VSYS 2 is Coming: Introducing Fermat Smart Contracts

V Systems is designed for practical use cases to achieve blockchain mass adoption. In the past two years, we have already implemented SPoS consensus and launched the Euclid Smart Contracts to provide a simple and compelling token solution for applications.

This month, we will be announcing substantial upgrades coming to the V Systems blockchain. VSYS 2 was built with developers in mind. Our goal is to provide an interoperable open platform for developers to create applications on the blockchain with ease.

We believe the biggest bottleneck to onboard new developers to blockchain is its technological complexity to build and maintain. In V Systems, we wanted to solve the barrier to entry for developers, that’s why we are building the Fermat Smart Contracts to allow developers to go from start to ready-to-build instantly.

Every V Systems contract is static. You can think of our smart contracts like templates that are used over and over, a little bit like the standard contracts on other blockchains, but much easier to deploy and much more secure because you’re setting variables, not writing code. Fermat Smart Contracts offer composable, re-usable primitives for developers to work from. You’ll never need to write and upload code to V Systems like you’d need to do if you were using blockchains with contract support.

Naming Our 2nd Version of Smart Contract — Fermat

With Euclid smart contract, users are able to create their own tokens and define its uses. However, our project does not stop at tokenization — we are very excited to announce the name of our 2nd version of smart contract, to which we have termed Fermat, named after the French mathematician who is often called the founder of the modern theory of numbers. 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 latest Fermat smart contract includes three major pillars, please continue reading for further explanation of each function.

• Lock contract
• Non-fungible contract
• Payment channel contract

Lock Contract

Asset locking is a useful feature in blockchain systems and can be used as a proof of digital property. In VSYS 2, lock contract serves as a tool to lock funds for a user-defined period of time before they can be retrieved.

In the lock contract, there is a ‘lock’ function, which can be called directly and records/updates a lock time for each address.

Non-Fungible Contract

The non-fungible contract is used to create non-fungible tokens on the V Systems blockchain. Each non-fungible token represents something unique and non-divisible. The most distinguishing feature of the non-fungible contract is that max and unit of a non-fungible token is always 1. 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 the stability and security of every operation you do in the contract, as well as ensuring that the token is provably unique.

Payment Channel Contract

Payment Channels have been implemented in several blockchains as a method to increase the scalability of any protocols. By taking a large number of the transactions between two parties off-chain, it can significantly reduce the time and money cost when there is large volume, high-speed and small value transactions.

There are three major variables stored in the VSYS payment channel contract that define the behaviors of the channel’s functions:

• Accumulated Load — the accumulated amount the sender loads into the channel.
• Accumulated Payment — the accumulated amount the receiver has already been paid by the sender.
• Expiration Timestamp — timestamp at which the receiver can no longer collect payments, and the sender can unload the rest of the funds back to themselves.

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.

Twitter: https://twitter.com/VSYSCoin
Telegram:https://t.me/VSYSOfficialGroup
Medium:https://medium.com/vsystems
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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/