V SYSTEMS Forum AMA Recap and Winners Announcement
Over the past few weeks, we’ve been holding an AMA contest on our V SYSTEMS Forum. Thanks to all the community members who submitted excellent questions! The VSYS team has selected 5 winners to be rewarded with 500 VSYS.
To extend our gratitude and appreciation, we decided to reward everyone who participated in the AMA with 100 VSYS. Our team will reach out to you on the forum to follow up on the reward distribution arrangement.
Congratulations to all the winners! We look forward to providing more regular AMA opportunities in the future, and we encourage you to keep asking!
Ll_lcy: Are there any differences in the token mechanism of Staking 2.0?
Yes. The biggest difference is this:
Under staking 2.0, you will get our ecosystem tokens, as well as VSYS when you’re staking. The best and most current example of this is with the IPX token. 10% of the IPX token supply has been put aside to reward users staking VSYS. VSYS and IPX will be given out proportionally between stakers on a supernode, the same way that VSYS is given out now.
I’m really excited about staking 2.0 because I think it’s going to grow our ecosystem, and because to the best of my knowledge, it’s an industry first. Other top-tier VSYS ecosystem projects will use the staking 2.0 model, as well.
— Jacob Gadikian, Developer
Nagalim: What are the technical differences between the stake leasing MAB system and delegated proof of stake as implemented by, for example, Bitshares?
First of all, there are many key differences between the V Systems’ SPoS and other PoS mechanisms. As you pointed out, one of the novel innovations is called Minting Average Balance (MAB) which merges the concepts of Weighted Average Balance (WAB) and the current coin balance, and takes the minimum of the two. Not only does it ensure the fairness of calculation, but it also reduces the complexity and disadvantages associated with “confirmed balance”, a hugely ineffective algorithm especially in a high block height environment.
With the implementation of MAB, the system is able to prevent the risk of frequent attacks caused by excessive stake flows. It also provides a fair and competitive environment that allows supernode status can be contended at any time via a process that assesses and compares MABs. This process ensures that supernodes are incentivized toward the incremental increase in total network power through competitive selection.
SPoS also adopts unrestricted stake liquidity (no locking period to “unbond” your coins; staked coins can be canceled and moved anytime) which can increase the system’s immunity to 51% attack.
Additionally, the traditional PoS systems assign new blocks through a pseudo-random system based on the staking weights of the nodes. In the SPoS consensus model, all supernodes have a fixed sequence to release blocks (they rotate in an orderly manner). All supernodes receive a fixed and identical reward to ensure fairness and minimize wealth discrepancy. Thus this self-adjusted balance mechanism eliminates the challenges due to voting collusion and unbalanced voting power distributions as we see in the other PoS systems.
— Jacob Gadikian, Developer
Falconite: What would happen if a group of supernodes tried to gang up and compromise V SYSTEM’s blockchain?
In order to control the V SYSTEMS blockchain, such as DoS, or double spend their own coins, the bad players need to gain control of more than half of MAB’s among all supernodes. This is a much stronger requirement than PoW’s 51%.
The Equal minting right feature of the SPoS blockchain also gives supernodes an equal standing and minting output to ensure fairness in the minting economy. This built-in mechanism is put in place to prevent the domination of mining pools as we as to prevent big players from expanding the wealth gap among supernodes with their crypto-wealth.
— Sunny King, Chief Architect
Jalalnsb: Why does V SYSTEMS choose SPoS over DPoS? What are the benefits?
In SPoS, regardless of stake amount, each supernode generates the same amount of new coins. It’s an equilibrium that forces a balance of power, basically, the minting power of supernodes is equal.
So SPoS is designed for:
1. Performance-oriented, no laggy minters having no budget to upgrade to better hardware
2. Minters can be on more equal footing, not easily dominated by very few mining pools
3. Highest security level against 51%
— Sunny King, Chief Architect
Cwielong89: What are your plans to grow and strengthen a product-oriented, not price-oriented community? Also, What is the main motivation and energy that you can say for VSYS holders in the long-term?
We’re going to continue to promote our ecosystem on product, and we’re going to continue to build it. A great example of this is the ongoing work on Tachyon Protocol.
We’re collecting and launching products that we as a team and a community feel strongly about. When it comes to the development of the V SYSTEMS platform itself, we’re making our platform as friendly to new adopters as possible by ensuring that our tokens are easy to create and secure, and by working on new tools that will allow for the launch of independent blockchains to ensure that bandwidth requirements are met.
All of this is being done with an eye to shipping products that are uniquely easy to use, both for developers and for end users.
To VSYS holders, I’m quite willing to speak personally. The things that excite me most about the VSYS token are:
- Staking 2.0
Staking 2.0 makes our ecosystem whole. It gives VSYS projects the ability to engage nearly every VSYS token holder through staking. Not only that, but I’m not aware of any other project or ecosystem using a similar approach. I’m really excited about it! - Our Ecosystem Approach
So far, the projects we’ve engaged with have taken the form of close partnerships. Staking 2.0 strengthens this bond. I think that as we move towards a multi-chain ecosystem, we’re going to see huge growth in the number and variety of projects building on our platform - Our SDKs
We’ve got great software development tools, and they’re only going to get better! I recently built a small application with our Go SDK, and the experience was great! The easier our dev tools are to use, the faster our ecosystem will grow, and our dev tools are quite easy to use.
— Jacob Gadikian, Developer
Stay Connected
Remember to follow us on the platforms below to stay up-to-date with our latest updates and announcements.
V SYSTEMS Forum: https://forum.v.systems/
Twitter: https://twitter.com/VSYSCoin
Telegram:https://t.me/VSYSOfficialGroup
Medium:https://medium.com/vsystems
YouTube: shorturl.at/mxX09
Reddit:https://www.reddit.com/r/V_SYSTEMS/
Github: https://github.com/virtualeconomy/v-systems
Other Useful Links
VSYS Official Website: https://www.v.systems
Supernode Ranklist: https://vsysrate.com/
VSYS Blockchain Explorer: https://explorer.v.systems
