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

[nomoreheroes7]

The market place will have the most competition. Hopefully buying and selling fees will be low enough to encourage people to build and use. People will have to go from btc (or usd) to sys and then buy things on the market place. If the fees to do that is too great they will look else where.

This is important, especially since projects like openbazaar are touting that they'll have "no fees". A lot of competition emerging...

[Primitive]

who gets the fee in the case of the alias example?  does that fee go to the nodes supporting the network?

[SmokeJoe]

I Like your coin but it is way overpriced. Not a surprise that presale is not going as well as expected. I am hoping to snatch some coins at 200 satoshi after launch.

[realestmofo]

I Like your coin but it is way overpriced. Not a surprise that presale is not going as well as expected. I am hoping to snatch some coins at 200 satoshi after launch.

Please explain in detail how you think that will happen (price hits 200 satoshi). People keep saying that but never explain how they come to that conclusion. Is it math? A guess?

Or anyone that thinks the price will go lower than IPO.

[JiePanXia]

I Like your coin but it is way overpriced. Not a surprise that presale is not going as well as expected. I am hoping to snatch some coins at 200 satoshi after launch.

Please explain in detail how you think that will happen (price hits 200 satoshi). People keep saying that but never explain how they come to that conclusion. Is it math? A guess?

I agree with him and will probably do the same.(not at the same price though).
It's just my guess.Let's wait and see what happens after launch.

[jokumat]

I Like your coin but it is way overpriced. Not a surprise that presale is not going as well as expected. I am hoping to snatch some coins at 200 satoshi after launch.

It's not reasonable to expect this. Something like this might happen in case of serious technical failure or similar bad news, but normally not. So likely you'll have no chance to buy below pre-sale price. And if the price really falls, you will have no interest to buy anyway.

I'm more afraid of low trade volumes and possible lack of interest in the coin and services,  sort of "Mastercoin illness".

[profitofthegods]

I'm more afraid of low trade volumes and possible lack of interest in the coin and services,  sort of "Mastercoin illness".

I think that is the main obstacle for any coin with 2.0 features like these - they are great features if they get used but there just aren't that many people in a position to use those features who actually know about them and are willing to take the risk of dealing with cryptos, but I'm quite hopeful for Syscoin due to the close working relationship with Moolah, which I think gives this coin a much better chance of getting people to actually use all of its features compared to most.

[cryptodaknight]

Feel free to ask anything guys and we will try our best to answer

So seems you guys are farthest ahead with this new tech, and upon release there is something to offer. My question though is what do you see as your biggest competition right now as other coins go? Is there any serious competition right now, or coins working on same projects? What factors or tech would separate syscoin from the herd?

Thanks.

[tazmania]

So seems you guys are farthest ahead with this new tech, and upon release there is something to offer. My question though is what do you see as your biggest competition right now as other coins go? Is there any serious competition right now, or coins working on same projects? What factors or tech would separate syscoin from the herd?

Thanks.

Here is what I think. Someone from Syscoin can answer the questions too.

First it is always best to do your own research. You can use the search box on the top right to search for "competition" and see what the Syscoin team has said about competition so far in this thread.

All the information about this coin and all the others are on this forum and no one will know more than that. You can take a look at each blockchain 2.0 coin and figure out which coin or coins will be the biggest competition or currently is a serious threat to Syscoin. It's up to the user to decide that as 1 person may thing nothing comes close right now.  

In the first post you will find these 2 comparisons

Q: What's the difference between Sys and Ether?

and

Q: What's the difference between Sys and Cloakcoin?

And here are 2 things that will set Syscoin far from the competition at launch that you can read about in the first post.

Brokerage on the Blockchain

Certificates on the Blockchain

The buying and selling on the blockchain is a feature most coins are pushing for as it's the feature most likely to be used by everyone.

Some coins working on blockchain 2.0 are Razor, VIA, CLOAK, SKY, XC, Crypti and probably others I'm not aware of or forgetting. Go read up on them and see how far away they are from launching and what they are planning on offering.

Edit: Below a Syscoin team member corrected me. Take a look at the post below by Dan. Good stuff.

[snipsnoop]

who gets the fee in the case of the alias example?  does that fee go to the nodes supporting the network?

