Syscoin (sys) Business on the Blockchain

  • Syscoin is a revolutionary cryptocurrency that offers near-zero financial transactions like Bitcoin and provides businesses the infrastructure to trade goods, assets, digital certificates and data securely. Syscoin isn’t just about money and trading, it has the ability to attract all business types thanks to its native set of features geared towards the financial sector. From eBay traders and High Street shops to selling that one last item that you couldn’t even give away at your garage sale, Syscoin’s decentralized network benefits everyone!


    Proof-of-work algorithm: SCRYPT (merge mineable with any SCRYPT coin)

    Multipool protection: SysCoin uses KGW to retarget difficulty every block. SysCoin uses extremely small minimum and maximum values as algorithmic inputs, which effectively allows Syscoin's difficulty to re-target much more rapidly and accurately than other cryptocurrencies that use KGW.

    Block reward (updated): 128 SysCoin and regenerated network services fees (block reward decays on fixed schedule until rewards fixate at 32 Syscoin until 2bil coin, after which rewards are purely network and service fees).

    Total SysCoins: 2,000,000,000 (2.0 billion)

    Premine: 18% [ up to 15% Based on Presale (SOLD OUT), 2% Devs (wallets will be publicized for transparency), 1% Bounties and Rewards]

    Premine Wallet Address (currently contains dev + bounties; been paying out of



    Windows Wallet Version 2.0

    Mac Wallet Version 2.0

    GitHub Source Latest Source (v2.0)



    **All pool members must register with us and provide us with proper contact information.


    Blockchain Explorer


    Poloniex :

    Bittrex :

    BTC38 :

    Yobit :

  • Important Syscoin 2.1 Pre-Release Information

    The public release of Syscoin 2.1 is this weekend on December 18th and includes a large list of new features, improvements, and bug fixes. This release process will be similar Syscoin 2.0 in that we will be performing the hard fork using a network snapshot in order to maximize the benefits of some of the data-saving features such as blockchain pruning and to generally remove the expired Syscoin service data from the current Syscoin blockchain. The exact block height of the snapshot is subject to mining variability and will be based on Syscoin chain height as of 12pm PST, Dec 18th.
    There will be no change to your wallet balance. if you maintain your balance on a third party platform such as an exchange or wallet service no action is needed on your part. In order to perform this mandatory upgrade on your local wallet you’ll need to delete any existing Syscoin 2.0 data and follow the steps outlined in the original Syscoin 2.0 launch post.. The Syscoin 2.1 release blog post on the 18th will include similar information useful links and a new syscoin.conf file. Syscoin 2.1 is a mandatory update.
    The team is working with mining pools, exchanges, block explorers and all other major Syscoin service providers to ensure everyone updates to the new Syscoin 2.1 release.
    We’re looking forward to releasing all the new features contained in Syscoin 2.1 to the public this weekend!

  • Syscoin 2.1.0 Release mandatory update

    Upgrade Info

    Note: Always backup your wallet.dat before any upgrade

    1. First you must delete any existing Syscoin 2.0 service data. Locate your data dir on windows or Mac/OSX and delete all files except for wallet.dat.
    2. Start Syscoin 2.1 and wait for it to sync.

    Other Release Notes

    Because of the extent of the updates introduced, specifically to maximize blockchain pruning, all existing Syscoin services will be removed upon release of Syscoin 2.1.

    Syscoin 2.1.0 New Features

    • Blockchain Pruning – Provides improved scalability to the core syscoin blockchain by efficiently pruning expired service data to minimize blockchain bloat for full nodes.
    • Unique Aliases / Syscoin Identities – Syscoin Aliases are now unique across the network; a change from Syscoin 2.0 where variable-case aliases were permitted.
    • Alias Portability – Optional passwords attached to aliases provide for portability and restoration options not possible on Syscoin 2.0 including the ability to recover an account simply by using the related Alias password.
    • Marketplace Moderation – Two tiers of marketplace moderation both user-defined via SafeSearch and team-defined via a 3 tier system. The moderation system allows for a more public-friendly marketplace with options for SafeSearch restricted items.
    • Private payments via ZCash – Syscoin users can now leverage ZEC as a direct payment option, which natively includes enhanced privacy.
    • Multiple payment options – Offers can now be paid for in any currency supported by the marketplace and supported by the merchants. Rather than one specific currency, payments can be now be made using all three supported blockchains (SYS, BTC and ZEC).
    • Multi-signature Transaction Support across all Syscoin services – Aliases, Certificates and Offers, now support multi-signature transactions, enabling a whole new class of use cases for Syscoin services.
    • Bitcoin 0.13 Core Update – As outlined in the launch of Syscoin 2.0, the importance of keeping up-to-date with the latest bitcoin technology is essential for Syscoin to thrive; thus, we planned on keeping up to date with the latest Bitcoin core. Keeping up-to-date will be accomplished by upgrading the Syscoin 2.1 update to Bitcoin’s latest core 0.13.99.
    • Escrow Support on External Payments – Escrow was previously only available on offers purchased using Syscoin. With Syscoin 2.1, Escrow will now be available on offers purchased with any currency accepted, SYS, BTC or ZEC.
    • Private Alias Data – Aliases now include a private field which is visible only to the owner of the alias, allowing for private data storage on the blockchain.
    • Default Settings – There is now support for default Alias and default price-peg selection, increasing wallet usability. All service screens now also include the option to view all services the wallet owns or view services by individual Alias.
    • Dynamic Fees – Fee information is now stored in the Alias rates peg allowing for dynamic fees specifically for Syscoin services. This enables different fee structures with different pegs and gives merchants more flexibility in pricing.
    • Shipping Notification System – Optionally allows merchants to notify customers that an item has been shipped.
    • Feedback and Rating System – A 5-star feedback and rating system can now be provided for Merchants, Customers and Arbitrators, ensuring an accurate representation of reputation history for all parties. Easy unlock for encrypted wallets – Easy unlock mechanism for improved usability w/encrypted wallets.
    • Hide Sold Out/Expired Offers – Hide items that have are sold out or expired from wallet listing screens.
    • Search within category – Search within a specific category rather than always searching all categories.
    • Suggested categories – A standardized set of categories across the Syscoin marketplace, or use your own.
    • Offer geolocation – Optionally add geolocation to offers.
    • General Bug Fixes and Improvements

