Syscoin (sys ) future of 2016
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
**All pool members must register with us and provide us with proper contact information.
Poloniex : https://poloniex.com/exchange/btc_sys
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
Note: Always backup your wallet.dat before any upgrade
- 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.
- 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 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.
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]Livecoin.net 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
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
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.
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 ShapeShift.io, however, new opportunities have presented us with similarly centralized (ShapeShift.io 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.
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.