Syscoin Community Weekly Update #8

5 min readJul 11, 2018

This weekly update is written by the community for the community, to bring you all the latest Syscoin, Blockchain Foundry and SCMT news! Thank you to our Slack member @blgh for compiling this update. Weekly updates, other articles and a lot more can can also be found on the new syscoin.community website!

Syscoin & BCF news

The Syscoin Blockchain: Secure and Safe!

This past week was a wild ride. On July 3rd, Syscoin trading on Binance experienced irregularities and soon afterwards volume and prices skyrocket. To summarise, the Syscoin blockchain was not compromised at any time, nor was there any apparent attempt to ‘hack’ it. The Syscoin blockchain and funds located at its addresses were safe at all times, and remain safe.

We want to share with you several reasons why Syscoin has one of the most secure chains in the crypto space:

Syscoin is merge-mined with Bitcoin meaning we share a large portion of the Bitcoin network hashrate. It would be several orders of magnitude more expensive to attack Syscoin than many other coins. Merge-mining is free for anyone mining bitcoin, so we expect that as awareness of Syscoin and merge-mining increase, Syscoin’s hashrate will approach equilibrium with that of bitcoin.
Syscoin’s zero-confirmation DAG implementation for point-of-sale is the safest DAG implementation of any current DAG coins because Syscoin will always fall back to proof-of-work for the true state, every block (current block time is one minute). Thus there is no possibility that the DAG ends up driving to non-intended states and does not require central controllers like other blockchains. In simpler words, Syscoin’s ZDAG protocol does not need training wheels: it works out of the box.
Syscoin keeps up-to-date with Bitcoin developments and shares the security and hardened testing of the Bitcoin blockchain. Code is carefully analysed line-by-line and documented when it is changed as required, and a unit-test suite ensures that any change does not break functionality. Code coverage for testing purposes is higher than most other blockchains that build on top of Bitcoin codebase.

Vancouver Office Expansion

To accommodate the recent hiring spree, the Vancouver team have moved to a larger office in the same complex! Stay tuned for pics and more info…

New ICO on the Syscoin Platform!

A new ICO is coming to Syscoin: AiBB is a portfolio manager and trading assistant with built-in tools to help you analyse and respond to cryptocurrency markets. Everything you need to increase your crypto wealth... Read more here.

CPS Airdrop Snapshot

On July 1st the Coin Payments coin (CPS) airdrop snapshot has been recorded the balance of all Syscoin Aliases on the new 3.0 chain. To look how much CPS tokens you have received during the Airdrop you can look into this in Blockmarket.

Looking up your CPS tokens in your Blockmarket Desktop wallet

Start Blockmarket Destop 3.0.
Go to the tab Assets and click on it.
Click on the tab ‘Tokens’.
The amount of tokens is shown here for every alias you made.

Benefits of holding CPS Coins are:

Saving 50% on merchant transaction fees by paying the fee with CPS Coin.
Getting rebates on conversion and network withdrawal fees.
Receiving a 50% discount on coin hosting fees.
Participating in CoinPayments hosted ICOs at a discounted rate.
Staking your coins to earn up to 25% annually.

Receiving Airdrops when holding coins on coinpayments web wallet.

Interesting Tweets

In the media

SCMT rectified incorrect articles about past weeks trading activity

Since the irregular trading activity events discussed above, SCMT has been busy reaching out to bloggers, news sites and YouTubers to get incorrect information about the safety of the Syscoin blockchain corrected. This was a vital undertaking and it resulted in many positive outcomes; thankfully many sites adjusted their content. We want to give a shout out to the ones who helped us get the facts straight, either through contact with us or via other community members:

Sludgefeed
Crypto News India
Ambcrypto
Chepicap
The Next Web
Cryptovest
Altcoin Buzz
Boxmining
Coindesk
Crypto lark
WCN
And everyone else who we might have forgotten!

Mini proposals

New month = another chance to apply!

We have opened up the application process for July and are hoping to see some great proposals again!

SCMT Twitter account

For all the official and latest news releases please follow us for all the latest community news via our SCMT Twitter account, as well as hot-off-the-press Syscoin and BCF updates. The Syscoin team will also share our posts via their official social networking channels, to help spread the word.

https://twitter.com/syscoincmt

Technical Updates

Syscoin 3.0.6 is released and it is mandatory to upgrade for general wallet users. You can find SYSCOIN QT 3.0.6 here. Instructions for the mandatory upgrade for QT 3.0.6 can be found here:

Step 1: Login to the vps

Step 2.1: If you used Justin’s script, run this command and choose ‘y’ to upgrade

bash <(curl -sL https://raw.githubusercontent.com/einalex/syscoin-scripts/master/masternode.sh)

Step 2.2: If you used BCNF’s manual guide instead, run these commands in vps:

~/syscoin/src/syscoin-cli stop
cd ~/syscoin
git checkout master && git pull
./autogen.sh
./configure
make -j$(nproc) -pipe
~/syscoin/src/syscoind
cd ~/syscoin/src/sentinel
git checkout master
git pull

You do NOT have to press the start button after updating the node. Pressing that button will reset your qualification time and make you wait for |masternodes| * 2.6 / 60 hours for rewards.

Masternodes

At the moment of publishing there are ~1021 masternodes online.
Masternode daily reward calculation: 37411.2 SYS per day divided across the number of active masternodes (Currently ~1021).
‘Seniority’ will get you +3% ROI on your block reward for every 4 months running your MN. For example, after the first 4 months, you will get 25.98 + 3% = 26.77 rewards per block.
Latest release wallet for creating/managing masternodes is QT 3.0.6. Latest release for Sentinel is 1.1.1.

Checking masternodes

You can check your nodes with your server console on your server (e.g. Putty). Checking the status of your masternode(s) via the server console is always the most accurate way to do so. So if you doubt on QT, check on VPS.

There is a slight differentiation in comments for people who used the Justin Silver script and people who manually installed and update their VPS.

If you use the script to install and update your VPS

Inserting the following lines into your server console (e.g. Putty) let you:

Checking your client version: syscli getinfo
Checking your masternode sync status: syscli mnsync status
Checking your masternode status: syscli masternode status
Checking the # of masternodes active: syscli masternode count
Checking the uptime of your masternode:
syscoin-cli masternodelist activeseconds | grep [your IP address]

If you manually install and update your VPS