  • Development Update January 2017 – Decentralized Pegging Server, Syscoin 2.1.2, Blockmarket and Project Mongoose


    The new year is just beginning but the Syscoin team has been hard at
    work and have a series of updates and releases lined up throughout the


    Syscoin Roadmap Update

    The Syscoin Roadmap has been updated to reflect our plans throughout this year. This year’s development effort’s are focused around building products and an ecosystem around the Syscoin platform. We’re now able to move faster with product development as we have more than double the bandwidth for non-core development than we have for core development.


    Support for New Currencies and Open Sourcing Syscoin PricePeg Server

    Syscoin 2.1.1 has support for dynamically updating the currencies supported by the marketplace dependent upon which peg the merchant has selected for their offer listing. We will be demonstrating this ability this weekend by adding support for five new currencies to the Syscoin marketplace- Ethereum (ETH), Waves (WAVES), Dash (DASH), Factom (FCT), and Monero (XMR). Through the power of the dynamic peg system these new currencies will become available for all merchants to price their item in as of 12pm US/PST.

      In addition to adding these currencies to the official peg we will also be making the code for the Syscoin Price Peg Server which runs and maintains the official Syscoin Price Peg available to the public. We’ve updated to peg code to allow for support for an infinite combination of currencies with a very high level of accuracy. This will allow anyone with minimal coding knowledge to setup their own price peg, providing the community and merchants with the ability for even more diverse currency selections in their offer pricing. We hope that by open sourcing the Syscoin Price Peg Server developers from the community will participate in improving it – we welcome pull requests. The Syscoin Price Peg Server code will be released at the same time as the new currencies are added to the marketplace- this coming weekend January 14 at 12pm US/PST.


    Syscoin 2.1.2 Development

    Syscoin 2.1 was just released and following that we quickly released an update to improve ease of use for exchanges via Syscoin 2.1.1. We’ve continued to develop new features and fix bugs in the interim period and Syscoin 2.1.2 will be released some time in Q1 of 2017 with both bug fixes and several key new capabilities. You can follow the progress of Syscoin 2.1.2 development via the Github milestone.


    Blockchain Foundry’s Microsoft Product Certification of Blockmarket API

    We’ve completed a long list of prerequisites needed to publish certified products to Microsoft’s Azure MarketplaceBlockchain Foundry’s first product offering for review and certification by Microsoft. We have a call scheduled this week to review the final points of this process before submitting the final package to them for review and certification. We’ll have submitted our product within the next two weeks and then await Microsoft’s feedback.


    Blockmarket Development

    Blockmarket development is progressing now that we’ve completed the release of Syscoin 2.1 and the related whitepaper. We are working to complete final updates of the API layer. Once that is complete we’ll only have to convert our mockup interfaces to markup and connect them to the API. We are planning on being able to share screenshot progress of the working Blockmarket application with the community in late January.

      The full release on Blockmarket will be dependent upon our thorough testing and approval of the user experience,  its target release is for Q1, 2017. To be clear, the Blockmarket release will consist of two primary components- Blockmarket Server and Syscoin Desktop. Syscoin Desktop is aBlockchain Foundry product and application which replaces the current Syscoin “Reference” or “QT” wallet. The team will continue to maintain the reference QT wallet with all new features, but Syscoin Desktop will also get these features and become the default means by which 99% of users experience Syscoin services, always having the option to use the reference QT wallet in parallel if they so choose.


    Project Mongoose

    Something new that we’ve been exploring developing on the back of new capabilities present in Syscoin 2.1.2 is something we’re calling “Project Mongoose”. We’re remaining tight-lipped on the specifics of Project Mongoose for the time being but what we can share is that its another product built on top of the Syscoin platform and serving to provide a decentralized on and off ramp to and from various cryptocurrencies all secured by Syscoin and delivered via a consumer friendly front end, using similar principles to those of Blockmarket in terms of ease of use and usability.


