Community Weekly Update Syscoin #12
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
Weekly Q&A with Dan Wasyluk - Topics covered:
- Sales pipeline is growing, under the leadership of the new CSO
- BCF are triangulating on some new products that leverage SYS
- Preparations are underway for several events: a blockchain meetup in Vancouver and two conferences in Toronto and Shanghai
- Dev team are testing the core TX fix at the moment — this will be a MANDATORY update — if you don’t update, your wallet won’t sync
- ZDAG standalone whitepaper is underway
- We have contracted Whiterock to start TPS rate testing
- BMD will receive more update patches while we wait for the core fix
Update on Pangolin
In this week’s update Dan talked extensively about Pangolin and why it is so important for BCF products - this in turn led to an estimation that it can be expected for release this year. To recap: Pangolin is a Chrome extension that provides a secure gateway between Syscoin Assets and web-integrated Dapps running on the Syscoin platform.
Most companies (and applications) operate with payment systems offering digital money (FIAT currency) transfers, since these are the primary payment methods accepted and used by businesses and consumers alike. Crypto payments are winning terrain, but FIAT is simply more mainstream.
To bridge this gap, the BCF/Syscoin team is currently working on a feature within Pangolin that enables users to convert their Syscoins directly into FIAT currency when using Dapps running on the Syscoin blockchain.
For example, if a website selling a certain product or service only accepts USD, with Pangolin installed as a Chrome extension on your computer the user will click ‘buy with Syscoin’ (like a ‘pay with Paypal button’) and in the background your SYS will be converted to FIAT (e.g. USD) and loaded onto a virtual credit card. In this way you can easily pay everywhere with Syscoin, and also where companies or websites accept only FIAT currencies such as USD or Euro.
Enabling this feature makes it more appealing for many companies to use the Syscoin platform, because they can make use of cutting-edge blockchain technology while also continuing to provide their customers with the option to pay with the FIAT currencies they are more familiar with, if they wish.
This is a great way to accelerate mass adoption of the Syscoin platform, as well as Blockmarket Web. In Blockmarket Web (expected early 2019), users will be able to pay with FIAT for products and and their currency will be directly converted to SYS via Pangolin.
Sebastian Schepis and Earl Flormata Event Presentation
Sebastian Schepis and Earl Flormata will be speaking at the Blockchain and Crypto Yacht Cruise Event in Vancouver on September 8th — tickets are available here:
Blocknet send first Syscoin SPV transaction
There are hundreds of blockchains in existence. Most of these chains however are not able to communicate and interact with each other; this creates small groups of siloed ecosystems and the lack of cohesion between these groups is a significant hold-up for the blockchain industry.
To solve this problem, Blocknet (which has a strong partnership with Syscoin) is working to make blockchains interoperable, mobile, and modular. This enables different chains to provide microservices to each other in a peer-to-peer fashion at higher security, faster speeds, and more efficient scalability than today’s current options.
Without needing the Syscoin blockchain present on their new mainnet-based XRouter product, Blocknet recently sent their first Syscoin SPV transaction! This will enable any application to make a transaction without downloading the entirety of the Syscoin blockchain.
In the media
Great article: 3 Reasons Why Syscoin (SYS) Could Be the Go-To Platform for Business on the Blockchain
Check it out here!
SCMT NEWS
User-generated content on the SCMT website
Today we are soft-launching the new Editor feature of the syscoin.community website! This will allow anyone to submit an Article, Meetup, or ICO for publishing on the site. SCMT staff will approve good quality content and we hope to see your submissions soon — more info can be found in the Slack channel. If you haven’t joined yet, you can do so here: join.syscoin.org.
To try out the new Editor features, visit: https://syscoin.community/editors/
Community member fixed the Reddit page
Our awesome Slack member “slavcb” fixed the Reddit page! If you’d like to tip him, his Syscoin Alias is slavcb1
Masternode Governance Proposals
Every 43800 blocks (30.4 days) a superblock is generated by the Syscoin protocol, minting a maximum of 168630 Syscoin to be distributed amongst winning proposal. This superblock will be block 131400, was mined on August 4th 2018 EST.
The four winning proposals are:
Syscoin Community Mini-Proposal
Congratulations to Blocksites.io for winning this month’s Mini-Proposal!
Do you have an idea that needs funds? Please don’t hesitate to propose for this month’s Mini-Proposal!
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.
Technical Updates
Syscoin 3.0.6 is released and is a mandatory upgrade for masternode users. You can find SYSCOIN QT 3.0.6 here. Instructions for the upgrade to 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 ~1231 masternodes online.
- Masternode daily reward calculation: 37411.2 SYS per day divided across the number of active masternodes (Currently ~1231).
- ‘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.
Using the script for installing and updating 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]
Using the manual method for installing and updating your VPS:
Inserting the following lines into your server console (e.g. Putty) let you:
- Checking your client version: syscoin-cli getinfo
- Checking your masternode sync status: syscoin-cli mnsync status
- Checking your masternode status: syscoin-cli masternode status
- Checking the uptime of your masternode:
/syscoin/src/syscoin-cli masternodelist activeseconds | grep [your VPSIP address]
If you have any problems with checking the status or other masternode related issues. Please reach out to the community with the ‘Masternodes’ Channel on Slack.
For more information visit Syscoin.org
