Ok first let me address some questions I had to ask people to wait on (back @p75)
I know this might be comparing apples to oranges as Dano said in another post, but with regards to syscoin vs. ETH. For those like myself that are trying to understand both of these, is there a way someone could explain how these are different and or the same? Are features and concepts same or close, but different approach, or are these coins completely different in every way. I'm just trying to wrap my head around what this coin can do, and differences between the two.
Talked with the team about this and its a hard question to answer. To be honest with you we don't want to make any
technical comparisons between Ethereum and Syscoin. Ethereum is a completely different product, and isn’t out yet making it impossible to make real, accurate technical comparisons between the two. What we can say is that Ethereum is a product rewritten from the ground-up, it shares zero similarities with Bitcoin "1.0" as some people call it and runs on a completely different protocol. This is somewhat controversial because many think some of the goals they are attempting are either not feasible or are based on technologies/concepts algorithms that are immature, not widely used, or not well vetted. Huge amount of unknowns. This is not a knock again Ether, just the facts.
By contrast Syscoin is technically feature complete. It shares a large portion of its codebase with "Bitcoin 1.0" but brings in major pieces of Litecoin and Namecoin code. Using the potential discovered at the intersection of these 3 codebases, Syscoin builds on that foundation and provides new services in the form of the features being delivered at launch. There are
benefits to not trying to "rewrite" things from the ground up. The codebases Syscoin descends from are well-vetted and the protocols it uses are standard in the altcoin world meaning the barriers to adoption are small/nonexistent. Additionally this means that out of the gate Syscoin will be able to leverage the huge developer community around the three codebases it descends from- if any issues are discovered in those codebases, the fixes can be easily brought over to Syscoin. Ethereum will have to build this developer ecosystem from scratch and it has taken Bitcoin many years to get its developer community to this scale.
When it comes to "goals" Ethereums goals are definitely different than those of Syscoin, and some might argue they are infeasible, definitely very tough challenges. Ethereum has smart people on their team, and I hope they accomplish what they've set out to do because if they do it really will be something cool and different (A turing complete currency- it has its own programming language you can build on and such, its a very bold undertaking). Syscoin on the other hand leverages potential that we're frankly surprised other's haven't leveraged already. We are seeing some other teams just now starting to recognize this potential albeit through other implementations (I'm thinking specifically about BitHalo here) but there is
so much more that can be done with "Bitcoin 1.0" it doesn't require a rewrite. The Bitcoin foundation is very clear about their goals and they don't want to go into extending the core Bitcoin codebase in new directions ala Syscoin. That's why we're doing this- we see the potential, we don't see other teams acting on it fast enough, we know Bitcoin isn't going there (at least not yet/insofar as we know) so that's where we're going and we're tired of the clones when this potential is just sitting there, unrealized.
I hope that provides a little more insight
When a certificate of ownership (or transfer of information) has been sent to 2nd party, who might be physically far removed, and let's for example say it is for the sale of a $1,200,000 yacht. How does this work for both parties end to end. My understanding is that the only cost to transfer ownership would be the transaction fee for the certificate (which would be collected and retained by the miners).
How does this tie into real world points of transaction at both ends? Will there be an API that allows innovative developers to create GUI's or further businesses/services that allow the seller to have the information inputted digitally - in this case the ownership of a superyacht - and then how does the buyer on another continent get the digital certificate of ownership and transfer that into a physical instrument. Is this something that sys dev's are working on internally, will it be a bounty(s), or will the API be put out there to be adapted to uses as required by parties? Or does it all stay digital?
I like the feature rich blockchain, and have invested, but trying to better grasp how this works end to end. In the video you used a simple example, but mentioned sending a concert ticket to someone. Can you provide a workflow or explanation of how that would take place end to end. I am assuming that a physical ticket is involved here.
GREAT question. So here we're talking about the paradigm shift that Syscoin is trying to bring about. Instead of a bank facilitating that title transfer on your yacht, or the boating administration more likely- the Syscoin network would. So what would happen is pretty much as you've outlined. If the Yacht Title is currently in a physical form it would have to be transferred to a digital form that is recognized by other legal entities.
To play this out proper lets start from the beginning- where you first purchased the yacht. So normally you'd take out a loan and the bank would hold the cert until you've paid it back, in which case the cert then transfers to you after fully paid off. Of course to do all this the bank charges you huge fees and there is a centralization of process. If you need the bank to loan you money they'd still hold the cert (can't avoid that) in this case and it would be digital. But the yacht dealership would be the certificate issuer, and would issue the certificate of ownership to the bank initially, the contents of the certificate would indicate that you own the yacht, but owe on it yet. Once you've paid off the yacht, the certificate contents are updated accordingly and then the bank transfers the cert to your sole ownership for a small fee (Syscoin service fee- as you stated). So now you own your yacht free and clear and this can be verified on the blockchain. Say you want to sell it, the same process plays out again but you do not need to register as a certificate issuer, you can just transfer your certificate of ownership once the buyer has sent you funds, or it can be transferred to another bank if another loan is involved, etc etc. Syscoin currently assumes the use of digital certificates but is extremely flexible as to their form and format- as you may have seen in the demo they can be as simple as a string or much more complex, even binary files up to a certain size.
This is a whole new kinda of feature/use case/paradigm for crypto currencies that we're talking about, so no doubt there will be some learning and adjusting we need to do as this plays out in the real world and that is what we are here to do. A benefit of this whole system is that there is no central authority enforcing the ownership of the yacht, the Syscoin network provides that and proof of ownership can be ascertained at any time as its all on the blockchain, decentralized and publicly visible (unless encryption is used, which can be used on the entire cert or just certain parts of it for privacy).
Regarding this part:
Will there be an API that allows innovative developers to create GUI's or further businesses/services that allow the seller to have the information inputted digitally - in this case the ownership of a superyacht - and then how does the buyer on another continent get the digital certificate of ownership and transfer that into a physical instrument. Is this something that sys dev's are working on internally, will it be a bounty(s), or will the API be put out there to be adapted to uses as required by parties? Or does it all stay digital?
Yes there are huge opportunities for developers to build on top of the Syscoin platform. All the commands are available through the JSON-RPC API and because the contents of certificates are so flexible it is entirely up to the implementing developer to decide what the contents will be.
We have heard the call to add tx ids to the public ledger for transparency and will have that up within 24hrs.
