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

[danosphere]

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)

PM me:
- How long ago did you send it
- From what email address


I'll do what I can to get you answers ASAP. My assumption is because the values didn't match the buy wasn't associated with you, I can get that fixed I'm pretty sure but need those above details.

[ahbartsch]

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)

You have to send .0006 more for it to complete. Depending on where you send from it will take the transaction fee off of the sending amount so it looks like a transaction fee of .0006 was taken from your withdrawal. Am I right?

[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)

You have to send .0006 more for it to complete. Depending on where you send from it will take the transaction fee off of the sending amount so it looks like a transaction fee of .0006 was taken from your withdrawal. Am I right?

yes. bter fee

[Korean]

One question regarding the contracts.

We don't know how the landscape of cryptocurrency will be in 10 years, 20 years, etc.

What you do to ensure that these contracts will be stored an accessible 20-30 years from now...what if Syscoin gets replaced or if the project is gone by then and some major cryptocurrency takes over.

Im trying to ask, what is the contingency plan for users to access these contracts in the event that syscoin is no longer viable?

[embicoin]

How will it be the process to claim the physical bonuses for early bird investors (hard wallet, keyring...)?

[sidhujag]

One question regarding the contracts.

We don't know how the landscape of cryptocurrency will be in 10 years, 20 years, etc.

What you do to ensure that these contracts will be stored an accessible 20-30 years from now...what if Syscoin gets replaced or if the project is gone by then and some major cryptocurrency takes over.

Im trying to ask, what is the contingency plan for users to access these contracts in the event that syscoin is no longer viable?

Another good question. Your data is always accessible via your wallet after its been sycned. As long as one node is still running you'll be able to get your data back after importing your keypair into any given wallet. The Syscoin team will have at least one official node running, and if for whatever reason that is going to come down, we will let people know. Also via merged mining, it would take everyone abandoning Syscoin/Scrypt for your data to be lost (no nodes running). We should implement a 1-click data backup (all data- certs, offers, data, aliases) within the the wallet client... I think we'll try to do that

These are the types of scenarios where its like "this is new territory, expect some challenges" but that's the exciting part. It's also why we're testing so much before launching.

Don't want to promise too much but we've kicked around the idea of "Proof-of-Data". Essentially some nodes would have the option of storing the full blockchain while others would just get data about block value/contents but not the full block data-payload. Those who run the full chain would get a small reward for this, kinda of like PoS but not based on staking coins, more based on hosting data. This is still very much a new idea we're working on figuring out and it goes hand in hand with "lite" wallets, but its something we're srsly trying to figure out.

If you do some kind of pos or lite wallet thats not pow based then you will have to have a point of centralization. Otherwise you run the risk of being attacked by large stakes or whatever you rely on as proof. This is because in Pow you rely on the difficulty that is
built up over a sequential sequence of blocks and cant be hacked while in pos there is no difficulty so what the new idea is , is to add delegates which sign blocks and act as authorities to blocks before they become valid.. these delgates are given incentive to do so by giving them fees, they pay a deposit upfront to become a delegate and then make roi in a few months or something so you dont get bad delegates.

You sign these guys up manually so thats the centralization part, but without it all pos chains or even non pow chains that dont rely on a build up of difficulty are vulnerable to attacks, double spends
etc.

So this leads me to my initial question which went un answered. Assuming everyone is running full nodes at start, and since every feature besides data store is negligible in terms of storage since moores law allows disk us to manage an increase of blockchain bloat by a large percentage, and we are nowhere near the peak of disk storage efficiency.. the one I see a problem with is data
store which will fast outgrow any pace of technology advances.

If you store data on the blockchain, does everyone get that data or are there smart
clients that pull only their data to reduce bloat? The drawback of
smart clients is that if i lose my pvt key from hack or whatnot or change wallets i lose my data.. so there is more coupling between private key and external entities which may not be viable for this feature.

How did datacoin solve this? i personally dont consider data stored
and updated based on private key a feature that satisfied the requirement of a "decentralized data storage mechanism" that warrants an r&d fund but
it is a good start like maybe a beta, however a nice storyboard of
feature sets would be nice to see where they are at and what the end goal is.. werent we promised a whitepaper prior to the IPO?

[Bitcycle]

"Syscoin's team is not new to the industry, they bring the experience of an award-winning team to drive this incredibly innovative project."


Who?  Real names? It's a lot of money to give to anonymous people.

What awards?

[Korean]

"Syscoin's team is not new to the industry, they bring the experience of an award-winning team to drive this incredibly innovative project."


Who?  Real names? It's a lot of money to give to anonymous people.

What awards?

They won a fan vote for best developer team for Kittehcoin.

Great news for us Kittehs!

