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Weekly Report — 5th Week of July 2020

V Systems | 07.31| 22

Weekly Report — 5th Week of July 2020

In this weekly report (5th Week of July 2020): The main chain has been updated successfully at the 13,140,520th block today to start supporting the Fermat Smart Contract functions. Tachyon Protocol has entered a cooperation with AWS and Google Cloud to build its Node Network. This week, our report will introduce the global bandwidth market built on Tachyon VPN. Please read the full report below.

1. VSYS Blockchain Development

Mainnet Development

The activation height for the Fermat release of 13,140,520 has been reached today, officially allowing new types of smart contracts to be used. To help users in using the new functionalities, their concepts will be expanded upon in this weekly report.

Payment channel contracts will enable users to create a payment channel with each other that can save transaction fee costs in certain scenarios. Within a payment channel, there is a paying user, and a recipient user. The paying user can then issue ‘promises’ for payment to the recipient, rather than directly sending the payment and incurring transaction fee costs. These ‘promises’ come in the form of a signed message, which can be verified to be a valid ‘promise’ of payment for a certain amount. Payment channels can enable transactions that wouldn’t normally be feasible due to transaction fee costs, such as micro transactions, where the transaction fee is significantly higher than the payment itself, or high frequency transactions where transaction fees can cause large overhead.

Non fungible token contracts are essentially token contracts in which the maximum number of tokens is set to one, and cannot be divided further. The contract’s tokens can then be used as a proof of ownership of some underlying asset, and can be transferred according to the change in ownership of the asset. Since the contract lies within the context of a blockchain, the ownership of this token is irrefutable, and the chain of ownership can easily be traced in case of a conflict. It may be used for both physical and digital assets, for example, certain documents may only allow the owner of the token to open it and see its contents.

The lock contract is a relatively simple contract that allows users to lock their own funds for a specified period of time. It isn’t possible for anyone to take out the funds during the lock period, including the creator of the contract so should be used with careful consideration. This creates the possibility for someone to prove that they will have a certain amount of funds at some point in the future.

Utility Development

V web wallet the feature of deposit/withdraw token and v coin to/from contract is developed and currently deployed to Testnet web wallet http://test.v.systems . The new version will deploy to the Mainnet web wallet later this week.

The V Cloud service is getting ready to release, providing organisations with an extremely easy way of integrating with the VSYS Blockchain. Blockchain users who wish to quickly and easily set up a blockchain system with pre-built applications can do so using this service.

In V Could development, the relevant modules of the V-Cloud new version of the VM supplier have been almost developed and have been integrated into the new V-Cloud Marketplace platform for testing.

The development of V Javascript version SDK for Fermat contract support is done and published to NPM. Python version SDK is developing Fermat contract support. Other programming language version SDK support for new contracts are being planned.

More Node Monitor Tool is discussing and researching.After development is completed, they will open to public use in the future.

2. Global Community Updates

Introducing VSYS 2: Fermat Smart Contracts Go Live Today

Today we are pleased to unveil the newest iteration of the V Systems blockchain, VSYS 2. The main chain has been updated successfully at the 13,140,520th block to start supporting the Fermat Smart Contract functions. The focus of VSYS 2 is to create a faster, simpler, and more secure environment to build on V Systems.

Introducing VSYS 2: Fermat Smart Contracts Go Live

Tachyon Cooperates with AWS and Google Cloud to Build its Node Network

Tachyon Protocol has entered a cooperation with leading cloud computing platforms like AWS and Google Cloud to build its Node Network.

Tachyon Cooperates With AWS and Google Cloud to build Node Network

Tachyon Introduces its Global Bandwidth Market

A global bandwidth market will be built on Tachyon VPN. Here, all users can buy traffic from Node Providers with IPX tokens while Node Providers can sell their bandwidth to users around the world to get IPX rewards. Check this video to learn more.

3. Market Overview

Market Cap

VSYS is now ranked at #126 on CoinMarketCap, with a market cap of over US$55 million.

Screenshot from CoinMarketCap on 31 July 2020

Staking Rewards

This week, VSYS has gained an overall StakingRewards Score of 66.51% on stakingrewards.com. We promise to maintain a healthy staking environment for all token users. With VSYS coins, you can easily enjoy the rewards from staking with just a few clicks. Take action now!

Screenshot from stakingrewards.com on 31 July 2020

Stay Connected

Remember to follow us on the platforms below to stay up-to-date with our latest updates and announcements.

Official Forum: https://forum.v.systems/
Twitter: https://twitter.com/VSYSCoin
Telegram:https://t.me/VSYSOfficialGroup
Medium:https://medium.com/vsystems
YouTube: shorturl.at/mxX09
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


Weekly Report — 5th Week of July 2020 was originally published in V Systems on Medium, where people are continuing the conversation by highlighting and responding to this story.

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