[ANN] Syscoin - Business on the Blockchain - LAUNCHED!

[Lordoftherigs]

In the OP it is mentioned that this project is being launched by Award winning team


May you be so kind and elaborate on this. Please present some proof

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[sebastien1234]

In the OP it is mentioned that this project is being launched by Award winning team


May you be so kind and elaborate on this. Please present some proof

Certainly We were the KittehCoin team. We won "best dev of March 2014" at the Crypto Awards (www.cryptoawards.com); it was determined by popular vote. Unfortunately, at the moment, it appears that that site is down. Here is their twitter feed however(see march 31st):

https://twitter.com/CryptoAwards

[fran2k]

Very nice infographic!

[JessicaMILFson]

So, this means....that there is 22,118,400 million coins released in the first 15 days, then 49,766,400 in the next 45 days? Then, 143,769,600 for another 180 days...


Making the total at 240 days = 215, 654,400 coins?

That's such a large number of coins, which makes it very difficult to achieve a >$1/coin market capitalization. It's deflationary, which I like. But it's not scarce enough to achieve >$1/coin valuation. Plus the increase amount of coins that can be possibly dumped, especially by those with the scrypt asics.

Also, 8% = 160,000,000 million premine?

Is this correct?

[Lordoftherigs]

hopefully there will be some BTC cap for the IPO

[danosphere]

Myriadcoin has multiple proof of work and a strong community behind it. http://www.reddit.com/r/myriadcoin/It's the first to have 5 different hashing algorithms and do have a very strong developer team behind it. There's one innovation there.

So if you compromise an entire mining algorithm you get 20% of the mining power. You’d have to compromise 3 different algorithms in order to get to 60%. You’d have to take over the hashing power of the entire algorithm on 3 different algorithms—some are CPU-[friendly], some are GPU [friendly], some are ASIC-friendly. And, well that creates a very interesting scenario.
 
Quark is another expansion of this with multiple hashing algorithms to prevent a 51%. It's not just multipool. There are some innovation here.

Multiple PoWs is not a major innovation [imo]. Miners have to solve multiple problems instead of one (or a random one of many types of problems- permutations of the same rather simple innovation). Every other coin announcement I see these days boasts this type of claim (15 diff types of algos! 22! 25!), yet it still doesn't bring any intrinsic value-added services to the coin itself. It just changes things a little bit for GPU miners (miner client they run), and prevents ASIC mining in some cases (for now...).

I haven't heard nor reviewed Quark's 51% attack protection so I can't comment on that. I do think FractalCoin may be onto something with their Slingshield but I need to investigate that further, the technical explanation they provided seemed sound but implementation is everything.

The beauty of all of this is that we can integrate any/all of these features into Syscoin very easily (to bring this back to the topic at hand). I'm not saying other coins don't innovate- I'm just saying the coins in that list specifically aren't bringing major innovations to the table at the moment and Syscoin is, so the comparison is inaccurate. I know they have dedicated dev teams and have no doubt they'll do great things, maybe even borrow a thing or two from Syscoin that's what open source is all about!

[kingscrown]

scrypt is a great algo, and in case of this coins innovations - algo doesnt mean that much.

[FredDag]

Let me just clarify Syscoin is NOT built from scratch. Syscoin is a hybrid built upon well-vetted technologies. Syscoin is a fork of the Bitcoin codebase merged with major aspects of the Namecoin codebase, and then taken further.

Just wondering what version of the Bitcoin codebase Syscoin is based on?
Reason for asking is to know what BIPs would be incorporated & what API methods available.

[G K G]

So when is this presale starting?

[JessicaMILFson]

So when is this presale starting?

Still TBA...general ballpark figure is posted, but they will need confirmation with the whole team once they have the meeting.

[danosphere]

Transparency: I deleted a post that linked to unsubstantiated claims related to Moolah. If you'd like to discuss DOGE/Moolah FUD please keep it out of this thread. Thanks.

[Lawyer]

Can you describe the marketplace for us.

You mentioned that it is like Fiverr. Is the ability to post ratings, pictures, videos of the items possible?

[danosphere]

Can you describe the marketplace for us.

You mentioned that it is like Fiverr. Is the ability to post ratings, pictures, videos of the items possible?

Yes thanks for the question- the marketplace facilitates the raw process of posting inventory, making it available for sale, and facilitating the purchase process via the blockchain (not just transactions here). This is the foundation of any marketplace- it will be up the community and those building their stores upon the Syscoin blockchain to add whatever additional pieces of information they want associated with the items they're selling (such as ratings, pictures, videos, etc). We may explore allowing the attachment of pictures directly to marketplace offers but that is not currently implemented and can be accomplished via other Syscoin services as illustrated below.

Here is a comparison of how a "normal" marketplace website would work vs. one running off the Syscoin services.

"Standard" Marketplace:
- Database/Datastore contains all user account data, offer data, pictures, ratings, transaction history, videos, etc
- Website front end displays the data stored in the database in a user-friendly way

In this implementation if the Database goes down, the entire site goes down. Furthermore if the database is hacked or corrupted, the entire site is lost!

Syscoin powered Marketplace:
- Syscoin blockchain contains all offer data, and transaction history
- Database/Datastore contains all user account data, pictures, ratings, videos, etc associated with a specific Syscoin offerId
- Website front end displays the data stored in the blockchain + database in a user-friendly way

In this implementation, if the Database goes down only the pictures and videos are inaccessible or lost, the transaction history and all inventory, etc persist unaffected.

