Syscoin
Syscoin Platform (SYS) is presented as a decentralized scalable blockchain for enterprise, a development platform, and an asset platform offering high throughput and scalability, low fees, the security of SHA256 merge mining, ease of token creation, and a unique form of decentralized cross-chain asset interoperability capable of working with many platforms without requiring intermediaries nor counterparties.
Contents
Description
Syscoin Platform is a third generation decentralized blockchain and cryptocurrency which dates from its initial design in 2013, to its latest major release in January of 2020. The purpose of the project is to provide enterprises and organizations an ideal platform to benefit from blockchain and distributed ledger technology; specifically high security and availability, lower costs, low barrier to entry, scalability and interoperability. Syscoin Platform consists primarily of original source code and purpose-built service layers that solve blockchain industry challenges, and is built upon a base of Bitcoin Core along with some elements of Dash particular to masternodes.
Syscoin Price Online From Coin360
Wallets
Syscoin QT
The basic Syscoin Core wallet providing masternode controller functionality.
GitHub – Syscoin Core Releases
Mobile Wallet Options
- AGXPay Mobile supports Syscoin and AGX tokens which use the Syscoin Token Platform. Available for Android and iPhone.
- Coinomi Multi-coin Mobile Wallet
- HolyTransaction Multi-coin Mobile Wallet
Syscoin 4.0 Review
Implemented via hardfork, Syscoin 4.0 provides a streamlined SHA256 merge mined blockchain focused on scalability, assets, throughput, security, offchain services anchored onchain, and a new form of cross-chain interoperability which does not require intermediaries nor counterparties. Syscoin 4.0 also introduced an enhanced Z-DAG Protocol with improved performance characteristics, parallel signature verification, a further simplified asset platform, and a more efficient blockchain.
Z-DAG Protocol
Zero-confirmation directed acylic graph, Patent-Pending, invented by Syscoin Core Developer Jagdeep Sidhu, is derived in part from DAG technology but provides global sorting of consensus and utilizes a masternode network as a source of bonded validators and relay nodes. It provides decentralization beyond common DAG implementations which utilize central witnesses. It is intended to eliminate confirmation time as a bottleneck factor in network performance by providing a preliminary consensus and allowing mainnet SHA256 finality to be reached post-transaction in the background. This enables near real time asset transactions and protection against double-spend attacks. Z-DAG consensus is provided within ten seconds.
Asset Platform
Intended to provide an easy, quick and secure means to configure, generate, store and transfer Syscoin Platform Tokens (SPTs). SPTs take advantage of all features and benefits of Z-DAG Protocol and Syscoin’s SHA256 finality.
Bridge
Enables bi-directional interoperability between Syscoin and other platforms directly, without requiring atomic swap nor intermediaries. This is achieved via smart contracts on both chains establishing what Syscoin team termed “two-way peg”. These contracts provide a mint/burn mechanism between token instances, maintaining correct supply on both platforms. In one use case, ERC20 tokens utilize Syscoin’s Z-DAG for secure, low-cost transactions while maintaining existing smart contract functionality on Ethereum Network, while Syscoin Platform Tokens also access Ethereum for its smart contract capabilities. This is presented as a viable scaling solution for Ethereum and other platforms because it provides the option to offload majority traffic (simple value transfers) to the Syscoin Z-DAG network which is designed expressly for micro-transactions, thereby freeing network resources to perform flagship services.
Masternodes
Designed to provide a scalable resource pool for existing and planned services, a relay network for Z-DAG Protocol, and to facilitate decentralized governance and proposals. Features to operators include voting and rewards. Proposal voting and funding take place on an approximate monthly basis. Operator income includes seniority bonus and a portion of transaction fees in addition to standard block rewards. Masternode collateral requirement: 100,000 SYS. Funding for elected proposals is sourced from superblock mining. In the event proposals are insufficient to absorb superblock funds, surplus coins are burned to mitigate inflation. The source code includes a number of changes and additions to the Dash Masternode source code on which it is based, particular to Syscoin services.
Offchain Services
A service design method actively pioneered by Syscoin which enables storage intensive use cases such as marketplaces and decentralized identity to benefit from blockchain and distributed ledger technology without impacting scalability. This is achieved through various means of on-chain and off-chain aggregation.
