Weekly Report — 1st Week of August 2020
By: V Systems
Tags: Smart Contracts, Cryptocurrency, Crypto, Weekly Report, Blockchain

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

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.

The development of the first release of V Cloud Market is almost done. Now VM supplier is integrated, which VSYS payment is supported.

V web wallet the feature of deposit/withdraw token and v coin to/from contract is developed and currently deployed to Mainnet web wallet http://wallet.v.systems .

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.