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VSYS 2.0 and associated Fermat smart contracts release

By RafaƂ - 2020-05-22

Since its inception, V Systems was designed for practical use cases to achieve blockchain mass adoption. In the past two years, the team already implemented SPoS consensus and launched the Euclid Smart Contracts to provide a simple and compelling token solution for applications across the ecosystem. At the end of this month, VSYS core team will release the 2.0 solution to provide an interoperable open platform for developers to create applications on the blockchain with ease with the introduction of Fermat Smart Contracts to allow developers to go from start to ready-to-build instantly.

Smart contracts details for VSYS 2.0

With existing Euclid smart contract, users are able to create their own tokens and define its uses simply. Fermat smart contracts has several high-level features implemented in such as lock contract, Non-fungible contract and Payment channel contract. In a few words, asset locking is a useful tool in blockchain systems and can be used as a proof of digital property in VSYS network. In the upcoming VSYS 2.0, lock contract serves as a tool to lock funds for a user-defined period of time before they can be retrieved entirely.

Additionally, the non-fungible contract is used to create non-fungible tokens as each non-fungible token represents something unique and non-divisible within the ecosystem. Finally, Payment Channels have been implemented in several known blockchains as a method to increase the scalability of any protocols. With a large number of 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 going on. This last type of contract has three main variables; the accumulated Load which is the exact amount the sender loads into the channel. The accumulated payment or the accumulated amount the receiver has already been paid by the sender. And finally, the expiration timestamp at which the receiver can no longer collect payments.

More information available at https://www.v.systems/