Date Released: June 4, 2019 (Syscoin 3.0 block 548,690)
Developers: Jag Sidhu, Willy Ko, Dan Wasyluk, Sebastien Schepis, Brad Hammerstron, Sebastian DiMichelle, Justin Silver, (pending additions)
Whiteblock Analysis of Syscoin Z-DAG
On May 22nd 2019, Whiteblock released the results of their 8-month research initiative aimed at analyzing the performance and transactional throughput of Syscoin’s Z-DAG implementation. Each test was designed to observe the effects of various environmental conditions such as network latency on application performance with a focus on identifying maximum viable transactional throughput. On a network of 24 operating masternodes, viable throughput was shown between 20,000 and 60,000 transactions per second within various realistic conditions, while the zero-latency control group performed 151,543 transactions per second.
- Z-DAG: A Practical Performance Analysis (Full Report by Whiteblock)
- Syscoin 4.0: Z-DAG Performance Analysis (Syscoin News Release)
- Analysis: Syscoin’s Z-DAG (Whiteblock Blog)
White Papers
- Z-DAG White Paper
- Syscoin 4.0 White Paper expected soon
- Syscoin 3.0 White Paper
- Syscoin 3.0 White Paper Summary
Syscoin API
Syscoin-JS is purposed to provide developers a streamlined means to integrate existing applications with blockchain without need for specialized smart-contract programming languages nor in-depth knowledge of complex blockchain operations. It is a javascript library for interacting directly with the Syscoin RPC Server, and provides 1:1 mappings for all RPC endpoints. Built for NodeJS and browser.
Development Team: Sebastian Schepis, jnessbcf, Quang Nguyen, Dan Wasyluk
Past Releases and History
Syscoin 3.0
Syscoin 3.0 introduced masternodes as a resource-pool to power future services, Syscoin asset platform, Z-DAG Protocol, parallel transaction processing, vertical and horizontal scaling, instant send, and decentralized governance with proposal funding.
Date Released: May 1, 2018
Developers: Jag Sidhu, Dan Wasyluk, Sebastien Schepis, Justin Silver, Willy K., Brad Hammerstron, Sebastian DiMichelle
Syscoin 2.0
Syscoin 2.0 added a graphical interface and additional features to the Syscoin wallet and decentralized marketplace. Additional features include price-pegging, arbitrated escrow, encrypted messaging and Bitcoin as a payment option. Syscoin 2.0 switched algorithms to SHA-256 and became merge-mineable with Bitcoin, resulting in increased hashing power and resistance to 51% attacks. Total Coins mineable: 888 million.
Date Released: May 1, 2016 at 12:15pm PST
Development Team: Jag Sidhu, Dan Wasyluk, Sebastien DiMichele, Brad Hammerstron, Sebastien Schepis
Syscoin 1.0
Syscoin 1.0 was the world’s first decentralized marketplace. Syscoin 1.0 was a scrypt algorithm altcoin based on Litecoin. The original whitepaper included Decentralized Marketplace Creation, Decentralized Smart Contracts and Documents, Decentralized Certificate Issuance and Transfer and Decentralized Data Storage and Retrieval. Some of these services were available upon launch but only accessible through a command-line interface.
Announced on April 16, 2014 at 12:15pm PST on Bitcointalk. Presale began on July 19, 2014 at 0.00000465 BTC/SYS with Moolah.io as escrow agent. ICO price was .00000518 BTC/SYS. Full launch was announced for August 16, 2014. The ICO raised 1500 BTC of which 250 BTC was used for “buy support”. Ryan Kennedy aka “Alex Green” (Former CEO of now defunct Moolah/MooPay exchange) stole the remaining 750 BTC, is currently incarcerated in U.K. and potentially faces additional prosecution toward restoration of funds.
The Syscoin development team persisted with the project despite set-backs associated with the loss of initial funds, working the project in conjunction with their day-jobs during this early period.
Development Team: Sebastian Schepis, Dan Wasyluk, Michael Wheeler, Jonathan Heald, Soeren Pederson, Sebastien DiMichele