Topic: [ANN] Syscoin - Business on the Blockchain - LAUNCHED! - page 295. (Read 490241 times)

Because it just looks like a winner. But nobody knows....

Couple of questions for the DEV team, if you would be so kind:

1.) Reference the hard wallets sent in the post - are these NEEDED to access your wallet? Or can you access your funds right away without them?

2.) An earlier post said that escrow will not be available at launch - do you have an ETA when it WILL be available? From my understanding, SYS was good to go from launch date..

Thank you

 you should not allow hosting of images as in result it will be a mess of blockchain with massive size.

why not just use text/html pages that would expire and get deleted within lets say 5 months. pics can be embedded by hosting them somewhere else not the blockchain.

Main question is: why would anyone NOT invest into it? It looks like sure winner to me!

this doesn't answer anything. it basically says because its a market place, its justified that the blockchain will be massive. what does this say for long term future of syscoin? you have failed before you even started if you continue with this mindset. yous aren't bringing anything new to the table here. ebay is alerady a non anonymous market place. i fail to see what usuable and long term functional features we are buying with 1500btc. escrow however sounds great, bring something new to the table, blow us away.

i am invested myself, but i fail to see innovation, i see alot of tacky marketing tactics and flashy designs but no hard coding or evidence of progress. and with this "coderboo" being anonymous, is that the plan, he runs away with the btc and nobody knows who he is because he is anonymous and you cant reveal his name because he is a fucking NASA scientist or some shit?

The topic of "Bloating" on the blockchain has been discussed a few times, do a search onto the forum for 'Coderboo' but to also reference a post HERE can be of some reading knowledge into the topic.

Coderboo checks this topic on a daily basis - hes the primary programmer so he should be able to reference this / quote this for you shortly.

but if your aiming a major centralized financial systems, and aiming to replace, the blockchain will bloat in 6 months with that amount of pressure, and be instantly 100gb before you can even breathe. i don't think you guys have done the math, with millions of users and marketplaces, the blockchain will be simply to large, i know you dont want to think about it now, because once you get your BTC then the deals done, but what about the future of syscoin, do you think people want to download a 9terrabyte blockchain in 3 years filled with irrelevant unused data? like sure bitcoin is only 30gb, but thats from sending simple transactions that consist of a few bytes, with adding the feature to upload 256kb. if 4000 people try out your blockchain and upload a 256kb picture to test it, boom you have an extra 1gb on your blockchain. do that every day and times by 100 and you can see it adds up rather fast. i cant stress enough, you need to work on something to erase irrelevant old data in the blockchain, or your coin will fail, but that wont matter will it, as you will have your BTC.

there needs to be a separate chain for data and marketplace and it needs to be wiped every 6months or sooner.

We thought about this quite thoroughly. The goal is to replace major, centralized financial systems with decentralized, cheaper alternative infrastructures. If you think the only point of decentralization is so no one can shut it down you should broaden your scope a bit. Its also so no one party can control the availability of certain services. Sure people may use Syscoin to list "not quite legal" items- that is up to them and not for us to control/manage as its a p2p system. The main target is those larger systems, implementing anon natively/a system that natively encourages full anonymity would lead to never even being considered as replacements for these mainstream systems.

Developers can add anon in the form of mixing and other methods to obscure transaction origination if they so choose within Syscoin.

I dont understand where you guys are aiming with this... the point of being decentralized is so know one can shut it down. The only reason you wouldnt want a market place shut down us because its not quite legal. Yet not implementing anon? I dont understand your approach. Did you guys think this through? Or just get too excited about adding features?

Sorry we haven't posted more but we are very busy with our hands in many different projects related to the Syscoin launch. 

I wanted to expand a bit on the question regarding Cloak v Syscoin. After reviewing their whitepaper the differences are numerous. I want to be clear- I applaud the Cloak dev team for really doing something with Cloak rather than just playing with things like the PoW or if its PoW/PoS or not. Innovative teams are what will ultimately push altcoins to big success; competition between coins in this regard is a very healthy thing. Remember we [Syscoin] are working on escrow and although it won't be ready for launch, I can call out how it differs from Cloak's proposed implementation without exposing the unique aspects/value of our implementation prior to launching it...

Escrow: The Cloakcoin escrow implementation looks similar to that of BitHalo, operating on the principle of mutually assured destruction almost identically down the 2x buyer fee. This fee could serve as a reasonable barrier for most buyers- imagine buying a yacht and needing to have 2x the cost to leverage escrow. While Syscoin also leverages the principle of mutually assured destruction the proposed implementation of escrow we're working with is more flexible and less imposing on buyers. Syscoin's also allows for buyer/seller dispute resolution.

