V Systems smart contracts; support for non-fungible tokens
V Systems is a versatile and customizable blockchain platform which makes implementation and deployment of decentralized applications as simple as using a database.
We believe that one of the reasons why blockchains are still under-utilized is because of the lack of easy to use APIs, or programming interfaces, and the substantial risk of introducing security issues in blockchain applications. V Systems features a simple API for a myriad of standardized functions — enabling developers to use and deploy tokens, non-fungible tokens, payment channels, atomic swaps, and database interaction in just a few lines of code, with examples provided by the self-documenting API.
Non-fungible tokens
To explain what non-fungible tokens are, an introduction to a concept of fungibility is needed. Cash is fungible. Each individual unit of cash money is interchangeable and functionally indistinguishable from each other. A ten-dollar bill is interchangeable with any other genuine ten-dollar bill. One could argue the dollar bill is not fungible because it has a serial number on it. However, making a rule like ‘I only accept dollar bills with even serial numbers’ is illegal precisely because it breaks the abstract concept of the fungibility of the dollar.
Non-fungible means just the opposite, non-fungible items/tokens are unique and special snowflakes.
Non-fungible tokens (NFTs) hit the market 2016 when the Bitcoin-based Counterparty token protocol was at peak of its popularity. The first use case of gaming related NFTs have been crypto-collectible trading card games. Projects like Age of Chains and Rare Pepes have been using the Counterparty protocol to issue Bitcoin based blockchain trading cards as NFTs as early as 2016. NFTs are best thought of as collectible art pieces, and each one is associated with a unique digital token to prove its rarity.
Think of non-fungible tokens as rare, one-of-a-kind collectibles.
The basic concept of Rare Pepes is that users can purchase a unique token representing a unique drawing of Pepe the Frog, a famous internet meme originating from 4chan. When Rare Pepes are bought and sold the tokens change hands, and ownership is tracked on the Bitcoin blockchain.
The NFT concept has exploded with the advent of the Ethereum platform, where Crypto Kitties and collectible virtual tanks have captured quite a following in the crypto-community. Idea of Crypto Kitties is very simple. You create your own digital cat on top of the Ethereum blockchain and then you can take care of them, breed them, auction them etc.
Even the big multi-national companies are catching the NFT train. Nike holds a patent for its blockchain-based NFT-sneakers, ‘CryptoKicks’. Blockchain is used to attach cryptographically secured digital assets to a physical product, in this case a sports shoe. When you buy a pair of “CryptoKicks,” you receive a blockchain token attached to a unique identifier of that shoe.
V Systems non-fungible token support
Along with other improvements in “Fermat” update, latest version of V Systems delivers support for non-fungible tokens.
This allows V Systems developers to implement unique tokens for a myriad of use cases. Anything from concert tickets, store coupons, discount coupons, tokenized real-estate, luxury cars, collectible “oldtimer” cars, a antique statues and much more can now be safely and securely tokenized on the V Systems blockchain.
When a non-fungible token contract is initialized, its constant is set to be zero. After a non-fungible token has been issued it begins to exist, its supply then permanently fixed to 1. This ensures that every operation you do in the contract is deterministic, as well as ensuring that the token is provably unique.
Stay Connected
We continue to regularly iterate new features into V Systems to provide developers a more stable and user-friendly platform. Community participation is encouraged, as feedback provides insight into the specific needs of developers. If you would like to offer feedback on VSYS 2.0 and work more closely with our team, you can contact our developer relations team at Github.
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Other Useful Links
VSYS Official Website: https://www.v.systems
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VSYS Blockchain Explorer: https://explorer.v.systems/
