Increased Privacy with Syscoin 2.1 – Direct ZCash Payment Support
In today’s market, privacy has become more of a privilege than a right. We believe that all users have the right to privacy on the Syscoin network and want to do all we can to provide users with the options needed to make them feel safe. With the recent release of ZCash we recognized an opportunity to present Syscoin users with an added degree of privacy, and are now happy to announce that this additional privacy layer will be part of the Syscoin 2.1 release.
Direct ZCash Support
Syscoin 2.1 will have support for direct ZCash (ZEC) payments in the same way that Syscoin 2.0 has support for direct Bitcoin payments. Users will be able to purchase items by paying the appropriate peg-converted rate of ZCash directly to the seller’s designated Syscoin address. Once received the seller then confirms the funds are present on the ZCash blockchain/network and the transaction is then marked as completed on the Syscoin network.
Because Syscoin addresses are compatible with ZCash Transparent addresses we can offer ZCash support with complete multisig support to allow for optional Syscoin escrow functionality. A merchant has the ability to select a combination of payment options from a list of SYS, BTC or ZEC. Once a buyer tries to buy the offer they will see the payment options available. Once they select ZEC, a Transparent ZCash address will be generated which uses the same private key as the merchant’s Syscoin address. The buyer would pay from a private ZCash address to preserve anonymity and the seller would import their private key (at a random time in the future) into their ZCash wallet to claim their funds, and send those funds into an input of a JoinSplit transaction to store them in a private ZCash address, creating a JoinSplit sandwich.
The JoinSplit sandwich can be summarized as follows z-addr -> P2SH t-addr -> z-addr which provides the maximum amount of privacy with multisig support. All signing of ZCash transactions within the Syscoin escrow service happens on the Syscoin network and is posted onto the ZCash network upon escrow completion. This offers great usability within a trustless and decentralized payment design.
More details to come on privacy preserving payments within the Syscoin marketplace on our upcoming Syscoin 2 whitepaper upon release of 2.1 core.
State of Syscoin 2.1 & Blockmarket
Syscoin 2.1 with ZCash integration has already been tested internally. The final Syscoin 2.1 release candidate is still in final testing internally and via our advisory board and with the publication of this news we will be enabling the ZCash integration in these test candidates- something previously reserved only for internal team testing.
Because so much multisignature functionality has been added we’re doing our best to be extra diligent in testing these use cases which now require 2 or more signatures for transactions to proceed thereby enabling a whole new class of transactions and use cases for Syscoin services.
Blockmarket is dependent on Syscoin 2.1. We’ve been updating it in parallel with Syscoin 2.1 as much as possible with our limited development resources. We still need to add the ZCash interfaces to the “Syscoin Elite” app but will be on track for delivery of Blockmarket and “Syscoin Elite” quickly following the Syscoin 2.1 public release. We’ll have more details on the specifics of the Blockmarket/Syscoin SE release following the public release of Syscoin 2.1. We will confirm a public Q4 2016 release date and block for Syscoin 2.1 by this weekend, November 20, 2016.
We’re very eager to get all this functionality – from the slew of core updates present in 2.1 to the shift in usability/user experience presented by Blockmarket and “Syscoin Elite” – into the hands of the public / end users as soon as possible, bringing a decentralized revolution to a host of use cases both within the marketplace space and beyond.