Anonymous Transactions: Cloakcoin has/is working to improve (PoSA) their anonymous transaction system. Syscoin does not currently have plans to implement anonymous transactions natively.

Decentralized Marketplace: The Cloakcoin marketplace as described by the whitepaper features "Self Regulation & Spam Prevention (OneJury)". The whitepaper goes on to describe a system which tries to put in place hurdles to "pollute" (defined as spam or morally objectionable listings) the system whereby users manually review marketplace listings to determine if they can be listed using an additional voting system (OneJury). This introduces a wait time for sellers (11 votes per my understanding) and also raises questions as to what different people in different locales will "allow" even in a jury-like format. Additionally, no system is infallible and by introducing the human element via "voting" it seems incongruous with the philosophy of a "trustless" escrow.  Cloakcoin listings also require some rather specific data (all fields may not be required for each listing) and only last for 7 days before being removed. This brings up the question of how someone would run a persistent market using such a system.

Syscoin offers aren't bound by such a review/approval system that might ultimately block or delay users from listing items of their choosing or running private marketplaces and also allows sellers to more flexibly control the duration of their listing as well as its availability for purchase.

Decentralized Unique Key/Value System: Syscoin features a name/value storage system which can also be used for receiving payments. This allows for the storage of very small bits of data using an easy to remember alias (ie: danosphere.wallet). If the data stored behind an alias is a Syscoin address, the alias can be used to receive funds. This is almost identical to Namecoin's name alias system. Cloakcoin does not currently offer a key/value storage facility.

Ratings: Cloakcoin has an optional ratings system that parallels Syscoin's. It is good because it does stick with the philosophy of "trustless" escrow in providing objective metrics and then allowing the buyer (or developer in the case of Syscoin and possibly Cloak as well) to determine the "reputation" based on those factors. Because Syscoin's escrow implementation is different Syscoin may offer an additional metric or two but ultimately the "rating data" would be very similar.

Fees: In Cloakcoin it is unclear what happens with the fees for all of these features (burned? recycled? sent somewhere?). In Syscoin they are recycled back to miners using 2 moving averages as described in the overview whitepaper.

Data Storage: Syscoin offers a data storage feature allowing the storage of any type of data up to 250kb on the blockchain in a decentralized manner. Multiple "data aliases" can be used to store larger pieces of data. Cloakcoin does not currently offer such a data storage facility.

Mining: Cloakcoin is an x13 PoW coin. Syscoin is a Scrypt PoW coin which is universally merge-mineable with any other Scrypt PoW coin. Neither coin implements staking although Cloakcoin plans to offer additional rewards to users through an upcoming "Proof of Stake Anonymity" feature.

Also something to note is that the storage of Cloakcoin marketplace listings: "Listing Info Stored in database using existing Bitoin Database Library on clients that opt-in. " It's unclear if this is the blockchain itself or some layer outside of the blockchain which would raise larger questions imo. In Syscoin all data related to all features is stored on the blockchain itself. Cloakcoin Escrow seems to be stored in blocks similar to Syscoin- the onemarket whitepaper doesn't expand on the storage aspect of escrow but PoSA diagrams I've seen seem to represent escrow as being stored on the blockchain.


Hope this information is helpful to those who have asked questions about Syscoin vs. Cloakcoin. Definitely some cool stuff going on over @Cloakcoin. 

How is the sale going? Did you brake 600btc?

Thank you for updating, Dano.  I really appreciate the frequent updates from the devs.

Hey everyone just checking in sorry I've been a bit less responsive this week- been slammed working on stuff for the launch. I'll be posting the long-overdue more detailed analysis of cloak v syscoin later today I do apologize for the delay!

Also if you PMd me and haven't gotten a reply yet I'm working through a backlog, will catch up to you today for sure.


We don't have 600k usd . The entirety of the presale BTC is being held in escrow until Aug16 when we deliver. Also spending 600k on marketing alone would be an irresponsible use of the presale funds (~63% on marketing?). That can go a lot further than just marketing. Appreciate the suggestion though and thanks for the patience.

I like this. Well presented ANN.

Suggest IPO, Not ICO. I hate ICO. I hate fixed price!

Indeed. An update on marketing would strengthen your current investors' confidence and gather more attention =). By the way, I know alot of people that are waiting to buy in the presale. They're just waiting for the dateline to get nearer

chinese translation：http://www.btclt.cn/thread-4505-1-1.html

Very good project.The inside of the post description is clear.Need is patience.The long-term bullish.
Investment need to be absolute patience.

For 600k usd youd want to think about getting your own marketing team that can update us on progress, while everyone else is coding.

imo its a good project and sure win.