    We’re excited for 2017 and are ready to come out of the gate strong with a range of products built on top of the Syscoin core that we’ve been working to develop for the past year- all that time with this vision in mind. We have a lot planned but hope for the timing of the releases to provide a fairly consistent stream of updates and news for the Syscoin community. Looking at the first quarter of 2017 alone we’re looking to deliver (in order, pending certain dependencies and approvals)- Syscoin Price Peg Server and official support for five new currencies, Blockmarket API Server public release and Microsoft Azure Product Certification, Syscoin 2.1.2 Core release, Blockmarket M1 and Syscoin Desktop release, Blockmarket Azure Product Certification and maybe even Project Mongoose- we have even more planned for rest of the year

  • Syscoin New Exchange:

    Hello. Dear Syscoin community!

    Syscoin [SYS] Exchange and available for trading. 

    So, we're asking you to add our Exchange in the official list of Exchanges where people can trade. 

    Welcome all traders. Thanks!

  • Syscoin Innovation Update: The Road to Segwit

    We will be releasing Syscoin Core 2.1.2 in the next 48 hours.

    Syscoin Core 2.1.2 will include a re-base of Syscoin Core on top of the latest Bitcoin Core 0.13.2. We did some bug fixes including the pauxpow error which was reported by a few community members as well as some other UI bug fixes and a Segwit implementation. This release is not only a hot-fix patch for higher-priority bugs.


    The Road to Segwit

    Syscoin core 2.1.2 includes a new feature that was brought in from the upgrade of Bitcoin Core. It allows “signalling” and participation of segregated witnesses (SegWit) on the network. F2pool which is the largest Syscoin mining pool has pleasantly turned pro-SegWit recently and as soon as they start signalling SegWit blocks our network will be ready to accept them. We are also in talks with Bitcoin China mining pool (BTCC) to mine Syscoin merged with Bitcoin. BTCC is pro-SegWit as well, and they have expressed interest in adding Syscoin to their Bitcoin mining pool as a merge-mined coin. ”

        SegWit is a prerequisite to further innovations on Bitcoin Core that will allow for many great features that Syscoin can leverage. Features like Schnorr’s signatures which have the ability to aggregate multiple signatures into one (being able to create a public key from a multisignature scheme) which builds upon our multisignature identity offering. Not only is it scalable above 10,000 signatures per multisignature address, but it reduces verification costs and further pushes the boundary of what is possible with applications built on top of the blockchain with a multisignature scheme.


    Current Development Initiatives for 2.1.3

    Alias Witness

    In Syscoin Core 2.1.3 we have designed a mechanism that allows one to
    become a witness to an alias update, which is recorded on the
    blockchain. The witness would sign the transaction to provide
    cryptographic proof-of-witness on the transaction to
    validate updates to services linked to your alias; including
    certificates, escrow, messages or offers. This will be incredibly useful
    for notarization of documents from trusted identities.

    Multisig Alias Trees

    Our team is currently in the research and development phase of one of
    the many possible innovations this feature could be used for such as hierarchical multi-signature alias identities. With additional work on top of Peter Wuille’s tree signature proposal
    it will further extend the abilities of multisignature Aliases,
    becoming a unique innovation not available on any other crypto-currency
    project. This is all possible because of the unique properties of
    Syscoin Alias identities. Another feature useful as a result of SegWit
    would be Lightning Networks, which, as we alluded to in our whitepaper, we can use for offline mechanisms like offer auctions.

    All of the design and hard work put into Core 2.1 concerning alias
    payments and balances are now going to be put to use in subsequent
    releases. In term’s of research on innovative features we are working
    on, like the aforementioned hierarchical multisignature alias
    identities, we are also looking at other first-of-its-kind technologies
    which we’ll share more on soon. As we

    investigate deeper into our unique Syscoin alias identities
    infrastructure we are testing these first of their kind solutions and
    any other new features in our controlled testnet environment, where they
    undergo thorough testing. We plan on all of these features/capabilities
    being part of every product/project we’re working on, whether it is the
    web wallet, Blockmarket, Project Mongoose, the Syscoin Desktop App or
    any other project we work on, including any integration work we do with
    Syscoin partners and/or investor’s applications.


    Alias Authentication, Balance and Payments

    We’re developing a zero-knowledge alias authentication mechanism that will allow people to log in with their alias passwords and encrypt/decrypt all sensitive information as well as sign transactions using a Javascript Syscoin cryptographic library all within client’s web browser while maintaining architectural decentralization. No wallet’s are required because the unsigned transaction outputs (UTXOs) are stored within the alias so all of the required information to pay with an alias is pulled from any network node that is running and authenticated with the user’s derived key client-side. Currently the password would be derived via a key derivation algorithm (scrypt) with a public salt, optimized for a 0.5 second client side load time. However we are also investigating an opt-in user-fingerprint authentication which would hide salt values and also secure the zero-knowledge alias authentication from any future quantum computing brute force, dictionary or rainbow based attacks as well as standard key-logging, screen-capturing attacks to create the world’s most secure authentication mechanism powered by the Syscoin blockchain. We will be leveraging the login mechanism by creating plugins to conventional e-commerce applications to be able to create new accounts, login with existing accounts to these applications using your alias identity authentication. Thus as you can imagine, not only would this feature allow users to login to their Syscoin portals to control/update their services but also to any external websites that install our plugin to provide a way to leverage the powerful zero-knowledge authentication mechanism. Users may use their fingerprints, alias passwords or a combination of both to login to their favorite websites with their Alias identity.


