Syscoin Auth Lib and Instant Asset Transfers
Syscoin Authentication Library
We are working on a brand new innovation that allows us to authenticate to a database leveraging our zero-knowledge authentication to Blockmarket. This will allow us to leverage off-chain cloud solutions to store data but validate and verify just like a blockchain does. We will extend this service to all Syscoin services that need extended information above and beyond the small kilobyte limits imposed on the fields for on-chain data. Stay tuned!
Instant Asset Transfers
Instant asset transfers are taking advantage of instant transactions and marrying them with Syscoin service requests to produce record-breaking speeds of transfers among all service transactions. One we will focus on is assets as being able to transfer assets (tokens) across the network instantly is a big competitive advantage over other asset implementations including ERC20 tokens on Ethereum. Currently our network will be able to support 750 settlement of transactions per second (assuming roughly 230 bytes per transaction) which is already world-class in terms of settlement speed. However Instant Transactions can increase this exponentially by allowing merchants and consumers to rely on the fact that inputs are locked by the Masternode guardians of the network. This allows for instant confirmation of transfers and corresponding business logic that ensues the transfer can act immediately upon the transfer rather than waiting for settlement on blockchain. With Instant Transactions we have estimated that Transactions Per Second will range between 100k TPS and 300k TPS depending the number of Masternodes, we have estimated somewhere in the range of 1000 to 3000 Masternodes which correspond to the TPS numbers above respectively, scaling up over a few years. The more masternodes there are on the network, the higher the potential TPS rate. Onboarding of over 3000 Masternodes creates a network capable of exceeding 300,000 TPS.
As we continue to develop our Asset specification we are also working with partners currently under NDA to issue large-scale commercialized business models which will be tokenized and issued via ICOs on our blockchain (possibly and most likely through our marketplace). Because we are leveraging Alias Identities to work with Assets they are instantly usable across all other services such as the marketplace. You will be able to sell goods and services through offers on the marketplace and even accept assets as a valid form of payment, which can be transferred to escrow just like how coins can be held in escrow. This allows for a powerful network affect for issuers and users of assets to leverage all existing services and network affects in the Syscoin to their benefit which in turn will help grow the entire ecosystem as a result.
We are evolving our specification to meet the needs of these partners and work towards a finalized goal of something that fits the business needs of industry professionals. It is always better to work with stakeholders to define requirements and develop accordingly rather than force stakeholders to conform to the system that was engineered and thought out by software developers since business requirements are sometimes not captured and thus developers may produce a less-than-ideal deliverable which may hinder adoption. In the blockchain industry it is hard to determine who stakeholders are but because we have a corporate layer on top of Syscoin with Blockchain Foundry, we feel we are in a better position to find and coordinate with professionals who will partner with us to develop solutions that fits their, and most likely others, needs.
In the next few days we will finalize our specification and begin coding Assets. In the meanwhile our Masternode testnet 3 is running smooth and we are preparing testnet 4 to test out Instant Asset Transfers which is another innovation built on top of the Masternode framework by the Syscoin developers. To recap some of the value added features added by our developers on top of Dashpay’s masternode framework are as follows:
- Split fees of all transactions including Syscoin service transactions, Instant Sends, mixing transactions between miners and masternodes.
- Seniority system act as bonds to incentivize owners of Syscoin to hold onto their coins as they recieve more rewards should they wish to run as a Masternode the longer they bond their coins. Up to 27% increased ROI can be expected for the Masternode service providers with the highest seniority.
- Instant Asset Transfers allows assets to be sent across the network within seconds, providing a point-of-sale type of environment for Syscoin services as well as standard coin transfers.