All fees go back to the network/miners. Unlike namecoin where the coins are destroyed.

[Neo.op]

I would be careful about "blockchain 2.0" since Ethereum != SYS, VIA, CLOAK, SKY, XC, or Crypti. Ethereum is a turing-complete smart contract solution re-written from scratch using an entirely new protocol which is different from Bitcoin.

Now that sounds like some of the btc in Syscoin is going towards ethereum too

[mistercoin]

Please lower the minimum to enter! What if we only have 0.05? We cant get in on it because of this?

[danosphere]

Please lower the minimum to enter! What if we only have 0.05? We cant get in on it because of this?

The trouble with this is it requires changes to announcements and systems that are already in place and the entire team is very focused on the launch. Also we'd need to coordinate with Moolah to make those changes which would take more time. Some people might complain that if we'd done that earlier they'd have purchased differently introducing more issues to deal with...

Try pooling resources with another buyer? 0.1btc is roughly $60usd which isn't a huge barrier to entry imo  

I would be careful about "blockchain 2.0" since Ethereum != SYS, VIA, CLOAK, SKY, XC, or Crypti. Ethereum is a turing-complete smart contract solution re-written from scratch using an entirely new protocol which is different from Bitcoin.

Now that sounds like some of the btc in Syscoin is going towards ethereum too

I'm not going to lie as a crypto dev interested in bleeding edge crypto I am very intruiged by Ethereum. I have not invested any BTC into their presale... I am very uncomfortable with their presale terms (no refunds, even if they don't deliver anything  ). Still a cool project to watch!

[Neo.op]

:reaches back to page 24:

I might have missed it but danosphere, how are you guys enabling smart contracts on your blockchain? Cause the whole certificate thing looks more like asset on next and not really a smart contract. Another query I had was, how do you stop people from issuing worthless certificate to bloat the blockchain?

I'm going to take a crack at this but I'm also going to have @coderboo reply to this as well. Syscoin doesn't implement "smart contracts" as defined by Ethereum aka a turing complete smart contract solution (er.. vision atm). Looking at this doc on NXT asset exchange Syscoin certificates do not behave like assets either, at least not as defined by that page. To be honest I don't fully understand NXT assets but Syscoin certificates I can explain.

First you register as a cert issuer on the Syscoin blockchain and this costs a set fee that isn't pennies. This enables you to issue certs, and these certs can be linked back to your wallet address through the blockchain to be provably issued by you to the reciever- even if transferred (transfers are all logged as well). So you have a cert, lets say its the digital title for a car (you're a car dealership, I'm buying a car from you). You issue the certificate to my Syscoin address via the blockchain and it proves I purchased the car from you and I own it. If in a year I want to transfer the certificate to a new owner I can do that myself- but it can always be tracked down via the blockchain to see who the current owner is (if its not encrypted).

Certificates do not inherently cost anything outside of Syscoin service fees related to the various commands. I could create an offer using the Syscoin marketplace service to sell the car and after selling transfer the cert to the new owner. The certificate system doesn't have concepts that NXT asset exchange has- there aren't bids and asks, there is no interest or expiry.

In order to prevent abuse/issuing of garbage certificates the fees for this service will be set appropriately to discourage such activity. Of course we can't ban it or anything as this is all decentralized. I'm sure there will be some level of garbage just from people wanting to try out the features not even knowing what they do and that's fine- but it will cost them, and eventually they won't have enough Syscoin to continue.

We'll be working to outline a number of use cases for the various services to people understand them better and don't waste Syscoin unintentionally

I have yet to find coderboo's post but I will say this if this is your "smart contract" implementation, then:
Its inefficient, cause with bids and offers, I get a better price discovery than without one. Depending on my situation, if the car is say a Audi, I might get multiple buyers and even overcharge someone. Or in desperation of having a cheapo 2nd hand, let it go for a below market price and affect other "same car certificate owners".

Though what you describe is more a of smart property ie it clearly denotes the owner so no way to actually hide what has gone wrong with the car. So a repair is written to the blockchain and there is no way to hide the dent with a paint job. A rather difficult way to do things, if you ask me

[Neo.op]

Please lower the minimum to enter! What if we only have 0.05? We cant get in on it because of this?

