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

[haggis]

Looked at the promo video and was excited. Then read the coin specs and was getting disappointed (scrypt, POW only, 2B coins)  

Then let me guess. You decided to stop reading why they did that and went to go post how much scrypt, POW only and 2b coins is disappointing.  

This is how people miss buying in early. They think every coin is a scam and too good to be true.

Everything checks out but people are not willing to look into it. The few errors have been adjusted. If you think something is off then post a detailed response why and everyone will check your work to find out if you are right or wrong.

Well, I read it to the end but I still think an initial capitalization of ~6m$ is a bit too high for something that doesn't look much different to what NXT or NEM are already offering (feature related). Ok, NEM is not yet released but it's already much more popular than Syscoin (which I heard about today the first time).

[snipsnoop]

Looked at the promo video and was excited. Then read the coin specs and was getting disappointed (scrypt, POW only, 2B coins)  

There is a hell of a lot of scrypt miners out there and every single week a new algo comes out, new best thing etc etc etc.
There is a good reason we picked scrypt, it works and there is a lot of hash out there willing to mine. Simple as that. It might not suit the small miners, but that boat really sailed months ago. Sad but true (I was one of them).

I saw for myself how POS worked while investing a bit in Stealthcoin. Sorry but no way, network totally unreliable due to POS kicking in too fast and would just not suit us. (Not that we had not made up our minds months ago)
We need something that is proven to work reliable to ensure the health of the blockchain which is really where all the action is.

[ThousandFaces]

Just started reading a bit about SYS, so I may have missed this, but is there a wallet? I don't see it on the site. I am sure someone else has asked it already, but there are 36 pages of posts here. Hoping someone can point me in the right direction.

[pseudonymdude]

Trying to keep up here...

Like others have asked, do you have any roadmap or budget for the ipo funds?

Will devs be keeping any significant BTC for themselves or will all funds go towards marketing/development, etc?

What types of marketing are you planning on doing to reach outside of the crypto community?
How will you get wall street interested?

Thanks

Collected funds are being focused on several things, primarily building partnerships with large players in the crypto space (I mean companies, not whales). We're also going to be spending some of the collection on bounties, although not all of it as we do have a small amount of Syscoin for bounties as well. Then of course, future development; we're already trying to push additional features (2) into the coin prior to launch, on top of the 4 that are already completed. Outside of that we will hold much of the BTC for ongoing costs that we can't currently predict. We already have some deals in place that look to exercise the BTC we're collecting and the deals we're working on aren't cheap, but will ultimately take Syscoin to the next level.

a sneak peak on these two features?

On the team call this morning we were discussing that in 4 weeks it may be feasible to implement "smart contracts" as they are typically understood in the crypto community, requiring 2 sets of keys, etc. The other feature would be making the already-on-deck marketplace feature a bit more flexible by allowing the concept of counteroffers to a seller's asking price. Escrow is also on the long term roadmap but its not something we can fully deliver in 4 weeks. If we sell out sooner and launch sooner then these 2 additional features will probably bleed into the next release.

In the event the SYS team does not deliver SYS I get an automatic refund from escrow, correct? What is 'not delivering SYS'? Failing to deliver a simple wallet with SYS coins and no additional functionality at all? Or not delivering a fully fuctional wallet with the 4 core features operational (no alpha's, bèta's, untested) as listed in the OP?

The second, it is contingent on delivering what we outlined in the preann (4 features, merge mineable, plus normal coin stuff). If we just deliver a clone coin (not happening) you'd get your money back. If we don't deliver at all, of course you get your money back.

Alpha/beta is something we're toying around with but also keep in mind the overhead that takes to manage/respond to feedback and how that may impact our ability to roll out new features on top of the 4 already slated for the launch. Not something we're saying "no" too but something we want to make sure it manageable. We have been testing Syscoin for almost 2months now, so I wouldn't call it untested but more testing never hurts.

Thanks for the response.

Could you give any specific examples of how you will use funds to market syscoin?  Who will be the main targets of your marketing?

