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About Syscoin

What is Syscoin?

Syscoin is a highly secure cryptocurrency which has the ability to act as a distributed ledger on a blockchain, and as a digital token. Syscoin has been referred to as the “Swiss Army Knife” of Blockchain platforms. This is because of the wide range of services that Syscoin offers its users.

The core features of Syscoin include:

Decentralised Market Place: An Ebay/Amazon-style market place (known as Blockmarket) with all the benefits of Blockchain technologies such as secure transactions and near-zero fees.

Syscoin Assets: Syscoin Assets provide a layer of tokenization on top of the Syscoin network. Read more

Aliases; These enable users of the Blockmarket platform to have personalised user names associated with their wallet addresses. Users are able to send and receive transactions securly via this Alias rather than a traditional long wallet ID (random string of numbers and letters). Users can also track transactions more easily using the Alias feature.

Masternodes: The Syscoin masternode system was implemented in Syscoin 3.0 and was launched during the upgrade hard fork on May 1st 2018.  Syscoin masternodes are based on Dash masternodes and they provide numerous services for the Syscoin network including InstantSend, PrivateSend, and decentralised governance. Read more about the Masternodes. 

Z-DAG: Syscoin developers created the Z-DAG technology to tackle a widely acknowledged blockchain scalability issue. Using this zero-confirmation directed acyclic graph Syscoin is able to counter the double-spend attack in such a way that assets running on top of the syscoin platform can transact in real-time and without the need for confirmations to secure the transaction. The bottleneck is lifted and it usually only takes between 3-5 seconds to confirm a transaction. To provide some context, Bitcoin transactions take between 10 and 30 minutes to confirm. As a result, Syscoin is estimated to be able to transact assets with up to 300k transactions per second (roughly a 1000 transactions per operating masternode). More info here 

Syscoin API: Syscoin’s API Server enables developers to build, test and deploy decentralized business services on Syscoin’s blockchain. This product provides access to Syscoin's protocol-level services through a secure and easy-to-use HTTP server with a REST-like interface and complete, interactive documentation. More info on the Api page 

Encrypted Messaging; this feature enables users to communicated with each other in an encrypted environment. It allows users to safely communicate personal data with other users. The messages can not be viewed by anyone other than the sender and receiver which includes complete privacy from any third party applications.

Abitrated Escrow features; This feature allows buyers and sellers to have complete confidence in their Blockmarket transactions. The Abtirated Escrow agent is an independent third party who has the ability to manage the transaction process between a buyer and a seller. This benefits buyers as their payment will be held by the Escrow until they have received their purchase, and benefits sellers as they can withold shipping a product until payment from the buyer has been confirmed.

When was Syscoin Created?

Sebastian Schepis created Syscoin with the help of Dan Wasyluk. The ICO presale began on 19 July and Syscoin launched on 16 August 2014. 

What are Syscoin’s specifications; maximum coins, block time, etc?

Max Coins: 888 million

Block Time: 60 seconds

Difficulty Algorithm: Dark Gravity Wave v3 (DGW)

Mining Algorithm: SHA256, merge-mineable

What Blockchain does Syscoin run on?

Syscoin runs on its own blockchain; a fork of BTC and Dash, with four year's worth of constant in-house development integrated into it.

Where can I find the whitepaper?

The whitepaper can be found here

Partners

Who are Syscoin's key partners?

At the beginning of 2016, Microsoft announced its partnership with Syscoin and partnered with them to become one of the few crypto projects they work with. Syscoin is officialy recognised as a Microsoft Azure Development Partner. This partnership provides Microsoft with the expert services of the Syscoin project to enhance its awareness of its BaaS (Blockchain as a Service) in its offering, and provides Syscoin with a partnership who shares its core goal of bringing business to the blockchain.

Amother important partner is the Decentralized identities foundation or DIF 

Exchanges

Where can I buy Syscoin?

