Syscoin’s latest release brings new features which make the blockchain suitable for business applications.
Syscoin’s most important release to date, the upgraded 3.0 protocol, has delivered on its promise of making Syscoin more than just another marketplace coin. Already the world’s first blockchain-based, decentralized, e-commerce marketplace of its kind, the Blockmarket platform was a giant leap forward for blockchain technology, allowing the crypto community to buy and sell goods on a decentralized platform, using virtual currencies with no need for a middle-man.
Now the team of 25+ developers has taken this innovation to the next level, introducing a brand new range of unique and highly intuitive features exclusive to the Syscoin blockchain. These include an Asset creation portal, divisible/non-divisible tokens, and an instant payment settlement layer named Z-DAG.
With the new Blockmarket Desktop 3.0 software, users can create and manage their own Syscoin Assets. Customizable tokens are then issued to represent these assets and can be used for purposes such as minting, issuing loyalty points, and launching ICOs; in each case with or without interest rates. Depending on whether the user decides to create an atomic or non-atomic asset, the assigned tokens may be divided into smaller units (think Satoshis).
“Combined with other Syscoin features like Z-dag, Aliases, Offers, Escrow, Certificates and Encrypted Messaging, Syscoin Assets offer the perfect solution for a wide range of blockchain-based projects. That's why established outfits like Coinpayments have chosen Syscoin Platform on which to run their latest projects.”
- Brad Hammerströn (Syscoin)
This new feature allows vendors to tokenize their physical assets. In the use-case of diamonds, for example, each diamond that a vendor holds could have a single token assigned to it, and these pegged tokens could then be sold via the marketplace. Important data that is specific to each token (such as tracking information, ownership details and serial numbers) can then be stored off-chain using Syscoin’s data anchoring system.
To someone from a less economically-developed country, this offers an opportunity to invest in tokenized gold or precious metals without the need to purchase the physical item itself - a process to which they would likely not have access.
As previously mentioned, the tokens themselves can exist in two states: divisible and non-divisible.
“Divisible tokens can be used for hourly services, commodities, or represent portions, like a percentage of a company” - www.syscoin.org
Divisible tokens cover all non-tangible assets and can be divided up to 8 decimal places with a potentially ‘unbounded’ supply - thus making it an ideal token for distributing vendor loyalty points.
Non-divisible tokens cover all tangible assets that cannot be fragmented into smaller items. These are essentially physical items that benefit from being represented by a blockchain-based token, such as collectable baseball cards or automotive parts.
The real jewel in the Syscoin 3.0 crown is Z-DAG (Zero Confirmation Directed Acyclic Graph). Z-DAG lays to rest one of the underlying barriers preventing cryptocurrencies like Bitcoin from becoming adopted as a payment system in the mass market, that is, transaction confirmation speed.
When you order a drink in a coffee shop using bitcoin, the transaction speed creates a significant delay between paying for your drink and walking away with it. You must wait for a network confirmation to finalize the transaction, and this can take even longer if the network is congested. Chances are your coffee will be cold before your transaction is complete.
“Z-DAG solves this problem of transaction settlement.” - Jag Sidhu
Z-DAG is a new settlement layer across the full range of Syscoin’s services, specifically designed to process transactions without the need for network confirmation. This is made possible through a combination of Syscoin Aliases and Masternodes and the fact that Syscoin is merge-mined with Bitcoin’s PoW consensus protocol. Z-DAG means that all Asset transactions are backed by Syscoin’s double-layered consensus system, providing it with additional security against double-spending.
Under the hood, when a transaction is placed, the network confirms the identity of the sender using the private key attached to their Syscoin Alias. Z-DAG builds the state deterministically by organizing transactions in the mempool based on the approval of the previous transaction.
Overall, these new developments make Syscoin’s blockchain solution a viable channel for businesses seeking to benefit from blockchain technology and tokenization.
Read more: https://cryptovest.com/features/3-reasons-why-syscoin-sys-could-be-the-go-to-platform-for-business-on-the-blockchain/