V System Mainnet Development Updates

Well-known blockchain infrastructure provider with a focus on database and cloud services V Systems has disclosed several important events that took place on its platform in the last week of May 2020.

The weekly report for the last week of May disclosed that V Systems will take part in Messari’s 2020 event scheduled to take place this week. A further announcement disclosed that V Systems recently partnered with Peercoin VPool Supernode to create an introductory video for the V Systems platform.

V System mainnet development

The blockchain infrastructure provider Fermat Contract supported v.0.3.0 is already undergoing testnet running. With the testnet version running smoothly, plans for the mainnet version to go live are being put in place.

Several important updates are expected in the upcoming V Systems version. The updates, according to an official blog post, are expected to help facilitate the addition of more applications on the platform. One goal is to create more cases for its native token. The upcoming VSYS update will also be equipped with a smart contract plugin and a payment channel. With it, users will be able to carry out transactions and make instant payments. The payment plugin will also enable offline payments and so remains trustless. Since users are not required to pay transaction fees, they will encounter little friction when using the payment channel.

V Systems is also planning the launch of a non-fungible contract feature designed to contain one undividable token. The contract will portray the transfer of ownership of an asset. Alternatively, it can also be used to indisputably represent the proof of ownership of a physical asset.

The contract also has a lock feature, enabling users to store their tokens within the contract. Funds stored in this manner remain locked for a period of time, within which it cannot be transferred or utilized. It would, however, remain verifiable and so “can act as proof that the user will own this number of funds at the end of the time period”.

Utility upgrades

According to an official blog post, V Systems Java version SDK is developing Fermat contract support. Plans are in place to introduce other programming language SDK support on the platform in the near future. V web wallet also has new contract support. This time users can safely and easily withdraw or deposit tokens on the platform. Its V Cloud service is also gearing up for its official launch. With it, interested organizations and institutions can easily integrate the V Systems Blockchain. 

More on VSYS Non-Fungible Token Contract

According to Peerchemist, the V Systems new update will provide support to the non-fungible token. This opens up the token to more use cases. V Systems will enable more smart contract and application deployments. 

Community Updates

First, on the list of community updates is V Systems teaming up with Messari’s Main 2020 event. According to VSYS, the entire team is looking forward to the virtual event scheduled to take place from June 1-3, 2020. Even more important is that 50% of all ticket sales will be directed to COVID-19 relief. Find out more here.

Next, they have Peercoin VPool and the V SYS collaborating together to create an informative and introductory video on V Systems.

Market Overview

VSYS currently sits at #102 on CoinGecko which reports a market cap of over $48 million. In the last week of May 2020 alone, it gained an overall StakingRewards score of 66.57%.


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