CryptoAwards.com deemed us as the best development team for March 2014 (with 4.6 times the amount of votes compared to the runner-up), we were also deemed as the third most favorite overall coin and the most favorite animal coin!!

http://cryptoawards.com/

It's quite prestigious. Hardly any awards in this space.

[realestmofo]

"Syscoin's team is not new to the industry, they bring the experience of an award-winning team to drive this incredibly innovative project."


Who?  Real names? It's a lot of money to give to anonymous people.

What awards?

Names and images on the main site http://syscoin.org/

[Bitcycle]

"Syscoin's team is not new to the industry, they bring the experience of an award-winning team to drive this incredibly innovative project."


Who?  Real names? It's a lot of money to give to anonymous people.

What awards?

Names and images on the main site http://syscoin.org/

Thanks, that's exactly what I wanted to see!

Anonymous coder, for some reason.  Probably doesn't want his day job to know, which is a little concerning, but otherwise nice.

[danosphere]

How will it be the process to claim the physical bonuses for early bird investors (hard wallet, keyring...)?

We're setting up a website for you to send your information to; once validated we'll send you your initial reward. Hard wallets will come after launch and there will be a follow on page for that as well and additional services tied to the hard wallet via an app. More details will be provided once its all setup, trying to get it done this week.

One question regarding the contracts.

We don't know how the landscape of cryptocurrency will be in 10 years, 20 years, etc.

What you do to ensure that these contracts will be stored an accessible 20-30 years from now...what if Syscoin gets replaced or if the project is gone by then and some major cryptocurrency takes over.

Im trying to ask, what is the contingency plan for users to access these contracts in the event that syscoin is no longer viable?

Another good question. Your data is always accessible via your wallet after its been sycned. As long as one node is still running you'll be able to get your data back after importing your keypair into any given wallet. The Syscoin team will have at least one official node running, and if for whatever reason that is going to come down, we will let people know. Also via merged mining, it would take everyone abandoning Syscoin/Scrypt for your data to be lost (no nodes running). We should implement a 1-click data backup (all data- certs, offers, data, aliases) within the the wallet client... I think we'll try to do that

These are the types of scenarios where its like "this is new territory, expect some challenges" but that's the exciting part. It's also why we're testing so much before launching.

Don't want to promise too much but we've kicked around the idea of "Proof-of-Data". Essentially some nodes would have the option of storing the full blockchain while others would just get data about block value/contents but not the full block data-payload. Those who run the full chain would get a small reward for this, kinda of like PoS but not based on staking coins, more based on hosting data. This is still very much a new idea we're working on figuring out and it goes hand in hand with "lite" wallets, but its something we're srsly trying to figure out.

If you do some kind of pos or lite wallet thats not pow based then you will have to have a point of centralization. Otherwise you run the risk of being attacked by large stakes or whatever you rely on as proof. This is because in Pow you rely on the difficulty that is
built up over a sequential sequence of blocks and cant be hacked while in pos there is no difficulty so what the new idea is , is to add delegates which sign blocks and act as authorities to blocks before they become valid.. these delgates are given incentive to do so by giving them fees, they pay a deposit upfront to become a delegate and then make roi in a few months or something so you dont get bad delegates.

You sign these guys up manually so thats the centralization part, but without it all pos chains or even non pow chains that dont rely on a build up of difficulty are vulnerable to attacks, double spends
etc.

I totally welcome this kind of discourse and discussion and these are the types of things we're going to need to talk about and consider inside the team on top of other challenges we'll by figuring out as we scale. We are still testing scaling, and in that regard miners get paid for all of the services so there is additional benefit to them for storing the data and those fees move on a sliding scale. I was just tossing out something we were thinking about internally [lite wallets + 'PoD'] amongst other solutions we're thinking about if it becomes a real problem.

So this leads me to my initial question which went un answered. Assuming everyone is running full nodes at start, and since every feature besides data store is negligible in terms of storage since moores law allows disk us to manage an increase of blockchain bloat by a large percentage, and we are nowhere near the peak of disk storage efficiency.. the one I see a problem with is data
store which will fast outgrow any pace of technology advances.

If you store data on the blockchain, does everyone get that data or are there smart
clients that pull only their data to reduce bloat? The drawback of
smart clients is that if i lose my pvt key from hack or whatnot or change wallets i lose my data.. so there is more coupling between private key and external entities which may not be viable for this feature.

What do you mean by "data store fast outpacing technology advances"? Storing data has related services fees and the more you (a user) wishes to store the more it will cost to do that. I don't feel like I can answer this without fully understanding your initial statement, please clarify and myself or a teammate will answer.