    Schnorr Signatures & Lightning Network

    We believe we are uniquely positioned for a great future in terms of the security and innovative capabilities of our network, thanks to the benefits of merged-mining and the ease of upstream-porting Bitcoin Core into Syscoin Core. This will really start showing its value with features being added after SegWit- like Schnorr signatures and Lightning Networks. There will only be a handful of projects that will be capable of leveraging these features like Syscoin. Thanks to the great relationship we have with our pools, exemplified by negotiating with them to reduce inflation by roughly 400% in the Syscoin 2.1 update without any impact to network security and their close coordination with us for testing and verifying Segwit signalling, we’re confident in our ability to release innovative updates to the Syscoin Core while maintaining network security. We believe we’ll start to see more pools like BTCC, who see the innovations that we are developing with Syscoin and want to mine it alongside of Bitcoin. Our goal is to achieve 100% network hashrate parity with that of Bitcoin and we believe with our current design it is only a matter of time until this is achieved.

    Jag Sidhu

  • Microsoft Azure BaaS: Certification Update

    As we near the completion of our first official Microsoft Azure BaaS
    (Blockchain as a Service) Marketplace product certification, we have had
    a lot to discuss with Microsoft via frequent communication. With help
    from the Microsoft Azure BaaS team, we have been able to identify a
    multitude of product offerings for the Azure marketplace and we wanted
    to show our community how things are currently evolving. At the
    time of this posting we’re excited to announce we’ve completed all of
    the prerequisite steps for certification and have pushed our offering to
    Microsoft’s staging environment for approval.


    Fully Hosted Syscoin Node

    Blockchain Foundry Inc.’s first product to be certified is our “Fully Hosted Syscoin Node” product. It is a full Syscoin node running on a Virtual Machine (VM) which will allow anyone using Azure to easily deploy a Syscoin node to support its centralized or decentralized application development on top of the Syscoin blockchain and blockchain services. The current list of blockchain certified products offered through the Azure Marketplace comprises of no more than 15 blockchain products that have gone through the same certification process backed by a corporation (at time of writing). This submission is just the first step- we see our products as much more than providing just a hosted Syscoin Node.

      Our first offering is already in Microsoft’s staging environment. From this point in the process it will take anywhere from 1-7 days for staging to be completed then we can publish our offering to the public Azure marketplace. Once published Blockchain Foundry Inc. will have its first certified Syscoin-powered blockchain product on the Microsoft Azure BaaS Marketplace!

      Microsoft is working with their BaaS partners to help promote blockchain services and has offered to help with marketing products that pass certification and we have a discussion lined up with them later this week to align our marketing visions.


    Syscoin Price Peg Server: Limitless Possibilities

    In addition to the “Fully Hosted Syscoin Node” product, we’ve also just completed development on our second product to be released through Blockchain Foundry Inc., dubbed the “Syscoin Price Peg Server”. More info on this product will be available on Blockchain Foundry Inc.’s website when the announcement goes live before the end of February. This product has the potential to fundamentally change and diversify the “price pegs” available to merchants on the Syscoin network.

      The “Syscoin Price Peg Server” product adds support for 31 new fiat currencies and 78 crypto-currencies to the available currencies which merchants can use to price their offer. As more price-pegs are stood up, merchants will have an increasingly wide variety of options when it comes to pricing their goods and services. While these currencies still operate on the peg-conversion paradigm, the underlying architecture has been built with a clear end-goal: being able to accept payment in those currencies directly similar to our directBTC or directZEC features. Our initial vision for expanding direct currency support within our marketplace was for Syscoin to be accepted/converted via platforms like, however, new opportunities have presented us with similarly centralized ( is a centralized platform) alternatives which could provide us this capability and allow us to realize the full potential of our multi-currency support. Even better- we’re exploring decentralized solutions to this problem which would remove the middlemen from the equation entirely, in addition to being a disruptive market force given the monopoly some centralized service providers have in this space.

      Following Syscoin Price Peg Server, the Syscoin-API Server will be the next product for certification and it’s in the final phases of development prior to packaging. We’ve also reorganized some of our internal team resources to allow us to parallelize packaging these products for final Microsoft Azure BaaS Certification with minimal impact to our other major ongoing development initiatives such as Blockmarket.


    Syscoin API Server

    The third product in the pipeline for Azure certification is Syscoin’s API Server. The Syscoin API Service provides an easy-to-use REST server for interacting with Syscoin services on a remote machine without compromising the remote wallet. Syscoin API Server is a complete and functioning REST-like API implementation on top of Syscoin’s JSON-RPC using the OpenAPI spec. Syscoin API Server includes complete interactive HTML documentation with the ability to “try out” all endpoints and thorough information on the purpose of each endpoint as well as the parameters they accept.

