Syscoin

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Syscoin (SYS) logo

Syscoin is a global network, a distributed ledger, a decentralized database, and a blockchain. It is also a cryptocurrency, an altcoin, a digital currency, and a tradeable token.

Description[edit]

Syscoin is a revolutionary cryptocurrency that not only allows low-cost financial transactions like Bitcoin, but provides businesses the infrastructure to trade goods, assets, digital certificates and data securely. Syscoin based on a fork of the Bitcoin protocol and is merge-mined with Bitcoin, giving it one of the most secure, stable, and scalable networks to ever exist[1].

Syscoin Price Online From CoinMarketCap

Syscoin 1.0[edit]

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

Syscoin Core 2.0[edit]

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 Core 3.0[edit]

Implemented via hardfork, Syscoin 3.0 introduced a hybrid Proof of Work/Proof of Stake consensus model, masternodes, asset platform, ZDAG Protocol, parallel transaction processing, vertical and horizontal scaling, optional anonymity, instant send, and decentralized governance with proposal funding.

An Introduction to Syscoin - by Syscoin Community


Asset Platform provides users the ability to configure, generate, store and transfer assets and tokens. Configurations relate to divisibility, interest and supply. Assets and tokens configured as non-divisible are colorable; Metadata such as serial numbers or other identifiers can be assigned to each token on an individual basis. Platform can be used via GUI (Blockmarket Desktop 3), CLI (Syscoin Core 3 wallet), and programmatically via Syscoin API 3.0.

ZDAG Protocol (Zero-confirmation directed acylic graph), invented by Syscoin Core Developer Jagdeep Sidhu, is derived in part from DAG technology but utilizes a masternode network as a source of bonded validators. This provides a measure of decentralization above DAG implementations which utilize central witnesses. It is intended to eliminate confirmation time as a bottleneck factor in network performance by allowing consensus to be reached post-transaction in the background, allowing for real time asset transactions and protection against double-spend attacks.

Masternodes 1.0 is designed to provide a scalable resource pool for existing and planned services, a relay network for ZDAG Protocol, facilitate decentralized governance and proposals, and add a Proof of Stake consensus component. Features to operators include proposal submission and voting. Proposal voting and funding takes 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.

Date Released: May 1, 2018

Developers: Jag Sidhu, Dan Wasyluk, Sebastien Schepis, Justin Silver, Willy K., Brad Hammerstron, Sebastian DiMichelle

Syscoin API 3.0[edit]

Concurrent with release of Syscoin Core 3.0, an open-source REST API was released, 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 currently provides integration with Syscoin, Bitcoin and ZCash blockchains. The majority of Syscoin API 3.0 code is dedicated to integration with Syscoin and its services stack.

Software currently provides developers a total of 182 separate methods and resources, allowing blockchain interactions including (but not limited to):

  • Send and receive Syscoin
  • Configure, generate, send and receive Asset Platform tokens and assets
  • Create, edit and transfer unique alias identifiers
  • Create, edit, view and transfer digital certificates
  • Create and manage multiparty agreements using multisignature functionality
  • Buy and sell on Syscoin's decentralized marketplace
  • Send and receive encrypted messages
  • Use arbitrated escrow serves

It consists of two main components: client and server (end-to-end). The primary variant is designed for Node.js JavaScript runtime and provides JSON responses. These were chosen due to familiarity among developers, and relatively high throughput and scalability associated with Node.js for DApp I/O operations.


Source code of Syscoin API 3.0 and previous versions are available for download at Syscoin GitHub.


API documentation is provided by Syscoin.


Example instructional implementations/primers are publicly available, provided by Syscoin Developer Justin Silver:

"Syscoin + Node.js = Blockchain Apps!"

"Syscoin + ZMQ + Node.js = Realtime Blockchain Updates!"


Blockchain Foundry, Inc. also provides a version of this API on a subscription basis as a Microsoft Azure hosted service which includes an HTTP server and a proprietary REST-like client interface with interactive documentation. It is currently listed on the Microsoft Azure Marketplace.


Developers: Dan Wasyluk, Quang Nguyen, Andres Cortes, Shahnawaz Ali, Dmitry Oshchepkov, Jag Sidhu, Ahmer Yasin, Justice Gray, David King, Eliot V. Scott, Justin Silver, Sebastien Schepis, Bartek Kus

Future Release Pipeline[edit]

Details of future releases are current as of the date of this publication and are subject to change.

Pangolin[edit]

Under active development by Blockchain Foundry Inc., and expected to be released in 2018, Pangolin is a web browser extension wallet intended to enable a secure and "close to walletless" experience for users of applications integrated with the Syscoin platform. Through Pangolin, user engagement with Syscoin dApps occurs directly in the web browser, with blockchain interactions rendered near-transparent or simplified to the end-user, without exposure of their private keys to other parties. The concept has been likened to some extent with Metamask for Ethereum platform, but provides a gateway to further functionality in Syscoin protocol services. Pangolin will enable dApp developers by broadening possibilities of design and interaction with Syscoin services relative to the end-user. It is deemed by Syscoin Development Team and Blockchain Foundry as a prerequisite for ideal functionality of web-based Syscoin marketplaces, and a range of prospective applications.

Version 1.0 is expected to include Syscoin payments, Aliases and login/authentication with Syscoin Identities. Progressive releases will include assets/tokens, and integration of a funding manager into Pangolin as Changelly is currently present within Blockmarket Desktop. Additionally, third-party partnerships are being considered toward enabling users to exchange SYS to fiat currency and fiat currency to SYS within Pangolin, to serve as a basis for "blockchain-transparent" purchasing of goods and services.

Blockmarket Web[edit]

Initial design approach involved a web-adaptation of the existing Blockmarket Desktop product, but has since evolved toward a separate design better suited to the average end-user familiar with an eBay or Amazon style shopping and listing experience. While "Blockmarket Web" in name is anticipated as a delivery, it is also the concept of web-based decentralized eCommerce using the Syscoin platform. As such, a number of separate development efforts exist among Syscoin Community Developers using Syscoin API. The Pangolin web browser extension is considered by Syscoin Team and Blockchain Foundry, Inc. as a prerequisite for proper delivery of such an eCommerce product in terms of end-user experience and security.

Syscoin 4.0[edit]

While Syscoin 3.0 is considered by Syscoin Team and Blockchain Foundry, Inc. as providing sufficient scaling and performance for medium size enterprises, "Syscoin 4" is intended to provide further real-world scaling and performance solutions to large enterprises seeking the benefits of blockchain for very high traffic, high volume transactional operations, and those involving large amounts of data. Recent concepts within the effort include utilizing Ethereum Virtual Machine, sidechains, record of state and data anchors stored onchain and associated with full data stored within offchain aggregation systems. The need for such a solution was realized by Syscoin Team and Blockchain Foundry, Inc. upon assessment of the service needs of large online retailers and other large enterprises.

See also[edit]

Binance Bittrex Poloniex

External Links[edit]

Community:

  • What is Syscoin? - Syscoin Official website

  • Licence.png