Are you saying that the holders of the ipo funds will not use any significant percentage of the ipo BTC for personal use not related to syscoin?

[wtman]

moolah does not even have a username / password recovery option.

[Yuzu]

moolah does not even have a username / password recovery option.

Well, that's not really necessary for the pre-sale.  Or are you concerned about future trading?

[danosphere]

Thanks for the response.

Could you give any specific examples of how you will use funds to market syscoin?  Who will be the main targets of your marketing?

Its hard to call out specific examples right now since there isn't really anything out there like this right now so we aren't sure what it will do and who will take the most interest. Right now I can say that we are looking to target more of the mainstream market, major financial systems, replacing brokers with the decentralized Syscoin network. Replacing centralized storefronts with decentralized markets. Ebay sellers, craigslist sellers (and more markets in that vein that I may be omitting).  Also going after data storage warehouses like dropbox and google drive, you can store data on the Syscoin blockchain and you never need to worry if "CompanyX" is still in business or if their servers crashed- its all decentralized.

Is it a lofty goal? Yep. Is it impossible? I don't think so. I don't see any other coin pushing features like this that have actually been delivered (aside from talk, whitepapers, and roadmaps)- we have these ready, and we think they will change the landscape of how financial systems work over time.

I know NXT may have similar concepts but this is not NXT, the features will be more consumable by the normal "Joe User" demographic and we have partners already on board to make those more consumable systems accessible on a larger scale. The name alias feature is another component of Syscoin that will make it much more marketable to mainstream demographics. Send your Syscoin to "danosphere.wallet" instead of "Ssf8675ho48huvnsnoubni34bkiavs94". If users change wallets they can just update their alias, no change needed to those who are sending them funds. Yes we could add a DNS system on top of the name alias system ala Namecoin but we want to wait and see how its used before mandating use cases like that.

Marketing isn't the only thing though, we'll also be hiring some crypto devs to make sure innovation keeps rolling. We know things move fast in crypto, Syscoin should be ahead of the game when it launches with the 4 features we've already completed. We want to stay ahead of the game.

Also we don't know what kind of partners we may work with in the future, some may require compensation. So a portion of funds will be set aside for that as well.

Are you saying that the holders of the ipo funds will not use any significant percentage of the ipo BTC for personal use not related to syscoin?

This is correct. We'll be holding the majority of it for items directly related to Syscoin- operating, hiring, and marketing costs. We as the developers will take a small portion to recoup the  8+ months of development work (which is directly related to Syscoin) and the rest is going to ongoing costs in a long term sense. This does include our own future development, which is a certainty; but also covering costs for additional devs we hire to expedite that development, marketing, more partners, advertising, etc. We aren't looking to raise more capital in 3, 6, 12months- this is going to be it. The developers are getting 2% of Syscoin but we'll be publishing our wallet addresses and holding these coins, not dumping like some developers do.

I know VIA raised a significant amount of BTC (600+) via their recent presale. How are they disclosing their spending of that fund? We could follow their example if that is what people consider fair.

[Djinou94]

Ok i invested how can i get my syscoin now?

[DonQuijote]

Looks interesting might be a nice concept!!!

[slex]

moolah does not even have a username / password recovery option.

This is not necessary for the presale, but we do! I am unsure as to why it is currently not linked to from the main UI - and will have this resolved by tomorrow afternoon.

[Soul_eater_123]

Ok i invested how can i get my syscoin now?

Send me chocolate coins and I'll tell you.

[pseudonymdude]

Thanks for the response.

Could you give any specific examples of how you will use funds to market syscoin?  Who will be the main targets of your marketing?

Its hard to call out specific examples right now since there isn't really anything out there like this right now so we aren't sure what it will do and who will take the most interest. Right now I can say that we are looking to target more of the mainstream market, major financial systems, replacing brokers with the decentralized Syscoin network. Replacing centralized storefronts with decentralized markets. Ebay sellers, craigslist sellers (and more markets in that vein that I may be omitting).  Also going after data storage warehouses like dropbox and google drive, you can store data on the Syscoin blockchain and you never need to worry if "CompanyX" is still in business or if their servers crashed- its all decentralized.

