Topic: [ANN] Syscoin- FINAL 2.0 LAUNCHED! *ENCRYPTION, MARKETPLACE, BTC INTEGRATION* - page 37. (Read 582967 times)

@fartbags Just reading through your guidelines:

#1 All wallets are forward compatible. Original wallets must work with new blockchains.
 1) Yep.

#2 Automatic payouts. Find all the addresses + balances. Send back all the coins in the first block of the new blockchain.
 2) Yep


#3 Maintain copies of the older blockchains through multiple channels of distribution. Advanced work can be done to create a custom block explorer that combines both blockchains allowing users to search through both seamlessly as 1 chain.
3) We plan to not support SYS1 as, once we have done SYS2, we can continue to develop on the new chain. But since its merge-mined maybe the old pool can continue the old chain.

We're in contact with the bulk of the miners and exchanges so the bulk of the nodes will be switching and it will be seamless if you're keeping your coins on an exchange. Anyone running a wallet can keep a copy of the old blockchain and compare if they want. Putting up a side-by-side block explorer is a good idea but we're not sure if we want to go that far.  We have never had a really good block explorer, but that all changes with SYS2.

We'd welcome any and all input before/during this fork. The more eyes on us the better

It looks like SYS will be doing an automatic coin swap! Good job SYS2 aka SYS

"The process will be as simple as importing your SYS1 private key into the new SYS2 wallet. The team will take a network snapshot at the hardfork block- currently planned for somewhere around block 800k (exact date/block to be announced). Your SYS1 balance as of the network snapshot will be converted to SYS2 based on the amount you hold at the time of the network snapshot and per the max coins reduction (from 2bil to 6.68mil, 1 SYS2 per every 299.4 SYS1. SYS1 and SYS2 operate on two different blockchains. Immediately following the network snapshot/hardfork the exchanges will switch over to the new SYS2 chain, the ticker will remain ‘SYS’ and it will now refer to the new chain. For clarity we will be maintaining a list of exchanges we are working with to transition to SYS2 and the progress/status of their transition. You will retain your SYS1 on the SYS1 chain after the transition, the Syscoin team will no longer be maintaining or paying attention to that chain after the hardfork and SYS2 will become the official Syscoin/SYS chain. "

please follow the Transparent Crypto Coin Swap Guidelines or this coin will be associated with valid scam accusations.

Heard it on Slack!

In an effort to spread information to the community that would eventually be lost in our Slack channel, here is a recent impromptu Q & A session with our community!

pmalek:
What was new block time again for SYS?
And what would be the sell point advantage over just BTC in scalability
considering all this shit going on with BTC, overloaded network etc

sidhujag:
Scalability in what way?
1min

pmalek:
Potential network overload , delayed payments. Since its gonna be sha256 algo
I know its far optimistic at this point, just asking(edited)
Since SYS is coin made for purchases
1min is awesome

sidhujag:
Actually because in 10 mins we can offer the same amount of transactions but with more granularity.. Each block is 100k instead of 1m, so those that want it quicker will pay higher fees for 1 min and fallback to 10 min for basically free
So to a layman it makes more sense
And our service fees also pay miners they will want to include sys services in blocks.. The tx fee + sys service fee gives more incentive to mine
Once network overload happens since we deflate a,bit it will scale a lot better.. I've done the math and chose the coin count accordingly
Inflating for more than 5 sys services a block will help crate miner incentive
We can do about 50 sys services per block and thus 45 sys services per block inflates it a bit but once we get more efficient protocol in btc such that 100tps is possible then we begin to really show that we can scale.. At 100tps or higher we begin inflating a measurable percentage say 3-5% a year to account for the high demand for services..
Assuming the blocks are filled with sys services and not sending & receiving because it doesn't qualify as "work"
Under 5 sys services a block we burn the fees which creates the impression of a deflationary supply... Which affects investors decisions.. Although it is a negligible amount since fees are dust amounts..
So supply is dynamic as you can see based on the demand for services.. That is how we scale

pmalek:
That sounds good and clever. Understood most of what you saying. But just to be clear. When someone buys an item, merchant or seller would have his money in 1min-10min most (for 1 confirmation) if the fees are payed

sidhujag:
Ya.. If blocks are filled pay more for 1min for less for more time.. But because 10 blocks are equivalent for 100 mins in bitcoin it will create a better fee market than bitcoins.. Since waiting 10 mins will basically be free
But blocks will fill quicker so you will see the fee market in action faster than bitcoin

pmalek:
Great 

sidhujag:
Assuming people use the marketplace and certs and messaging
I think the current design works better for Syscoin than it does for bitcoin

pmalek:
When it goes out of beta , you guys should approach to all the businesses that accept BTC now and sell them improved idea..

sidhujag:
And if i were to hardfork BTC i'd do 1 min blcoks with 100k block size
You would see the fee market doing its thing

pmalek:
If not, all this tech will be for nothing, only to be cloned by others

sidhujag:
Cloning is ok
The base always does better
Followers are just followers



For a more engaging conversation, join our Slack channel! Simply go to http://join.syscoin.org/ and enter your e-mail address.

It’s been a bit quiet on our side (at least publicly) as we celebrated the holidays and welcomed the new year- 2016 has big things in store for Syscoin. During the quiet period the team has made significant progress on the Shade release (Syscoin 2.0) and we wanted to share some of those updates with the community. We’re keeping quiete for a reason, we very much believe first impressions are everything. Because of that we’re focusing on getting the Shade release ready and not wasting time trying to market a product that isn’t ready yet. We have a marketing strategy in place for when the time is right.
 