...and Syscoin's features compliment each other, want to make the user accounts, images and video data more secure? Store it on the blockchain as well using the datastore service [data alias]...

Syscoin powered Marketplace (extended service use):
- Syscoin blockchain contains all offer data [offers], and transaction history [transactions]
- Syscoin blockchain contains all user account data, pictures, ratings, videos, associated with a specific Syscoin offerId [data alias]
- Website front end displays the data stored in the blockchain in a user-friendly way

In this implementation there is no middleman database layer at all. The entire process is facilitated by Syscoin services. The only weakness here would be the front end (web server) going down. Even if it went down all of the offers, transactions, pictures, and relational data would be maintained on the blockchain. The data alias entries in this case would need to some relational data in order to remove the database layer entirely but that's pretty simple.

We will do out best to get materials together to help explain how to leverage all Syscoin's features in these types of ways. There are many, many ways to combine the services Syscoin offers to achieve different goals   We are working on having our own Fiverr like store running on the Syscoin blockchain at or shortly after launch as an example, we're already working on it.


Got some very big news coming tomorrow. We've finalized the partnerships we were working on for the last week or two, and will have a presale date before the weekend ends (GMT-5)!

Small update: Announcement delayed until Monday sorry, gotta double check a few last things before going public with this!

[danosphere]

The whole scrypt thing is debatable, scrypt asics might be out but the scrypt miners/farms need to realise the value of coin before they do anything. This might not happen until syscoin hits an exchange and then we might see all hell break loose in terms of difficulty and mining.

Though that said, I absolutely loathe the distribution tactics by angel shares. Its taking 1 token (PTS) and then turning it into two - 1 AGS (for you) and 1 PTS (for the company). It is something like danosphere taking btc from you for the IPO and then using the same btc to buy out more of the IPO. It doesn't happen any where and its a completely cheat system.

Fair point re: scrypt ASICs, and yeah who knows what will happen when Syscoin hits the market. I have seen a lot of press about BitHalo recently and smart contracts. Syscoin implements smart contracts just without adding a "new protocol" (or at least without calling it a new protocol). I haven't been able to see their code at all so no idea what is really going on under the hood, but Syscoin does much of what they claim to offer already. Clearly a video is the way to get people "crazed" about this as I'm seeing with BitHalo so I'm trying to put together an end-to-end demo video ASAP alongside all the other logistics we're working out. Would love to put out a beta as well but we're really focused on getting this coin launched, beta stuff just slow that down but if we feel the need for more testing by means of a beta, we'll do so.

The Syscoin presale is very straightforward- you pay XX BTC and based on the phase of the presale (early bird/regular) that equates to XX Syscoin @ a price of XX BTC/SYS. No shady tactics, no odd shares, you buy what you want. You receive exactly that amount of Syscoin once the coin launches on the heels of the presale closing.  We definitely aren't doing a share based, 1 turns into 2 type of tactic, I agree that's pretty low.

Just waiting for our partner to reply to us before making this news I've got sitting on my desk public

[liyuxuanfc]

The whole scrypt thing is debatable, scrypt asics might be out but the scrypt miners/farms need to realise the value of coin before they do anything. This might not happen until syscoin hits an exchange and then we might see all hell break loose in terms of difficulty and mining.

Though that said, I absolutely loathe the distribution tactics by angel shares. Its taking 1 token (PTS) and then turning it into two - 1 AGS (for you) and 1 PTS (for the company). It is something like danosphere taking btc from you for the IPO and then using the same btc to buy out more of the IPO. It doesn't happen any where and its a completely cheat system.

Fair point re: scrypt ASICs, and yeah who knows what will happen when Syscoin hits the market. I have seen a lot of press about BitHalo recently and smart contracts. Syscoin implements smart contracts just without adding a "new protocol" (or at least without calling it a new protocol). I haven't been able to see their code at all so no idea what is really going on under the hood, but Syscoin does much of what they claim to offer already. Clearly a video is the way to get people "crazed" about this as I'm seeing with BitHalo so I'm trying to put together an end-to-end demo video ASAP alongside all the other logistics we're working out. Would love to put out a beta as well but we're really focused on getting this coin launched, beta stuff just slow that down but if we feel the need for more testing by means of a beta, we'll do so.

The Syscoin presale is very straightforward- you pay XX BTC and based on the phase of the presale (early bird/regular) that equates to XX Syscoin @ a price of XX BTC/SYS. No shady tactics, no odd shares, you buy what you want. You receive exactly that amount of Syscoin once the coin launches on the heels of the presale closing.  We definitely aren't doing a share based, 1 turns into 2 type of tactic, I agree that's pretty low.

Just waiting for our partner to reply to us before making this news I've got sitting on my desk public

I just want to know when to start.

[deadley]

Just posting here to keep upto date about Syscoin.

[crazywack]

Just posting here to keep upto date about Syscoin.

Looks good don't it deadley! Can't wait for more info.

[qiwoman2]

I find this really interesting and want in on the presale as son as it starts..

[yampi]

Great concept, horrible algorithm choice.

[cwb27]

Great concept, horrible algorithm choice.

scrypt is king, what u talking bout