V SYSTEMS is reconstructing blockchain with mathematics
Earlier this week we had the honor to be featured on the top list of staking rewards by global staking website, among Tezos, EOS, Dash, Cosmos, and many others renowned coins in the world.
This is a great testimony to our commitment to achieving true decentralization and rewarding our VSYS Coin users. With our Supernode Proof of Stake (SPoS) design, every user is empowered to take part in the minting process through coin leasing, which allows them to hold their VSYS Coins all while earning minting rewards from supernodes.
Names our smart contract — Euclid
However, our project does not stop on SPoS and staking rewards — we are very excited to announce the name our smart contract, to which we have termed Euclid, named after the ancient Greek mathematician who made famous the study of geometry. This echoes our strong belief in the power of mathematics. We trust that only through a mathematical approach can we grant the upcoming smart contract a versatile yet highly secure design.
The Euclid smart contract will utilize the data-oriented programming language created by Sunny King, by which could materialize the blockchain revolution in finance and economics once the V SYSTEMS blockchain database is open. The launch of Euclid will certainly fuel the growth of our mainnet and we cannot wait to unfold more details about Euclid in the near future.
SPoS reconstructs consensus mechanism using a mathematical approach
Our strong ties with mathematics have always powered the technology innovation here at V SYSTEMS. In fact, the use of mathematics has run in the blood of the very core of our innovation — SPoS. Instead of relying on computer systems, programming logic or human intervention, we put a strong focus on mathematics to ensure a fast, easy, and most importantly safe environment for block production in our main chain.
1. Block production logic
SPoS uses a fixed order and constant block production interval. There are 60 times of block production in a minute, corresponding to the 60 seconds. Each minting slot is set to produce block at a certain second. This is very different from the Bitcoin’s Proof of Work and other mechanisms with random block production interval.
Random block production uses a complex random number calculation mode to ensure the validation and security of the block. However, this complicated design calls for a difficult process for verifying the block. When handling a large amount of data, the associated cost and processing time will be very high. This is why Sunny King and his team abandoned the rationale of random numbers, and instead used a fixed sequence of block production, so as to minimize the cost of scaling by using the most streamlined design. It also helps to bring a more secure environment, since the node and its corresponding block interval is known, it is easier to identify and rectify any issues with a certain node.
2. Secure against 51% attack
SPoS adopts an unrestricted stake liquidity and replaces the concept of coin age with Minting Average Balance (MAB). This is yet another usage of a mathematical approach to improve on Proof of Stake (PoS) consensus, increasing the system’s immunity to 51% attack. The implementation of MAB is able to prevent the risk of frequent attacks caused by excessive stake flows.
The emphasis on stake liquidity contrasts many of the current cryptos using PoS, in which most of them impose restrictions on users’ stake, such as lock up period, delayed withdrawal, withdrawal penalty, lack of rewards in DPoS and more. These coinage settings has created a tall barrier and threshold for users to participate in minting. It also discourages the development of a healthy self-governing ecosystem, which is evidenced by the fact that less than 10% of EOS coin owner participate in the voting process.
To rectify the situation, SPoS uses a high level of stake liquidity to motivate coin owners in participating in the voting and minting process, and as a result achieve the highest level of resistance to 51% attack. Under the SPoS mechanism, the stake can flow freely without hindrance. The user can switch from leasing to one supernode to another in a matter of seconds, without any locks and obstacles.
These two unique approaches allow the V SYSTEMS public chain to handle a massive amount of user engagement, and achieve an almost complete immunity to 51% attacks.
3. A balanced economy
To ensure the long term stability and steady development of a blockchain, a healthy balance is an essential. Despite having a high market capitalization, Bitcoin and EOS have both endured risks of centralization resulted in the imbalanced ecosystem. The hash rate competition between Bitmain and Craig Wright, the low level of engagement in EOS are both clear evidence to the impending risks looming in the ecosystems.
In order to minimize these risks and achieve a stable ecosystem, Sunny King again uses a mathematical approach to reconstruct blockchain. By sticking to the concept of “Stake-as-Power”, stake owners are able to enjoy the highest amount of rewards, ensuring that they are the true owner of the blockchain.
Equal minting right and equal reward right also play important roles in eliminating centralization. Every node receives an equal amount of minting right and block interval, and every node is entitled to the same amount of reward regardless of the amount of stake. This removes the common situation in a PoS system where the poor get poorer and the rich get richer.
Mathematics runs in the blood of V SYSTEMS
It’s not an exaggeration when we say that mathematics run in the blood of V SYSTEMS. According to some internet publications, our Chief Architect, Sunny King, was rumoured to have studied mathematics in the University of California along with Scott Nadal, co-creator of Peercoin. King even created Primecoin in 2013, which was a PoW-based cryptocurrency with a consensus mechanism to find prime numbers.
Our CEO, Alex Yang, also shares a strong connection to mathematics. He graduated from Northwestern University in the USA with a PhD in mathematics. Many of our core management team have also had extensive experiences in mathematics and technology.
Mathematics is the blood that runs through a blockchain ecosystem. Calculation and numbers support and dictate how the system operates. We are continuing to further explore the usage of mathematics to create a flawless and impregnable blockchain at V SYSTEMS.