A public, decentralized development platform
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Statement of the project
The purpose of the Syscoin Platform is to provide today’s enterprises and organizations a platform to benefit from blockchain and distributed ledger technology (DLT) with high security and availability, reduced infrastructure and transaction costs, and a variety of enterprise-level features. Syscoin Platform consists primarily of original source code and maintains an up-to-date base of Bitcoin Core, complying with Bitcoin’s proven security model.
FEATURES OF THE SYSCOIN PROJECT
Z-DAG (Zero-Confirmation Directed Acyclic Graph)
Syscoin uses a transaction framework though which users can determine their optimal means of transfer based on the nature of their transaction (micro or macro). This patent-pending technology is called ZDAG (https://syscoin.org/zdag_syscoin_whitepaper.pdf) and it aims to enable ideal microtransactions that provide probabilistic security (99.9999% detection of double-spends) and global consensus for token transfers — though it does entail a security trade-off versus Proof-of-Work (PoW) systems. After a short period of time, ZDAG gives way to PoW to ensure long term settlement assurances. If the tradeoff is undesirable, users transferring high value can also opt to rely exclusively on the Proof of Work base layer, which operates at a block time averaging 60 seconds.
Syscoin token’s type is NATIVE. SYS holders can use the token in the following ways:
- Create a Syscoin Platform Token (SPT), a custom asset token that uses the Syscoin Token Platform
- Collateralize a masternode, and thereby receive rewards for contributing to network services such as ZDAG, and vote on governance proposals
- Submit governance proposals
- Pay network fees
Integration efforts are currently focused on establishing a bi-directional Bridge with Ethereum by means of dual-contract 2WP (two-way peg). In the case of Ethereum, ERC-20 tokens are enabled to utilize the Syscoin Token Platform with ZDAG for fast, low-cost microtransactions. Additionally, this could help address some of the scalability concerns surrounding the Ethereum network; offloading standard token transfers to Syscoin Network enables Ethereum Network to better-perform its flag-ship functionality, Turing-complete smart contract execution. Likewise, Syscoin Platform Tokens are enabled with Ethereum’s smart contract capabilities and toolkits.
SYSCOIN 4.0 NEXT GENERATION
During an update on April 30, 2018, the team announced the integration of “masternodes” on the network. To ensure the ledger is fully synchronized real-time and transactions are relayed efficiently at high volumes. Masternodes will also be responsible for future governance decisions in the network, like voting on upgrade proposals. To participate as a masternode, users are required to stake a specific amount of SYS tokens. Operators are compensated for running a masternode with 75% of the block reward, with the other 25% going to traditional miners.
Masternode requirements 100,000 SYS collateral
More info on Masternodes HERE
Syscoin 4.0, the projects latest upgrade, involves a number of changes including: Z-DAG – a decentralized DAG for assets which features global sorting of DAG consensus and near-instant transactions, with SHA256 finality also achieved in background and Bridge – cross-chain asset interoperability without requiring atomic swap nor intermediaries, that offers scalability to Ethereum and other platforms, giving ERC20’s, etc, the option to utilize Z-DAG for simple value transfers/micro-transactions.
Coin release (hardfork) introducing Masternodes, Syscoin token platform and ZDAG v1
Enables smart contract execution tied to Syscoin protocol. Provides Syscoin assets an integration path with smart contract capabilities, laying the groundwork for upcoming Syscoin Bridge release. Improves Syscoin speed and scalability by following a design that minimizes blockchain bloat with future aggregation and storage techniques in mind.
The Fusion Wallet open source project provides Syscoin token creators the ability to offer a customized wallet for their specific token(s). Syscoin token project developers can also offer wallet skins to users, or branded wallets.
Produced by Blockchain Foundry, Spark is a native Syscoin wallet for public use which features an extensible branding framework. Spark allows Blockchain Foundry clients to provide a branded, secure, and easy to use experience to their communities for interacting with Syscoin Platform Tokens.
Core development team replaced the Syscoin-core library on GitHub with the easier to handle Syscoin-js version
Blockchain Foundry announced February 2020 that their propietary Z-DAG protocol will be coming to the Syscoin Mobile wallet, bringing with it lightning fast, zero-confirmation transactions
New Whitepaper Syscoin 4.0 is on the way.
Specifications of Syscoin 4.0
Max Coins: 888 millions
Block time: 60 seconds
Masternode collateral requirement: 100,000 SYS
Masternode rewards: 75%, 25 SYS each 24 h, later – Seniority Benefits mechanism (+35% after 1 year, +100% after 2.5 years)