Syscoin can be purchased via a range of exchanges:

Bittrex

Binance

Poloniex

Upbit

Livecoin

 

It also possible to use Flyp.me or Changelly to obtain Syscoin or use the in wallet exchange function in Blockmarket.
A complete and up to date list of exchanges can be found on Coinmarketcap.

Security

How secure are Syscoin transactions?

Syscoin transactions are among the most secure because the coin is merge-mined with Bitcoin, thus giving it all the benefits of the strongest cryptocurrency network going.
The QT wallet is widely used by different cryptocurrencies and is opensource. The blockmarket wallet is audited by The security firm Digital Boundary Group

What is the Digital Boundary Group?

The Digital Boundary Group (DBG) is a leading IT and Security assurance firm which audits companies against the strength of their IT Security. Examples of their service include: penetration testing, Security reviews, and vulnerability scanning. Furthur information about The Digital Boundary Group can be found here.

 

What were the findings of the Digital Boundary Group Security Audit on Blockmarket?

The findings from the DBG Security Audit on Blockmarket were published by the official Syscoin team and can be found by clicking the link below.

Key points from the findings were:

  • 4 minor issues discovered in Blockmarket
  • No issues resulted in the loss of user funds

Over all the findings resulted in Syscoin being awarded with a “Low Risk” status which was a great result. All minor issues were rectified

Report

Wallets

Where can I securely store my Syscoin?

We advise you to always store your Syscoin in a wallet that you control yourself, such as the Syscoin QT Wallet, or Blockmarket desktop Wallet, both can be found here

In the near future it will also be possible to store your Syscoins on the Ledger range of hardware wallets.

Mobile wallets can be found below:

Android: Coinomi Multi Coin Wallet

iOS and Android: HolyTransaction Mobile Web Multi Coin Wallet

Blockchain Foundry

What is Blockchain Foundry?

Blockchain Foundry was established in 2016 with the goal of developing and commercializing blockchain-based solutions built on the Syscoin blockchain infrastructure platform, which the management team of the Company developed in 2014.  

Watch a introduction video on Blockchain Foundry here

Features

Blockmarket Desktop

What is Blockmarket Desktop?

Building on the World's First Decentralized Marketplace, Blockmarket is the newest generation of Syscoin's Desktop wallet with a complete marketplace built-in. Built on blockchain technology it provides an opportunity to earn cryptocurrency by selling your own products while eliminating middlemen, credit card fees and political interference. Buy or sell anything to anyone, anywhere on Earth. Blockmarket is made up of different components relevant to doing business. These components are:

  • A fully operational wallet with advanced identity system (no more strings of numbers and letters to memorize before you can transact)
  • A decentralised no-middle man marketplace
  • Encrypted messaging service
  • Integrated escrow service (with ability to rate escrow and merchant)
  • Asset creation component (file your own cryptocurrency or ico)

Where can I download the latest version of Blockmarket Desktop?

The latest Blockmarket version can be found here

Z-DAG

What is Z-DAG?

Z-DAG (Zero-confirmation Directed Acyclic Graph) brings transaction speeds to the Syscoin network that are suitable for real world use cases. Z-DAG is a Syscoin innovation created by our CTO Jagdeep Sidhu that enables instant transactions on all Syscoin services such as sending & receiving tokens, making purchases, creating certificates, and more. Read more 

Syscoin API

What is the Syscoin API?

The Syscoin API Server enables developers to build, test and deploy decentralized business services on the Syscoin blockchain. This product provides access to the Syscoin protocol-level services through a secure and easy-to-use HTTP server with a REST-like interface and complete, interactive documentation. More info can be found here. 

Were can I find the Syscoin API?

The Syscoin API can be found here on the Microsoft azure marketplace

Aliases

What are Syscoin Aliases?

Aliases on Blockmarket Desktop can be thought of as Syscoin Accounts. It is necessary to have one before using any of the features in Blockmarket.
You can have multiple aliases in the same wallet; for example, you might have one for one business use and one for home use.

