The VSYS Way
Our Design Goals
- Security
- Ease of Use
- Property Rights
These three points have been baked into every aspect of the V Systems blockchain software. In this article, we’re going to examine how these goals have influenced the design of VSYS smart contracts, staking and supernode operation, and what capabilities this design pattern brings to the table relative to other systems.
Smart Contracts
This section focuses on the differences between V Systems and smart contract platforms like Ethereum.
Ethereum
- Every contract is its own object on the blockchain. The chain does not provide ready-to-use templates, although the ERC-* body of standards provides templates
- Users submit each contract to the blockchain independently
- Best practices dictate that a third party audits a smart contract before it is published to the blockchain.
- Covers nearly every possible use case
- Very Flexible
Developers and Entrepreneurs who wish to launch a smart contract on Ethereum must use Solidity, a smart contract language specifically designed for Ethereum, to create smart contracts. Entrepreneurs with no technical skills who want to create something on Ethereum must find developers who know how to use solidity in order to build their creation.
Here is the most famous ERC standard, the ERC-20, which has become widely adopted for tokenization on ethereum:
By looking at that, you can see that the way ERC-20 is designed to be used is: the user fills in some variables, and then submits the completed contract to the Ethereum blockchain. If you mess it up, or change things in the wrong way, you could end up with a critical security issue like the famous Dao Hack. The problems really show up when you change the wrong things in an ERC contract, or make errors writing solidity. Generally, the approved ERC standards are quite robust and secure.
V Systems
- Every standard contract is implemented only once and stored on-chain.
- Users do no programming, they just set parameters.
- New contracts can be created with no coding
- The most common use cases: Tokens and NFTs
- Creating a security issue is not possible, because users don’t have access to the contract code
- Less Flexible: VSYS contracts are prescriptive and designed with the most popular, powerful uses in mind.
On V Systems, when you create a token, you can ONLY set parameters on the ONE canonical contract that is stored in our blockchain software. You cannot do additional programming and mess it up.
Entrepeneurs can build prototypes on V Systems with no software at all. V Systems self-documenting Swagger API makes clean REST calls easy even for entry level programmers.
VSYS Smart Contracts and our Design Ideology:
By offering fewer choices to end users, our smart contracts are:
- easier to use
- have a lower total cost of ownership by eliminating development work and audits
- more secure than fully-programmable alternatives.
Payment Channels
V Systems will soon introduce Portal: the easiest to use, most secure, and least complex payment channel system.
Portal Payment Channels:
- Do not require a secondary network
- Do not require guardians or punishment
- Allow for instantaneous value transfer
- Allow settlement of received funds to the blockchain before the Portal is closed
We will go into deeper detail on Portal in an upcoming article.
Staking
In the V Systems staking system, we can see our property rights emphasis, security, and simplicity all together in the same place.
VSYS Stakers May:
- Choose to support any Supernode by staking
- Remove their tokens from staking and spend them immediately with no unbonding period
- Receive different types of rewards from different supernodes
The staking system in V Systems uses a concept called Minting Average Balance to ensure that there is a time factor dedicated to minting activities, stabilizing the network by ensuring that no sudden shocks to the system occur.
Finally, Staking 2.0 allows V Systems users to earn ecosystem project tokens by staking their VSYS tokens.
Supernode Operation
Another unique aspect of V Systems is the fact that Supernodes have total control over how they reward stakers for their support. At present, that has amounted to various fee rates charged by Supernodes to stakers, various intervals for payment of rewards to stakers, and various formulas, some private, and some public, for rewarding stakers.
All Supernodes earn a fixed payment of 36 VSYS per minute, and they are allowed to choose how they reward their supporters in the community.
We predict that soon, Supernodes will begin to offer compounding and payment of rewards in other assets, like gold or USDT. These creative solutions are only possible because our design gives the Supernode operator total freedom with regard to how to reward users, respecting the property rights of both stakers and Supernode Operators.
Value for Entrepeneurs and Developers
Our simple design framework allows entrepreneurs and developers to go further, faster on the V Systems platform. Just like “no code” design philosophy changes the way that web applications are being built and lowering the barrier to entry, our “no code” philosophy changes the way that distributed applications and smart contracts are designed and implemented, resulting in:
- Faster Ecosystem growth
- Easier experimentation
- Higher security without high priced smart contract security audits
