This weekly update is written by the community for the community, to bring you all the latest Syscoin, Blockchain Foundry and SCMT news! Weekly updates, other articles and a lot more can also be found on the new syscoin.community website!
Syscoin and BCF News
SmallCapPower Interviews Jag Sidhu
Some good discussion on how on how Syscoin and Lode are disrupting the Silver industry, and much more.
Rise Blockchain Top 100 Leaderboard
Syscoin lands the #5 spot on this influential Blockchain leaderboard.
Sneak Peak of a New Asset Compatible Syscoin Electrum Wallet
Dan Wasyluk, CEO of Blockchain Foundry has offered a sneak peak of a Syscoin electrum wallet that will accommodate Syscoin Assets.
Summary of the weekly AMA with Dan
Q: You made statement about earning eth on sys4. any more infos about this whole process?
A: We will have more info on this process for sure, and yes you can earn ETH on SYS4 by helping to ‘secure the bridge’. In essence the ‘work’ there is identifying bad superblocks and challenging them, a construct specific to sys4 and the bridge tech. If you win the challenge, you get the super-block-submitter’s ETH. Blocks are submitted every hour. BCF will run an ‘agent’ as they are called to start, and we will make the agent script public so anyone else can run one too as long as they have the ETH for the bond. There is no SYS bond requirement atm.
Q: Someone said changing sys4 to sysx would take about 5h? is this correct? maybe you can provide some more infos?
A: I would need to check the current math but this is a function of security and fork resistance. you burn sys, and use the proofs to mint SYSX on the ERC20 side. But in order to secure the ‘superblocks’ used to validate the SYS burn, the blocks need to be buried sufficiently deep in the superblock contract on ETH to prevent fork-attacks. This is done by only using proofs from blocks that are at least N superblocks deep. Right now we have this set at 5 or 6 blocks i think, each block is an hour worth of block headers from the SYS chain, thus the timing it can be adjusted of course, but the current numbers seem to maintain sufficient security and were inherited from DOGETH code which has been audited; doesn’t mean we can’t change them but we would need good reason imho.
Q: Does AGX or Lode utilize sys in any way? For example to send AGX does it utilize a % of sys to send? Just trying to understand how projects that utilize token creation can benefit holders if they don’t do airdrops.
A: Yes there is still a very small SYS fee when sending around SYS assets, and Lode/AGX are part of that.
Q: Hi dan. So this is the same type of thing where one needs eth to play around in the dapp ecosystem on the eth chain ?
A: So you might need ETH for GAS in the ETH DApp ecosystem, but the idea is that there will be other smart contracts on ETH that require SYSX as an input. So you would need SYSX and a small amount of GAS (ETH GAS) to run the contract but by making SYSX an erc20 you can now do things with ‘SYS’ that you could never do before, proveable execution that requires SYS to be spent/burned/redistributed in ways not possible today. The long term vision there is our own SYSX plasma chain (or alternative approach based on what works) that allows for even more scalability and native SYSX fees too. Since plasma chains can have their own independent consensus mechanisms, we see interesting ways SYSX can be leveraged there in future state and if plasma or alts like Mosaic don’t work, we can always bridge to other turing complete protocols that do accomplish that more effectively. We’ve experimented with native SYS smart contracts too, but its hard to compete with the braintrust behind ETH w 4+ years of trial and error already in the bin. We have EVM stuff working on SYS without the bridge, but that implementation was running into challenge ETH solved a year ago.
Q: Tell us more about the new DID replacement for aliases in SYS4?
A: So DIDs are really cool, that will be one of our first proposals imo since we see a lot of integration points with it in centralized systems too. We would implement a DID-spec for sys and then implement sys-specific version of the recently released DID libs — they are starting with it on Bitcoin and are calling the resolver ‘ION’, but we can make a custom one for sys of course, which is the plan. It is these 3 repos of anyone is interested:
- https://github.com/decentralized-identity/sidetree-core
- https://github.com/decentralized-identity/sidetree-ipfs
- https://github.com/decentralized-identity/sidetree-ethereum
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