The Syscoin Alias feature ensures that users no longer have to remember the long Syscoin address of number and letter combinations.
Instead the users can create a more personable and memorable form of identification which they can use to brand themselves on the Blockmarket platform.  
Aliases are somewhat similar to domains on the internet.

Aliases are lower-case just like email addresses so make sure to double check your entries!
Syscoin aliases are also unique like domain names, and only one user can own a unique alias at a time. If you do not renew your alias by updating  after it expires it will be returned to the network for others to purchase.

Aliases automatically last for 1 year from the date of creation however can be extended or shortened by the creator.

Note: Creating a new alias will cost a small transaction fee. Increasing the expiration date will incur a much larger fee. It is recommended to start with a 1 year expiry date. 

How long does my Alias last?

Aliases automatically last for 1 year from the date of creation however the can be extended by the creator.

Syscoin services such as Aliases, Certificates and Offers can be purchased for up to 5 years.
They can be renewed or you can add time at any time.

Note: Creating a new alias will cost a small transaction fee. Increasing the expiration date will incur a much larger fee. It is recommended to start with a 1 year expiry date. 


 

Masternodes

What is a masternode?

Masternodes are special instances of the Syscoin wallet node, usually run on a Virtual Private Server. Syscoin Masternodes are based on Dash masternodes, and they provide numerous services for the Syscoin network including InstantSend, PrivateSend, and decentralised governance. Masternodes are required to have 100000 Syscoin collateral, a dedicated IP address, and be able to run 24 hours a day without a more than a 1hr connection loss

Why are masternodes necessary?

To quote Jagdeep Sidhu core developer of Syscoin and CTO of Blockchain Foundry: 

Syscoin pursued masternodes to create a preferable network topology that allows the project to leverage Z-DAG, which stands for Zero-Confirmation Directed Acyclical Graph.

This allows for real-time point-of-sale applications through the assets platform on Syscoin, *the first project to use this feature is the payment processor Coinpayments*, through a DAG implementation by providing a interactive protocol targeted around 10 second POS transactions.

By creating a fat layer of masternodes in between sender/receiver we will allow for high-throughput network relay with minimal network hops to reduce latency for message packets to arrive to the network participants. This coupled with the fact that there is now parallel execution of ZDAG transactions across the network we will have a very high throughput, statistically secure like proof-of-work and fully decentralized form of asset/token platform that has not yet been seen in the industry to date

 

Arbitrated Escrow

What is the Arbitrated Escrow feature on Syscoin?

Arbitrated Escrow is a feature built in to the Blockmarket Desktop wallet experience. Buyers and sellers can mutually agree upon a third-party to secure the funds while the goods/services are in transit. Arbitrated Escrow is available on offers purchased with Syscoin, Bitcoin orZCash. Arbitrators do not have access to coins, they can only approve transactions or return funds.

What fees does the Arbitrated escrow charge?

The arbitrated escrow charges 0.5% of the final sale price of an item to the buyer when intervention is required.

Is it compulsory to use the Arbitrated Escrow?

No it is not compulsory to use the arbitrated escrow feature on Blockmarket. When a buyer makes a purchase they have the option to choose if they want to use an arbitrated escrow or not.
This can be done by clicking the “Secure Purchase with Escrow” icon. Buyers also have the chance of choosing which arbitrated escrow they use, should they chose to use one.

can I earn Syscoin being a Syscoin Arbiter?

If you’re someone who is well trusted in the community or even well trusted to a single buyer/seller you can earn up to 0.5% of transaction’s total cost by becoming an escrow arbiter. 

To become a Syscoin Escrow Arbiter simply purchase a Syscoin Alias and publish it to the community. Escrows that you’re selected for will appear in the “Escrow” tab of your Syscoin wallet. You will not be paid unless your intervention is required.

Downloads

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