      Once certified we’ll be running an instance of the Syscoin API Server 24/7 on one of our testnets for public informational purposes. What this will do is allow people to jump from reading the whitepaper, to our use case paper (an upcoming publication) to jumping directly to experimenting with the API and performing real Syscoin operations on our testnet via the Syscoin API Server HTML documentation portal. This enables users to fully understand not only what Syscoin can be used for but also how it can be used- providing them with a “playground” or “lab” environment for them to explore all its features without ever having to download any software. Of course because we are packaging this as a certified Azure product they will also be able to deploy their own private instance of the Syscoin API Server for performing operations on the Syscoin mainnet, building their own application experiences on top of the Syscoin blockchain or experimenting with other private/local blockchains.

      Blockmarket M1 will be the fourth certified blockchain offering submitted to the Azure marketplace later in Q1 2017. We have a post planned for February focused exclusively on Blockmarket, more info will be shared via that post.


    Changing Perceptions

    As we’ve discussed on our most recent innovation update, more organizations are realizing Syscoin’s potential, however, many organizations still see our platform primarily as a decentralized marketplace. To that end, we have discussions lined up with them to better inform them on the full capabilities of Syscoin such as its identity features, multi-signature service capabilities, digital certificates, encrypted messaging and more. We’re working to make sure they understand the full potential and capabilities of Syscoin so that we can work with them to explore the many disruptive use cases for Syscoin’s decentralized business platform and be included in future pilot programs geared towards exploring the real-world value and applications of Syscoin’s growing list of features.

  • Q1 2017 Update: Syscoin Brand Strategy, Partnerships & Innovations

    We’re nearing the end of Q1 and our team has been extremely busy mapping out the future of Blockchain Foundry Inc. and Syscoin. We have some major milestones on the roadmap for Q1 2017 and now that we have more accurate projections, as well as insights into Q2 and some of Q3 2017 we wanted to update the community on the future of Syscoin, Blockchain Foundry, brand strategy, products & partnerships as we continue to push for Syscoin’s increased adoption and value. After publishing the Syscoin 2.1 Whitepaper Blockchain Foundry received a lot of interest in both general blockchain consulting as well as efforts tied directly to Syscoin’s expanded use cases. Progress in both of these areas has the potential to which could greatly increase Syscoin’s value.

      We strive to be as agile as possible and because these opportunities could lead to funding, increased value for Syscoin and more rapid development of future products we’ve prioritized seizing the opportunity to work with these organizations, while still ensuring “Blockmarket Desktop” be ready with minimal delays and “Blockmarket Web” alpha be ready in time for Consensus where we’ll be meeting with some of these partners and some large investors. Blockmarket Desktop Public Beta will be released in late April followed by the mid-May release of Blockmarket Desktop pending unforeseen circumstances. Much of our roadmap over the coming months is geared around the Consensus conference.


    Roadmap Updates – Syscoin 2.1.3, Blockmarket Desktop, Blockmarket Web

    With a modest team like ours, prioritizing resources is critical and we’ve been able to seize the opportunities that have presented themselves. Fostering these relationships and planning these integrations takes time, as does the research and development needed to service the needs these organizations have expressed to us. That being the case, we’ve had to think carefully about how to mature these early-stage partnerships while also delivering on our product pipeline for 2017. One of our main goals is to increase Syscoin’s value and strengthen Blockchain Foundry’s value pre-investment; these partnerships will help us reach these goals.

      After evaluating our options, we’ve decided to slightly rearrange our roadmap. Previously, our first version of “Blockmarket” was targeted for the end of Q1. As we have some additional major news targeted for the end of Q1, our experience tells us that it does not make sense to include a release at the same time as a large marketing push coordinated with one of our major partners as this up-coming announcement is not related to “Blockmarket” and would potentially steal the thunder that “Blockmarket” will create for the fintech industry.

      “Blockmarket Desktop” and “Blockmarket Web” alpha will now be targeted for presentation at the “Consensus 2017” conference we will attend in New York, while releasing major updates along the way & building up to this important event. As shown in the diagram below, “Blockmarket Desktop” relies on two major products/components being developed by Blockchain Foundry, in addition to Syscoin itself. Due to our ongoing initiatives, we’re going to release Syscoin 2.1.3 in the next few weeks as well as “Blockmarket Desktop”, while work on the next major Syscoin core release has already begun.

    blockchain foundry product dependencies

    Early in Q2 of 2017, following the release of Syscoin 2.1.3, we will
    release an entirely new desktop application dubbed “Blockmarket
    Desktop”; AKA “Blockmarket for Windows” & “Blockmarket for MacOS”.
    This application is a complete rewrite of the wallet user-interface
    experience and makes it a more modern and user friendly application –
    like Coinbase but on the desktop, rather than the wallet experience of
    today. As the graphic above illustrates, the fundamental components for
    Blockmarket Desktop are stepping stones to our following product;
    “Blockmarket Web”. Paving the way to ease-of-use and adoptability, the
    “Blockmarket Desktop” release alone will greatly improve
    marketplace-adoption thanks to its more eBay/Etsy like browsing and
    purchasing experience. The building blocks of “Blockmarket
    Desktop”/Syscoin Core UI and the Syscoin API enable us to then rapidly
    deliver “Blockmarket Web” alpha in time for Consensus 2017 so we can
    demo it there along with “Blockmarket Desktop”, other Blockchain Foundry
    products, partner initiatives, Syscoin services, a multitude of
    use-cases, etc. We wanted to make sure that our community was informed
    before updating our official roadmap.