Is it a lofty goal? Yep. Is it impossible? I don't think so. I don't see any other coin pushing features like this that have actually been delivered (aside from talk, whitepapers, and roadmaps)- we have these ready, and we think they will change the landscape of how financial systems work over time.

I know NXT may have similar concepts but this is not NXT, the features will be more consumable by the normal "Joe User" demographic and we have partners already on board to make those more consumable systems accessible on a larger scale. The name alias feature is another component of Syscoin that will make it much more marketable to mainstream demographics. Send your Syscoin to "danosphere.wallet" instead of "Ssf8675ho48huvnsnoubni34bkiavs94". If users change wallets they can just update their alias, no change needed to those who are sending them funds. Yes we could add a DNS system on top of the name alias system ala Namecoin but we want to wait and see how its used before mandating use cases like that.

Marketing isn't the only thing though, we'll also be hiring some crypto devs to make sure innovation keeps rolling. We know things move fast in crypto, Syscoin should be ahead of the game when it launches with the 4 features we've already completed. We want to stay ahead of the game.

Also we don't know what kind of partners we may work with in the future, some may require compensation. So a portion of funds will be set aside for that as well.

Are you saying that the holders of the ipo funds will not use any significant percentage of the ipo BTC for personal use not related to syscoin?

This is correct. We'll be holding the majority of it for items directly related to Syscoin- operating, hiring, and marketing costs. We as the developers will take a small portion to recoup the  8+ months of development work (which is directly related to Syscoin) and the rest is going to ongoing costs in a long term sense. This does include our own future development, which is a certainty; but also covering costs for additional devs we hire to expedite that development, marketing, more partners, advertising, etc. We aren't looking to raise more capital in 3, 6, 12months- this is going to be it. The developers are getting 2% of Syscoin but we'll be publishing our wallet addresses and holding these coins, not dumping like some developers do.

I know VIA raised a significant amount of BTC (600+) via their recent presale. How are they disclosing their spending of that fund? We could follow their example if that is what people consider fair.

I would have preferred a more concrete plan/contacts, but I appreciate the honesty.  I never mentioned VIA, and, for now, consider it a pump & dump.

So assuming 1400 BTC is left, approximately what allocation for:
% Future Development/operating/hiring
% Marketing to crypto market/crypto companies/crypto players/bitcointalk
% Marketing to wall street/the wealthy but tech-unsavvy

I understand you want to make something cool and have people recognize it and come to you, but most won't understand how it will benefit them.  Once you have decent working features and a well-tested product, you will have to push it hard and show companies how they will benefit from syscoin's features.

Obviously, you don't have to answer these questions as people in crypto throw around BTC like its candy, but I'm curious as to how you will respond.

Thanks

[tazmania]

It seems most people just heard about VIA and what happened. Then a day or two later hear about SYS and they think SYS is trying to copy VIA with the IPO and same idea.

SYS thread has been up since April and been worked on for 8 months. VIA has some words about having this idea since late last year and finally got around to getting their IPO finished and coin launched.

It's just a coincidence that both coins are happening at the same time.

Of course it'll be no easy task to get people to adopt this new way of running a business. Think of young people though just starting off in life. They may go straight for something like SYScoin and base their business around SYScoin. If successful other people take notice and try it out.

I for one am excited when I heard them mention that they will have a store front / market place of things to buy and a template will be released to help others get started. Let this start off as a hobby just messing around trying these new cool things and turn it into a business or something. New way of doing things / new ideas. I'm sure someone will try to get a Silkroad type market place running and maybe it'll be a hit.

It may start off as a pump and dump but it sounds like the crew will stick around and build out from here. Hopefully it'll benefit the people who stick around.

[Djinou94]

Ok i invested how can i get my syscoin now?

As per the Moolah Portal -
Your Syscoin will be delivered to you in either a public/private keypair combination or pre-created wallet.dat - the choice is entirely up to you.

