How Can VSYS Coin Holders Participate in SPoS Minting?
How to be a Supernode?
Supernode minting rights are obtained by challenging the existing supernodes. After the application fee is settled and application message is received by the system, SPoS protocol will automatically compare the candidate's Minting Average Balance (MAB) with current supernodes to determine who the winner is. The winning node will become a supernode of the ecosystem.
It is beneficial to gain the support from other coin holders in the network as it helps earning the position as a supernode. To achieve so, nodes are usually equipped with outstanding technology, affordable commission fee, decent rewards distribution plan and proven contribution to the whole ecosystem. If you are a highly skilled Supernode operation and maintenance team, and you have adequate support from the community, apply to be a Supernode candidate for V SYSTEMS now!
To know more about supernode hardware requirement, please visit V SYSTEMS github (https://github.com/virtualeconomy/v-systems
How can VSYS holders participate in minting?
It is extremely easy for coin holders to participate in minting. Just check the current Supernode candidate list and related information from the Supernode page on V SYSTEMS official website (www.v.systems
), select the wallet address of the Supernode candidate whose vision aligns with yours, and lease your VSYS coins to the corresponding address through your V SYSTEMS wallet. If your selected Supernode candidate is granted, you can check your interest in the Leasing page of V SYSTEMS wallet. VSYS coin holders own the right to cancel the lease to any Supernode candidates at any time. However, lease and cancel lease operations are not suggested to be performed too frequently.
Supernode Basic Economy Model
According to the SPoS whitepaper, currently the system keeps generating a block every 4 seconds, and each block produces 36 VSYS coins. The total generation is 777,600 VSYS coins every day. Supposing 15 Supernodes in the beginning, each Supernode will generate 51,840 VSYS coins every day, and all Supernodes are the same.
Under the protocol of SPoS consensus algorithm, coin holders could lease their VSYS coins to any Supernode candidates through the leasing function of V SYSTEMS wallet (the VSYS coins are still in the holder's wallet at this time, supported by the cold minting technology of SPoS). As a minting pool, the Supernode starts to mint VSYS coins using leased coins and generates blocks to obtain coin rewards. The obtained rewards will be proportionally distributed to VSYS coin holders according to leased number and time of VSYS coins.
Introduction to V SYSTEMS Supernode
Given the experience from Peercoin and the reference to several advantages and disadvantages of Bitcoin, Sunny King released the SPoS consensus mechanism in September 2018 and applied it to V SYSTEMS project. The core of SPoS consensus mechanism, based on the cold minting technology, enables Supernode as a minting pool in the minting economy. Supernodes generate blocks to obtain rewards by receiving coin leased from VSYS coin holders. Unlike Bitcoin and other PoS, Supernodes in the SPoS system could be completely decentralized, and could therefore build a decent ecosystem where Supernodes and coin holders co-exist in harmony.
Introduction to SPoS Consensus
The Supernode Proof-of-Stake consensus (SPoS) is an evolution towards high performance blockchain systems. The ecosystem resource can be directed more effectively towards hardware upgrade of supernodes, and the system response is not only fast but also much more predictable and stable. Minting Average Balance (MAB) devised by Sunny King will be able to support stake liquidity.
The SPoS consensus has 5 basic innovations:
The system design uses supernodes for cold miniting, which is more secure than the original PoS system.
There are 60 minting slots defined, each corresponding to a specific second within the minute to make the system more predictable and stable. Equal minting right of the minting slots gives the supernodes equal standing and minting output in the network.
SPoS has enough incentives for supernodes to upgrade their hardware to keep the system highly efficient constantly.
SPoS uses Minting Average Balance to guarantee stake liquidity, in which the minter can spend or transfer the owned stake at any time. This prevents the system from an attack with busy connections.
Supernodes has a fixed sequence to release block. Starting with 15 supernodes at the mainnet launch, the number of supernodes will increase to 30 and 60 along with ecosystem growth. With more supernodes going into operation, the ecosystem will bring an even more stable blockchain network with higher TPS.