      Work on “Blockmarket Desktop” is well under way aswell as preparing for the Syscoin 2.1.3 core update. Below are just a few of the screens we’re developing for “Blockmarket Desktop”. The UI should all be considered work-in-progress, but development is coming together well. We’ll share more preview screenshots and videos of “Blockmarket Desktop” development as we prepare it for beta release.


  • Syscoin Core 2.1.3 Released, Multiple Syscoin-Powered Offerings Now Live on Azure Marketplace

    We’re excited to announce that today we’re releasing the Syscoin Core 2.1.3 with Segwit fully activated in line with the timeline communicated in our last post. This release is a MANDATORY update. In addition
    to this new core release we’ve also had a suite of product offerings
    powered by Syscoin, built by Blockchain Foundry certified and released
    to the Microsoft Azure Marketplace.

      For more info, please see the Blockchain Foundry Blog where most of our updates will be posted going forward, as explained in our last post.

      Download Syscoin 2.1.3 for MacOSX 

     Download Syscoin 2.1.3 for Windows 

     Download Syscoin 2.1.3 Source Code (for Linux builds)

  • Syscoin (sys) Release v2.1.4

    This is a NOT a mandatory update but is highly recommended.


    1. Fixes to how input selections are made for sending SYS
    2. Updates to JSONRPC server responses to support Blockmarket Desktop Beta 1
    3. Fixing issue with messages alias not found
    4. General bug fixes


  • Syscoin (sys) Release v2.1.5

    Syscoin 2.1.5 Release Notes

    This is a NOT a mandatory update but is highly recommended.


    1. Support for Blockmarket Desktop (downloading Blockmarket Desktop will include 2.1.5 core already)
    2. General bug fixes
    3. Removed all Syscoin specific QT screens as BM Desktop has replaced those. Command line functionality still exists.


  • Syscoin (sys) Release v2.1.6

    This is a NOT a mandatory update but is highly recommended.


    1. Support for Blockmarket Desktop 1.1 (downloading Blockmarket Desktop will include 2.1.6 core already)
      • Advanced aliases
      • Bug fixes
      • Pave the way for offchain anchoring in Blockmarket Web
    2. General bug fixes


  • Syscoin (SYS) Release - 2.2 Beta 1 with Masternodes

    The Syscoin community is invited to begin testing our upcoming Syscoin Core 2.2 release, which heralds significant advancements for the Syscoin product -family, and is built upon the foundations of Dash core code. Having diagnosed several issues with the Dash core code, we pushed fixes upstream to the Dash github and are currently working with Dash core developers to further patch the Dash source codebase. For the technically-minded, here is a relevant pull request:

    During this beta testnet phase we will continue to develop and enhance the Syscoin Masternode offerings as we work toward the mainnet release. Any software that stores and transacts value must be tested thoroughly. We will continue to uphold our highest standards in this respect to maintain the long-established safety of funds on our network.

    Why Masternodes?

    Masternodes V1 is the first step in the transformation of Syscoin from a blockchain based marketplace, to a complete blockchain development platform. Our 2018 development plans include adding decentralized databases and file storage, increasing transaction speed to POS/Visa/Mastercard capabilities, adding true Turing-complete smart contract capabilities for unlimited business logic, sidechains, application layers, and our identity layer. This will all be accessible through an API, rather than a new language, enabling nearly any developer to create any blockchain application they can imagine. All these pieces are required to usher in the next generation of blockchain applications — made for new or existing businesses — easy to use, cheaper, and offering everything available from the blockchain space today!

    Getting started:

    We recommend Ubuntu 16.04 LTS for running a masternode on the testnet. Other builds of Linux may work but we have not tested them. Use at your discretion. To setup your VPS please follow the helpful guide created by strophy which can be found here:

    Below are some recommendations in terms of Masternode minimum hardware specifications (this specification typically costs around $5–$10 USD/month at major hosting portals):

    • 2GB memory
    • 40GB free disk space(SSD recommended)
    • 1 CPU
    • Linux 16.04 LTS x64
    • Hosting services: Microsoft Azure, Vultr, DigitalOcean, Amazon EC2, Google Cloud, Choopa, OVH
    • Fixed IP address

    Update your OS:

    $ sudo apt-get update

    Installing dependencies and Syscoin Core:

    $ sudo apt-get install git
    $ git clone -b dev-2.2
    $ cd syscoin2

    Build Syscoin Core from sources:

    $ sudo apt-get install build-essential libtool autotools-dev automake pkg-config libssl-dev libevent-dev bsdmainutils libboost-all-dev libminiupnpc-dev
    $ sudo apt-get install software-properties-common
    $ sudo add-apt-repository ppa:bitcoin/bitcoin
    $ sudo apt-get update
    $ sudo apt-get install libdb4.8-dev libdb4.8++-dev
    $ ./
    $ ./configure
    $ make
    // (This will take 10 minutes or more, grab a coffee or snack)

    Run Syscoin Core and get main masternode parameters:

    $ cd src
    $ ./syscoind -daemon=1 -testnet=1

    Type the following command into the console to generate a masternode key and get a fresh address:

    $ ./syscoin-cli -testnet=1 masternode genkey

    Copy the result of the genkey command. Store it in a location for you to reference later (below you are also copying your receiving address and TXID)

    How do I get tSYS?

    tSYS (or test SYS) are required. These are Testnet Syscoin tokens with zero value.