How did datacoin solve this? i personally dont consider data stored
and updated based on private key a feature that satisfied the requirement of a "decentralized data storage mechanism" that warrants an r&d fund but
it is a good start like maybe a beta, however a nice storyboard of
feature sets would be nice to see where they are at and what the end goal is.. werent we promised a whitepaper prior to the IPO?

We're actually using portions of the datacoin codebase as a partial basis for Syscoin's datastore mechansim; This is called out in the whitepaper on the 1st page, but here it is to save you a trip. It's just an overview, we'll have more specific paper's and videos that are feature-based coming out over the next few weeks leading up to launch. The first page has a lot of information as well which has already been updated.

I'll provide a more info in the data storage regard tomorrow after I speak with the team about some of the upcoming [new] features. If you could clarify that bit above it would help us to provide a more direct answer.

Anonymous coder, for some reason.  Probably doesn't want his day job to know, which is a little concerning, but otherwise nice.

Exactly, for now  

[sidhujag]

How will it be the process to claim the physical bonuses for early bird investors (hard wallet, keyring...)?

We're setting up a website for you to send your information to; once validated we'll send you your initial reward. Hard wallets will come after launch and there will be a follow on page for that as well and additional services tied to the hard wallet via an app. More details will be provided once its all setup, trying to get it done this week.

One question regarding the contracts.

We don't know how the landscape of cryptocurrency will be in 10 years, 20 years, etc.

What you do to ensure that these contracts will be stored an accessible 20-30 years from now...what if Syscoin gets replaced or if the project is gone by then and some major cryptocurrency takes over.

Im trying to ask, what is the contingency plan for users to access these contracts in the event that syscoin is no longer viable?

Another good question. Your data is always accessible via your wallet after its been sycned. As long as one node is still running you'll be able to get your data back after importing your keypair into any given wallet. The Syscoin team will have at least one official node running, and if for whatever reason that is going to come down, we will let people know. Also via merged mining, it would take everyone abandoning Syscoin/Scrypt for your data to be lost (no nodes running). We should implement a 1-click data backup (all data- certs, offers, data, aliases) within the the wallet client... I think we'll try to do that

These are the types of scenarios where its like "this is new territory, expect some challenges" but that's the exciting part. It's also why we're testing so much before launching.

Don't want to promise too much but we've kicked around the idea of "Proof-of-Data". Essentially some nodes would have the option of storing the full blockchain while others would just get data about block value/contents but not the full block data-payload. Those who run the full chain would get a small reward for this, kinda of like PoS but not based on staking coins, more based on hosting data. This is still very much a new idea we're working on figuring out and it goes hand in hand with "lite" wallets, but its something we're srsly trying to figure out.

If you do some kind of pos or lite wallet thats not pow based then you will have to have a point of centralization. Otherwise you run the risk of being attacked by large stakes or whatever you rely on as proof. This is because in Pow you rely on the difficulty that is
built up over a sequential sequence of blocks and cant be hacked while in pos there is no difficulty so what the new idea is , is to add delegates which sign blocks and act as authorities to blocks before they become valid.. these delgates are given incentive to do so by giving them fees, they pay a deposit upfront to become a delegate and then make roi in a few months or something so you dont get bad delegates.

You sign these guys up manually so thats the centralization part, but without it all pos chains or even non pow chains that dont rely on a build up of difficulty are vulnerable to attacks, double spends
etc.

I totally welcome this kind of discourse and discussion and these are the types of things we're going to need to talk about and consider inside the team on top of other challenges we'll by figuring out as we scale. We are still testing scaling, and in that regard miners get paid for all of the services so there is additional benefit to them for storing the data and those fees move on a sliding scale. I was just tossing out something we were thinking about internally [lite wallets + 'PoD'] amongst other solutions we're thinking about if it becomes a real problem.

So this leads me to my initial question which went un answered. Assuming everyone is running full nodes at start, and since every feature besides data store is negligible in terms of storage since moores law allows disk us to manage an increase of blockchain bloat by a large percentage, and we are nowhere near the peak of disk storage efficiency.. the one I see a problem with is data
store which will fast outgrow any pace of technology advances.

If you store data on the blockchain, does everyone get that data or are there smart
clients that pull only their data to reduce bloat? The drawback of
smart clients is that if i lose my pvt key from hack or whatnot or change wallets i lose my data.. so there is more coupling between private key and external entities which may not be viable for this feature.

What do you mean by "data store fast outpacing technology advances"? Storing data has related services fees and the more you (a user) wishes to store the more it will cost to do that. I don't feel like I can answer this without fully understanding your initial statement, please clarify and myself or a teammate will answer.

