‘Sunny King’s’ V Systems (VSYS) Sneaks Into Market Cap Top 35: What Is It?
The market cap top 35 gained a new entrant on Tuesday as coin circulation data became available for V Systems (VSYS).
Launched in late 2018, VSYS hails itself as the next evolution of Proof-of-Stake (PoS). Its creator is the pseudonymous Sunny King – creator of the first Proof-of-Stake blockchain.
When CoinMarketCap deemed its data accurate enough to list a valuation, VSYS’s 1.7 billion coin circulation, priced at just over $0.16 each, instantly put VSYS into the top 35 coins by market cap.
Sunny King, and ‘Super’ Proof of Stake
VSYS marketing documentation leans heavily on the fact that this is the new creation of ‘legendary’ Proof-of-Stake (PoS) inventor, Sunny King. King is a pseudonym for the creator of Primecoin (XPM) – the first cryptocurrency to use PoS in 2013. ‘King’ also contributed to Peercoin (PPC), a hybrid PoS/Proof-of-Work cryptocurrency.
Now, according to VSYS, King has created an upgrade on Proof-of-Stake, introducing Supernode Proof-of-Stake (SPoS). The new consensus algorithm is hailed as:
“…an elevated version of the consensus algorithm based on supernodes — Supernode Proof of Stake (SPoS). Not only does SPoS inherit the advantages on security and scalability of PoS, but it also brings significant improvements to the shortcomings of PoS, thus making it a highly efficient, stable and secure bottom layer for blockchain…”
Similar to delegated Proof-of-Stake (dPoS), SPoS allows holders to stake their funds in return for a portion of the block rewards. New coins are ‘minted’ at a rate of 5% per year, with that number falling as time goes on.
“ [SPoS] allows all coin holders to lease their coin stake to a supernode, and participate in the block production process to get rewards.”
Supernodes are a feature present on the NEM (XEM) blockchain, where operators must have at least 3,000,000 XEM ($300,000) staked for security.
Just days after ChainLink (LINK) surged 71% on the news it had been utilized by Google, V Systems announced a partnership with ChainLink. According to a recent announcement, V Systems is in search of a blockchain oracle which is to be implemented before the upcoming mainnet upgrade (titled Euclid). CEO Alex Yang talked up the ChainLink partnership, stating:
“Chainlink is a reliable and robust player for oracle solutions, and VSYS is a fast-growing public chain with tremendous innovations. Together, we will build the infrastructures of the virtual economy to shape the future of our world.”
V Systems’ documentation describes its “smart contract applications, sidechain applications, and cross-chain applications…” which VSYS will says will be used to target the mainstream finance industry.
V Systems Price – VSYS/USD
VSYS didn’t exactly explode onto the scene, but its official confirmation on CoinMarketCap was accompanied by a 19% pump on the day. That carried the VSYS coin price from $0.138888 up to $0.166151.
That’s the highest valuation in the coin’s short history to date, and over 400% higher than the launch price. VSYS is listed on Bitfinex, although 72% of its entire daily volume came from the Coinall exchange on Tuesday.
Disclaimer: The author owns Bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.
Featured image courtesy of Shutterstock. Chart via CoinMarketCap.