    $ ./syscoin-cli -testnet=1 getaccountaddress 0

    Copy & paste the resulting receiving address into our Syscoin #beta-testing slack channel to receive your collateral tSYS to use for masternodes. Someone in that channel will send tSYS to that address. The sender will also give you the Transaction ID to use for your masternode configuration below. If you do not get a TXID please kindly request it from the sender of the coins as it is required.

    Copy the Transaction ID of the collateral (where you received your 100,000 tSYS). Please wait for atleast 1 confirmation on this transaction before proceeding with your masternode setup.

    Shutdown Syscoin Core.

    $ ./syscoin-cli -testnet=1 stop

    Setup configuration for masternode:

    $ cd ~/.syscoincore

    Edit ~/.syscoincore/syscoin.conf and replace with the following:

    # — — 
    # — — 
    # — — — — — — — — — — 

    Modify and change masternodeprivkey to your genkey (replace 7ra1rhngvNkhkiFE8STrmvH3LvYTCzLyRFHFsZvrJUBV6ZmWnc)

    Modify and change external IP to your VPN IP (replace

    $ cd testnet3

    Edit ~/.syscoincore/testnet3/masternode.conf:

    Add your masternode line by adding aliasname with your external ip with port 18369, your masternodeprivkey and your transaction hash using format:

    <aliasname> externalip:18369 masternodeprivkey txid 0
    # Example: mn1 7ra1rhngvNkhkiFE8STrmvH3LvYTCzLyRFHFsZvrJUBV6ZmWnc 2bcd3c84c84f87eaa86e4e56834c92927a07f9e18718810b92e0d0324456a67c 0

    Launch Syscoin Core again.

    $ cd ~/syscoin2/src
    $ ./syscoind

    Install sentinel:

    $ sudo apt-get update
    $ sudo apt-get install -y git python-virtualenv
    $ git clone
    $ cd sentinel
    // edit sentinel.conf:
    // put a # next to network=mainnet and remove the # next 
    // to network=testnet to enable testnet version of sentinel
    $ virtualenv venv
    // if this command fails try installing this package
    $ sudo apt-get install -y virtualenv
    // install sentinel dependencies
    $ venv/bin/pip install -r requirements.txt

    Ensure that your masternode is done syncing to the network:

    $ cd ..
    $ ./syscoin-cli mnsync status
    “AssetID”: 999,
    “Attempt”: 0,
    “IsBlockchainSynced”: true,
    “IsMasternodeListSynced”: true,
    “IsWinnersListSynced”: true,
    “IsSynced”: true,
    “IsFailed”: false

    AssetId 999, all trues, one false, and a FINISHED is what we are looking for

    Introduce your masternode to the network:

    At this point, your local masternode is synchronized and chatting with the network but is not accepted as a masternode because it hasn’t been introduced to the network by your collateral.

    Replace mn1 below with the alias name you put in your masternode.conf file.

    $ ./syscoin-cli masternode start-alias <mn1>
    $ ./syscoin-cli masternode debug
    // look for a success message

    Setup Sentinel cronjob:

    $ cd sentinel
    $ venv/bin/python bin/
    // should return nothing but silence. 
    // This is how you know it’s working. 
    // If it says wait for sync, wait a minute and try again.
    // Create a crontab entry to wake sentinel every minute
    $ crontab -e
    // and add this line to the end
    * * * * * cd /home/YOURUSERNAME/.syscoincore/sentinel && ./venv/bin/python bin/ 2>&1 >> sentinel-cron.log

    Replace YOURUSERNAME with your VPS user name.

    After waiting 5 or more minutes if your masternode does not show “ENABLED” state in the masternode tab then you may have to restart it:

    $ ./syscoin-cli masternode list-conf to see your masternode alias
    $ ./syscoin-cli masternode start-alias <alias>


    You have successfully completed the testnet tutorial for setting up your first Syscoin masternode! Please report any bugs to Github or join our Slack channel at and visit #beta-testing.

    For more information visit or join us on our Telegram Channel . Slack: • Twitter: Syscoin • Facebook: Syscoin Trade Syscoin at or

  • Token Issuance on Syscoin Platform and Masternode Innovations

    Assets and Token Issuance

    We are adding a new token issuance service into Syscoin. This will allow anyone to create a custom asset token which can then be sent directly to anyone else on the network, and we envisage a variety of use cases including ICO token issuance, supply chain management, reward points, and loyalty programs.