How did datacoin solve this? i personally dont consider data stored
and updated based on private key a feature that satisfied the requirement of a "decentralized data storage mechanism" that warrants an r&d fund but
it is a good start like maybe a beta, however a nice storyboard of
feature sets would be nice to see where they are at and what the end goal is.. werent we promised a whitepaper prior to the IPO?

We're actually using portions of the datacoin codebase as a partial basis for Syscoin's datastore mechansim; This is called out in the whitepaper on the 1st page, but here it is to save you a trip. It's just an overview, we'll have more specific paper's and videos that are feature-based coming out over the next few weeks leading up to launch. The first page has a lot of information as well which has already been updated.

I'll provide a more info in the data storage regard tomorrow after I speak with the team about some of the upcoming [new] features. If you could clarify that bit above it would help us to provide a more direct answer.

Anonymous coder, for some reason.  Probably doesn't want his day job to know, which is a little concerning, but otherwise nice.

Exactly, for now  

Will the fees accrue over time? IE I add a file today and then next year, the storage fee next year will be based on the one I added today? If thats the case then how much data are you able to store before fees stack up to say $10 per megabyte where it becomes unviable.. and in that case where one becomes dependent on the technology what would that person or entity do since they cost of doing business is not sustainable? Move to another private key, losing your initial data?

If fees don't accrue over time then my point of data storage usage outpacing technology is still valid.. what I meant by that was that the use of the data storage will outweigh the decrease in cost of storage space and the blockchain will fast hit a point where many people will not be able to or want to use it because of the bloat. This is because people will store things on the block chain and over time the blockchain will grow exponentially with the user base while the size of hard drives and speed of internet connections do not keep up to justify the increases in the blockchain.

The white paper says:

"Decentralized Data Storage and Retrieval
Syscoin provides services which enable users to store, and later retrieve, any data
which they wish to directly on the Syscoin blockchain. Up to 256KB of data may be stored per Syscoin setdata transaction. However, an arbitrary number of setdata transactions may be performed in order to store the desired amount of content on the Syscoin blockchain; the user is only limited by the amount of fees they can afford to pay. The data may subsequently be retrieved by the storer or anyone else using Syscoin's 'getdata' command along with the transaction ID of the correspondent 'setdata' transaction."

So I guess that means that the fees will be based on the number of tx you use... and the fee increases for you. I hope the fee doesn't increase for everyone else if they add their 256k in that same block?

So you have a block size where N users can add up to 256k per transaction and the number of transactions X can increase up to where fee Y increases for block Z. If user A can see user B's set data, then we have a possible huge block size. If not then you have fee Y increasing as a variable of X and Z. Still need to confirm that fees dont accrue once block Z is over, and if thats the case then bloat is possibly a show stopper?

[zhangdu]

good start.

[prix]

1500 BTC for 15% (~0.000005 BTC per SYS) is so risky for investors (with POW reward 2 000 market cap over 2 months and so).
Is it possible that you reconsider your decision as it did the Crypti team?

And another thing, though I'm following this topic for a long time, but did not understand what happens with the remainder of 15% if the IPO does not collect the necessary funds.

[Korean]

Can you explain why its so risky?

I think its because you can't really predict the dumping that may occur. In theory if investors hold, the price will never drop below IPO right? However, different flavors of the month happen and people take money out of one coin and put it into another coin. (Blackcoin's fall vs Darkcoins rise).

https://ip.bitcointalk.org/?u=http%3A%2F%2Fwww.dailyblackcoin.com%2Fwp-content%2Fuploads%2F2014%2F05%2Fdrk-VS-bc.jpg&t=542&c=aR1-MuqQcrIBag

Maidsafe's price actually dropped below their IPO price, and there's no mining at all, it's just investors holding at the moment.

Who knows what will happen. The early adopters could dump at a 10% cost difference to break even compared to later adopters (so invest early).

But I will buy them on the exchange, I have feeling it might be cheaper. It's going to be a lot of coins released very huge amounts 600,000,000+ so thats my thoughts

In conclusion, this is not a short term play. Not reasonable to expect profits in a few months. This is a long term play...hold for at least a year or more. Because it will take lots of effort and hard work to get people to use the market place and other services

[illodin]

How do we know the devs won't "buy" themselves for hundreds of BTC's?

Hi, sorry to quote myself, but can this be answered?

[MixPioneer]

Somebody help me
IPO is not confirmed
Send Error number

[ddeaNewtOn]

since it's a long play, don't expect big crypto players to be eager to invest.
I"ll buy at a lower price when people dumps and when thre is traction..

[ethought]

And another thing, though I'm following this topic for a long time, but did not understand what happens with the remainder of 15% if the IPO does not collect the necessary funds.

I would like to know this too.

[asboxi]

what is the difference between keypair and wallet.dat? I'm interested to invest 0.25btc but i don't know which method is the best.