, and allows the minter to sign newly minted blocks. This idea was first explored in Peercoin, one of the earlier blockchain projects that Sunny King was associated with. For detailed information about our technology, please read our published whitepaper.
Creating a VSYS Wallet
To engage with the VSYS ecosystem, the first thing that you need is a VSYS wallet. To create a browser based hot wallet, just hop over to here. Choose a username, select a password, click on ‘Register’, and you’re ready to go. You can also download our Android/iOS wallet from here.
*Please remember to make a copy of your passwords and all the the secret phrase. The information is crucial for accessing your account. If you lose your wallet seed, you won’t be able to restore it from backup.
Sending and Receiving VSYS
To send VSYS to a friend, click on the red button marked ‘Send’ in the ‘Transaction’ tab. Once you get this form, paste or scan the recipient address and the amount of coins to be sent. Remember, for every transaction on the network, 0.1 VSYS is burnt.
If you want to receive coins, click on the green button marked ‘Receive’ in the ‘Transaction’ tab to see your wallet address and QR code.
Leasing VSYS Coins to a Supernode
Before you lease your coins to a supernode, you’ll have to know which supernode is available. The Supernode Ranklist site provides all the details. Today there are 15 operational supernodes and a host of candidate supernodes. If a backup supernode gets enough staked coins, it can contend to be a functional supernode. Here you’ll get information such as supernode fee, address, capacity, reward cycle, and efficiency, based on which you can choose a supernode for staking.
Be careful NOT to choose any supernode which is at 100% capacity — you’ll not get any reward.
Once you’ve selected a supernode, copy its address. Navigate to the ‘Leasing’ tab and click on ‘Start Leasing’. Now, fill in the details (just like how you would when sending coins), confirm your transaction, and you’re set! You’ll see the minting rewards credited to your wallet on daily/weekly/monthly basis, depending on your choice of supernode.
There is no minimum requirement to start staking, and you can cancel your lease anytime you want to. But please remember, supernodes have different reward schemes.
If the interest you earn is less than the required transaction fee (0.1 VSYS), you might not be able to receive any staking rewards from the supernode.
According to crypto staking aggregator and comparator site stakingrewards, monthly staking yield for VSYS now is 1.27%, which corresponds to a yearly staking yield of 15.28%. Join us now in making our network more secure by staking your VSYS coins, and earn a share of the minting reward pie.
Stay Connected
Follow us on Twitter, Medium and YouTube to stay up-to-date with our latest announcements. Join our official VSYS Telegram group, Reddit and bitcointalk to participate in discussions with the VSYS team and our community. If you are a developer, you can also connect with our developers around the world in the VSYS GitHub Community.
Other Useful Links
VSYS Official Website: https://www.v.systems
Supernode Ranklist: https://vsysrate.com/
VSYS Blockchain Explorer: https://explorer.v.systems/