    Asset tokens created on the Syscoin network can be minted with a custom data payload assigned to them, effectively coloring the tokens issued in that minting and allowing for use cases which require asset classes that have tokens which are explicitly linked to unique lots of that asset. For example, a gold depository could create a token which represents partial ownership in gold bars, and then issue lots of that token which represent ownership of a gold bar with a specific serial number.

    To create a new asset class on the Syscoin network, users will issue an asset_create command with an asset symbol, name, description, decimal places, and an optional total issuance cap, which will prevent the asset creator from later minting more tokens than initially specified.

    Tokens of that asset can then be issued by the asset creator using the asset_mint command with the token name, a desired token amount, an optional data payload to color the tokens issued in that minting, and an optional destination alias or address to send the minted tokens to.

    Additionally, tokens of the asset can then be sent to any alias or address on the Syscoin network using the asset_send command. Several other commands will exist to allow for the listing of asset details and balances. The transfer of assets may happen instantly with the use of our instant transaction feature. This provides an inherent benefit to tokenize business models using Syscoin’s token issuance service over other competition such as ERC20 tokens on Ethereum

    Masternode Innovation update

    It has been an eventful beta period for us and we are now testing masternodes on Testnet 3 with several exciting new features:

    1. Miners and masternodes now share transaction fees 50/50. This is an additional incentive for masternodes, in contrast to Dashpay where miners receive all transaction fees.
    2. We have introduced a governance system whereby development proposals can be created on the blockchain and submitted for funding. The breakdown of how block rewards are used in this system is shown below under Decentralized Governance.
    3. Always looking to innovate on top of the masternode codebase, we have introduced a seniority model to incentivise long-term masternode operation, offering a potential increase of up to 27% Return On Investment (ROI). The breakdown for the increase of ROI over time can be found below under Masternode Seniority.

    Masternode Seniority

    It’s been noted that Syscoin price fluctuations may in turn cause fluctuations in the number of masternodes running on the network. To mitigate this and incentivise nodes to provide services consistently for long periods of time, we have introduced a seniority mechanism that increases ROI for long-term nodes. Every 4 month period in the lifespan of a single masternode will result in a 3% increase in the ROI for that masternode. A maximum ROI bonus of 27% is possible if the masternode is operational for 3 or more years.

    Decentralized Governance

    The breakdown of the block rewards will now be as follows:

    75% Rewards to Masternodes
    15% Rewards to Miners
    10% Rewards to Decentralized Governance Proposals

    Decentralized Governance Blockchain Budget (DGBB) is a method to solve two pervasive problems in cryptocurrency: governance and funding. Governance in a decentralized project is difficult because by definition there are no central bodies to make and authorise plans for the project. In Syscoin such decisions will be made by the network, or more succinctly: by masternode owners. The DGBB system allows masternode owners to vote for or against proposals that will impact the network, and it consists of three components:


    • Proposals are a request to receive funds.
    • Proposals can be submitted by anyone for a fee of 500 Syscoin. The proposal fee is destroyed on submission.
    • Proposals cannot be altered once submitted.


    • Votes are cast by Masternode owners.
    • Votes can be changed at any time.
    • Votes are counted approximately every month. (43800 blocks)


    • Budgets are proposals which receive 10% of all votes cast, and have a majority of yes votes.
    • They can be nullified at any time if vote totals (cast or recast) fall below the approval threshold.
    • Order of processing is determined by comparing the number of Yes and No votes; more popular budgets get payment priority.
    • Budgets are paid directly from the Syscoin blockchain.
    • Approximately 168630 Syscoins will be available for each budget cycle (per month), declining by 5% per year.

    Proposals will be integrated directly within the Blockmarket software so that users can view the current budget status and masternode owners can vote easily and securely.

    Masternode core code update

    Our core developer, Jag Sidhu, has been working with the Dash core developer, UdjinM6, to improve the masternode portion of the codebase. Jag engineered a pull-request fix that had been a long-standing issue in the Dashpay codebase, and he gratefully received a bounty for doing so. More info:

    Make sure to clear setAskFor in Dash submodules by UdjinM6 · Pull Request #1730 · dashpay/dash
    Thanks @sidhujag for finding the

    Jag is currently working with UdjinM6 to remove the enforcement of txindex on Masternodes, since doing so creates an exponentially high storage cost requirement for these nodes as the blockchain grows.

    GetTransaction with true instead of txindex=1 and fix pruning · Issue #1734 · dashpay/dash
    @UdjinM6 It looks like txindex=1 by default in the later version of Dash to compensate for GetTransaction failing due…

    As you can see from the above txindex issue, we are headed towards a model in which Masternodes will live on the blockchain as opposed to a simple P2P existence. With this implementation we can do deterministic quorums that allow for things like our Sidechains and EVM execution plan. Speaking with UdjinM6 has re-affirmed this is the direction the industry is headed, and what Syscoin brings to the table will enrich the status quo rather than compete with Dash’s Evolution offering. We believe that by working together we can help each other solve complex problems and provide financial and individual sovereignty to those who truly need it: the users.

    For more information visit or join us on our Telegram Channels . Slack: • Twitter: Syscoin • Facebook: Syscoin Trade Syscoin at or



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