The trouble with this is it requires changes to announcements and systems that are already in place and the entire team is very focused on the launch. Also we'd need to coordinate with Moolah to make those changes which would take more time. Some people might complain that if we'd done that earlier they'd have purchased differently introducing more issues to deal with...

Try pooling resources with another buyer? 0.1btc is roughly $60usd which isn't a huge barrier to entry imo  

I would be careful about "blockchain 2.0" since Ethereum != SYS, VIA, CLOAK, SKY, XC, or Crypti. Ethereum is a turing-complete smart contract solution re-written from scratch using an entirely new protocol which is different from Bitcoin.

Now that sounds like some of the btc in Syscoin is going towards ethereum too

I'm not going to lie as a crypto dev interested in bleeding edge crypto I am very intruiged by Ethereum. I have not invested any BTC into their presale... I am very uncomfortable with their presale terms (no refunds, even if they don't deliver anything  ). Still a cool project to watch!

I am sorry but you forget your target audience - many are chinese and rest are broke coders dreaming of riches. 0.1 btc is considered a rather high investment. Just kidding, still a lower barrier entry cud have helped. Look at crypti they sold 750btc target in 3-4 days.

That said, my issue with ethereum is rather different. They don't have PoW details or anything and somehow think its a good idea to do a presale. Best part is, it cud be that they actually sell 1-2 yrs worth of mined coins in the presale. Not really a good idea.

[danosphere]

Let me quote your first line from the post I quoted - " Syscoin doesn't implement "smart contracts" as defined by Ethereum aka a turing complete smart contract solution (er.. vision atm)." So you were the ones calling the certificate (or rather smart properties) as smart contracts. I have been the one asking how can you call your implementation "smart contracts" when they aren't. You can go through my older posts on this thread to actually see this.

And I guess you mixed this up with something else. We were never talking about fees - its not something I am really concerned about. Though I will still say market (bids/offers) is again not something which should be missed in the initial version. Thats my opinion.

(Snipped some of the quote just to cut back on length)

I may have incorrectly referenced the Syscoin certificates feature as a "smart contract" earlier on before I came to understand that "smart contracts" as commonly understood are "turing-complete" as planned to be implemented by Ethereum. After that realization I clarified this is not analogous to the certificates services within Syscoin- you're right they are more like smart properties in that they can be verifiably linked to an owner, and come from an issuer, thei content can be dynamic and is dictated by the issuer and their ownership history can be tracked and via the blockchain. I do apologize for the lack of clarity on that point.

Regarding bids/asks can you elaborate on that a bit? I can say at least for launch everything is fixed-price in terms of the Syscoin market service in that the seller dictates the cost they want to sell their item for (and the quantity they have to sell)- are you suggesting that even if a seller puts something on offer for 100sys that a buyer should have the ability to bid 80sys and if the seller is agreeable to that lower price they have the option of accepting the bid even though it is lower than their offer price? Just trying to better understand your suggestion, always looking for good ideas to help and improve Syscoin - thanks

[profitofthegods]

Smart contracts do not have to be Turing complete. In fact I think it is ethereum's scripting language which is Turing complete, not any of the particular contracts which you might create with it. A smart contract just needs to perform some kind of logical operation to determine whether conditions have been met and then carry out some action accordingly, rather than simply storing data as a smart property or certificate does.

[danosphere]

Smart contracts do not have to be Turing complete. In fact I think it is ethereum's scripting language which is Turing complete, not any of the particular contracts which you might create with it. A smart contract just needs to perform some kind of logical operation to determine whether conditions have been met and then carry out some action accordingly, rather than simply storing data as a smart property or certificate does.

You're correct, thanks for the clarification- I should have stated that point about Ethereum differently.

[Edraket31]

I am travelling on 16-08 and following days. Only online via Iphone or Ipad
In what way can I get my coins available?
Once I receive the keypair, can I send the coins to my wallet on an exchange where sync will be traded? Or is it necessary to have an own wallet on my computer first?

[vpeer]

Can I make a second investment separate from the first?

Will that screw things up?

I did that.  I think you are sent the wallet.dat for the total that you send.  So you can send more if you wish.

i dont think so,if im wrong please tell me