The Shade release has made major progress over the past few weeks, passing all of the “stretch” goals we’d set for the release. In addition to meeting these goals we also believe we’re still on track for our projected roadmap release date. We plan on having a Shade public beta sometime around mid-Feb, moving to mainnet by late Feb 2016 (barring any unforeseen major bugs, and coordination with pools and exchanges).

 
A majority of the work done over the past weeks has been migrating the Syscoin feature set from the current bitcoin core which SYS was originally forked from (0.8.6) to the latest bitcoin core (0.12). We’re also changed a number of other core “parameters” of the coin- from is mining algorithm to mining schedule and max coins.

 

WHY SYSCOIN GETS THE BITCOIN CORE UPGRADE

First the core upgrade. Most “clone coins” are forked from bitcoin core 0.8.6 because its the easiest to clone from and/or it was the latest core when their coin was created and never move forward from there; SYS falls into the latter group, but we’re moving forward. This major upgrade brings several advantages to Syscoin that would not otherwise be possible, or would require a lot more work at a later date. We wanted to highlight some of the more important impacts of the upgrade:

Ability to use new operations such as CLTV
Possibility of leveraging future enhancements to BTC core such as ACCT/atomic cross chain transactions
Ability to leverage Segregated Witness feature that may be coming to BTC core
As of BTC core 0.12 there is header first synchronization aka IBD/initial block download
As the BTC core, which has much higher transaction volume, advances to address bloat and scalability (for which there are already some proposed solutions) SYS will be able to benefit from those enhancements – we’ll be updating SYS core with each BTC core upgrade moving forward to avoid the need for hardforks in the future
 

COIN PARAMETER UPDATES

With the Shade release we’ll also be changing some of the core coin parameters to better reflect the usage patters we’ve seen over the past year and create better scarcity within the system. We’ll be rolling out a plan for migrating your current SYS funds to the new chain as soon as possible, we’re exploring several user friendly options such as importing your existing key into the new chain to import your coins or a conversion tool. Here are the changes to the coin and its economics as of the Shade release:

• Up to 5 service fees per block will be burned, beyond that fees will inflate by 2x and recycle
• Fees are the minimum dust amount multiplied by the amount of KB the service uses (tx size)
• 1000 satoshis is the minimum dust amount
• Mining rewards start at 8.4 SYS and half roughly every 7 months or 314159 blocks…
• Merge mineable with SHA256, changed from Scrypt algo to leverage the larger power of the Bitcoin mining network and the proliferation of low-cost SHA256 Asic mining gear
• Max Coins: 6.6845M SYS
• SYS Escrow Arbiter’s will receive 0.05% of the escrowed amount if they act upon the escrow(refund or release to seller); they don’t get anything if buyer/seller don’t need their intervention.

We’re hard at work getting all of this in production-ready shape for our late February 2016 mainnet release. We hope you’ll join us for the public beta coming soon!

Sure. I'll do it within the week

I do want to update it with new knowledge, remember there was not much to go off from on these projects because theres not much documentation done... so please 1:1 me with a short writeup and I can update the document.. thanks!

I didn't miss it. I also clearly remember the discussion you had with David about it in our thread (one of the best convos we have had there imo). I do agree there are advantages to blockchain approach. However there are workarounds for the bitmessage issues you pointed out. The obvious one being servers.

You point out your issues with the document and I will update it, I was responding to a question in your thread and not acknowledging your competition is a worse mistake than simply censoring your thread. I actually have said that witht he blockchain approach there is the issue of fees and bloat which bitbay wouldnt have but I guess you missed that (or just skimmed it like a usual non-technical user). Everything else is relevant in that the blockchain approach is better.

@sidhujag
Your post in BitBay thread was deleted because it contained a link to your bogus comparison of the market coins. It's a petty really, because some of the work you did there is good. But calling your calculator pegging, and other questionable statements, commented by others, makes it a flawed document that is not suited to base a discussion on.
It is expected that the author of such a document will be a little biased towards the coin he is involved in, but you went over the top. You are welcome to post links to your document in BitBay thread if you correct the errors in your comparison.
You are also more than welcome to have discussions about pro's and con's with the different solutions Syscoin and BitBay have chosen in our thread.

github is your friend.. Or all that pot interfering with your ability to read? Maybe some mint might help clear you up.. What nxt!

Yeah... it still has 88 more to go (to 1 satoshi). Although it will surely be delisted much sooner than that... of course it won't mean it's dead still, just permanently hibernated.

Or how you and a couple other idiots prefer to call it: "just starting".

I was gonna say UnDead

Coming. You would have seen how it works in our Beta phases but now we're working on Beta 4 which should be tentatively in February.

Just born

dead

Yes you would import your old private key and new coins will be there.. There wilo be a snapshot date still to be determined, in my tests ive been using block 700k which is the cutoff

The developments sound exciting which is why I used SYS as my cryptsy exit coin. It still does not answer some questions though. When the new wallet is released and the block chain is forked, it it as simple as just upgrading to the new wallet and all my SYS obtained pre-fork still there or is there more to it?

http://syscoin.org/renewed-commitment-to-syscoin/, then follow with http://syscoin.org/syscoin-shade-update/

So is there a simple summary of what is happening to syscoin anywhere without having to trawl through plenty of threads trying to work out what is FUD?
Is SYS2 a new block chain running on merged SHA256, or is it a hard fork of the existing chain?
Do SYS holders have to convert, and are there any minimum conversion requirements? How will it be done and it what timeframe?
Really could do with an FAQ. Is there one anywhere?