Delivered by email?
Because i didn't create account in Moolah website

[pseudonymdude]

Ok i invested how can i get my syscoin now?

As per the Moolah Portal -
Your Syscoin will be delivered to you in either a public/private keypair combination or pre-created wallet.dat - the choice is entirely up to you.

Delivered by email?
Because i didn't create account in Moolah website

It says he will email you an encrypted link, I believe.  Danosphere said they will be sent out just before launch.

[realestmofo]

Ok i invested how can i get my syscoin now?

As per the Moolah Portal -
Your Syscoin will be delivered to you in either a public/private keypair combination or pre-created wallet.dat - the choice is entirely up to you.

Delivered by email?
Because i didn't create account in Moolah website

The e-mail you typed in here

[Korean]

Please forgive me if I missed the point completely.

Other coins have a decentralized market place within the client itself - This is for peer to peer transfers, like Craigslist...person to person selling

Syscoin is different because it is a market place on the blockchain and it targets companies and businesses.

My question is, how do we get businesses like Amazon, or Best Buy to use your custom block chain software as opposed to using their own engine that they currently use. Also, another question is, how do you get them to accept the risk to be the guinea pigs of this new system?

The eventual goal is to take on Wall Street like Sebastien said? But don't we have to start with the really small mom and pop shops first to get a proof of concept with an actual business going and then we can target Ebay?

Also, when people order some software for ordering system, marketplace, sometimes customization is included in the package. Will you provide that customization for them?

Please share some plans on how we are going to get businesses to use the market place on the block chain. I think this is more towards very very small businesses for now

Also, for merchants that are happy with their market place/coding/customization...think NewEgg or TigerDirect. How do you convince them to switch over to Syscoin versus just accepting Bitcoin on their page.

Most of the bigger stores, the trend is just to accept Bitcoin, just like Dell.com.

Also many of the shopping cart alternatives have 24/7 technical support in case problems arise that may affect sales. do you offer some centralized support that is 24/7 as well.

Also could you make an infographic that exlplaijs the features of market place compared to the market cart software. What the differences is and how the features compare



Thank you

[realestmofo]

A lot of talk about buying and selling but don't forget about these 2.

Brokerage on the Blockchain

Exchange discrete data directly on the Blockchain. Documents like deeds, wills, trusts, stocks, bonds and contracts can now be created, mutually agreed upon, and transferred without the necessity of a third-party to authenticate the transaction; the Syscoin network itself acts as the third party, guaranteeing cryptographically-verifiable authenticity. Syscoin provides a foundation for the creation of provably fair arbitration systems which cannot be corrupted.

Certificates on the Blockchain

Using the cryptography of the Blockchain; Issue, authorize, and exchange digital certificates. With Syscoin, anyone can register as a certificate issuer and issue provably-unique certificates which can be authenticated by anyone using Syscoin's cryptographic proof of work. This allows for the creation and free exchange of a any kind of digital asset such as stocks, bonds, ownership certificates, warranties, receipts, tickets, certifications, diplomas, software licenses.

[Yuzu]

Ok i invested how can i get my syscoin now?

As per the Moolah Portal -
Your Syscoin will be delivered to you in either a public/private keypair combination or pre-created wallet.dat - the choice is entirely up to you.

Delivered by email?
Because i didn't create account in Moolah website

It says he will email you an encrypted link, I believe.  Danosphere said they will be sent out just before launch.

Ok i invested how can i get my syscoin now?

As per the Moolah Portal -
Your Syscoin will be delivered to you in either a public/private keypair combination or pre-created wallet.dat - the choice is entirely up to you.

Delivered by email?
Because i didn't create account in Moolah website

When you invested, you added an email address at the field which stated ( Your Wallet Will Be Sent Here. ) 

Ok thank you guys

Moolah sends you a confirmation email.  Mine ended up in my Spam folder, so you might want to check yours.

[S3MKi]

on moolah i chose and send 0.5btc but on my invest btc address i see 0.4994 and haven't receive confirmation on my email. is all good?( i mean that i wrote 0.5 but send 0.4994)