Syscoin’s multisig-capable identity system is poised to revolutionize government, notary, medical and real estate applications, where trust is involved between multiple parties. Government controlled notarized documents become possible, where an agency creates a certified document (Certificate) and transfers it to a shared alias between you, the government and say another party the government delegates to provide updates to that data. You can apply updates to that Alias but those updates may not necessarily be accepted if the other parties are not in agreement/don’t sign. Things like your medical history which a government controlled medical authority issues to an Alias shared between you, your doctor and the authority make it easy to issue medical records per individual while retaining control to avoid people from transferring, selling or having the data confiscated for nefarious purposes. Now you can control your medical data (encrypted) and show it to your doctor on-demand in real-time via a Certificate Transfer. You can then have them update it and send it back to you. If you change doctors, the 2 of 3 multi-signature Certificate will allow either your old doctor or the government authority to remove the old doctor and perhaps replace it with an identity of a new doctor. The doctor can request an update to the data but need others to grant that permission before it comes into effect. In this way we solve the problem of allowing ownership of your own medical records but being flexible to allow for government to control issuance and/or version control on the records for safety purposes. It also allows you to choose who can view or update the sensitive data which is encrypted.
Of course we wouldn’t want to store all of that data in the Certificate (we offer a maximum of 1kb per Certificate or Alias for encrypted data), but you may include just a link to a cloud based service or government secured server which hosts the data. It should be noted that this data stored on these services MUST be encrypted for the Syscoin Alias public address to enjoy any benefits of the system. In fact doing so eliminates all of the high cost security that government agencies spend billions of dollars on to keep hackers at bay and protect sensitive information. They can openly store information on their servers as their regulation requires that data to be on their servers, however with the breakthrough of multi-signature Syscoin services they now would only have to prevent a DDOS attack, something that the cloud can help alleviate and as a result reduce regulatory constraints on where the data can be stored (bringing relevance to projects like Factom, Maidsafe, Storj and other blockchain based file/information sharing systems). Without multi-signature services those projects will not survive the regulatory burdens that governments place on systems that share sensitive information. Allowing authority to control versioning of the data while still allocating individual ownership of information makes on-chain data/cloud storage of sensitive encrypted information a viable and cost effective alternative to the legacy systems that are being targeted by hackers who continue to find loopholes in complex security measures taken because there wasn’t any better technology at the time. Multi-signature services allow for restructuring business processes within the regulatory constructs of today’s global marketplace.
Offers in the decentralized marketplace would be used for proof of payment and Certificates would be used for proof of receipt or proof of ownership(using a multi-signature Alias where multiple parties are involved as needed). Escrow can be used to facilitate the sale of an offer between 2 unrelated parties. All of the services work together to create an efficient system with the right incentives to disrupt many major markets. Syscoin is not just a simply decentralized marketplace, it is much more with the inclusion of multi-signature services.
For more information on potential examples of using Syscoin’s blockchain technology we will be providing a high level use case paper which will outline the market usage examples from different user’s perspectives. This will help new users realize the power of Syscoin services by clarifying just how easy it is to use Syscoin to solve their problems in ways that are cheaper, reliable, and easy to use.
Syscoin is merge-mined with Bitcoin which provides valuable network security. Many companies try to solve some of these problems with private chains but these will suffer security issues from the same hackers that found ways to attack centralized databases. Syscoin is in a unique position of offering a secure (over 20% of the Bitcoin network mining power is currently mining Syscoin) platform which completes Bitcoin’s multi-signature transaction functionality and integrated it into the building blocks essential to doing business. Blockchain Foundry Inc. has uniquely positioned Syscoin as the leading provider of solutions for business-on-the-blockchain applications. If you would like more details on why private chains will not work for such applications please contact our team so we can discuss further.
Because we wanted people to be able to list things in currencies other than Syscoin, we needed a way to access this information not only in the user interface but in the consensus code to be able to validate that offers were paid in correct amounts and to the correct person.
To do this we created the sysrates.peg alias which stores currency information in relation to Syscoin price. It is updated dynamically based on the volatility on exchanges. Other things such as transaction fees and arbiter fees are also stored and dynamically adjustable during network runtime to avoid having to do any soft or hard forks and having them take affect in real-time versus voluntary updates of miners and client wallets. Transaction fees are used for determining the amount of fees used when sending payments to escrow with Syscoin and/or Bitcoin. Because miners may change the amount of fee it takes to mine and relay a transaction these variables are best to be dynamically adjustable based on market conditions. Of course sysrates.peg is just a reference implementation of such an exhcange rate service to bootstrap the marketplace with a ready-made and updated alias with exchange rate information. It may fulfill the needs of 90% of users who don’t want to manage their own exchange rates and fees. However for the select few who do care they may change the alias that their offers use for exchange rate information and even expand the exchange-able currencies they accept. Their peg may also be used by others who feel perhaps that sysrates.peg fees are not desirable and want to use a different option, anyone can create their own exchange rate peg. By allowing users to select the exchange rate alias that their offers relies on, it creates a self-governing system of exchange rates and fees which adapt to the needs of the users on the network.
Both of these features will be available through Blockchain Foundry’s Syscoin Elite app which you can read about here. (Building a Better Experience – Project Syscoin Elite)
We have created a release candidate version of our software which we are putting through our advisory board for testing. The testing will be ongoing until a satisfactory level of quality has been reached. Once the release candidate has satisfied the testers, we will set a block at which we will fork to 2.1, update exchanges, miners and follow with an update to the community. We will give adequate time for everyone to prepare for Syscoin 2.1 as this will be a mandatory update and work to release in a timely manner without sacrificing quality.Microsoft BaaS Azure service
We have qualified for Microsoft’s Bizspark grant of $120,000 USD for use within Microsoft Azure as an official Microsoft Development Partner. We have been researching ways to be able to apply this grant to help new Syscoin merchants get on to our decentralized marketplace through subsidized hosting of the Syscoin Elite Server running Blockmarket M1 on Azure. We’ve found that we can issue and manage merchant accounts through Azure Active Directory (AD) and apply the grant towards merchant’s hosting costs. This will help us gain traction with the Core 2.1 release. Blockchain Foundry is also in the process of certification with Microsoft through the Microsoft Azure Certified program. We will be qualified as an independent software vendor (ISV) where we can publish software and services on the Azure Marketplace. Blockchain Foundry’s business development team is actively working with Microsoft through the certification process and we hope to get certified very soon. Currently the only blockchain offering on Azure that is certified is Ethereum.