Syscoin Community Weekly Update #28

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 also be found on the new syscoin.community website!

Syscoin, SCMT, and BCF News

SYSHUB! New Masternode Governance Portal

On November the 23rd the Syscoin team launched the new official Syscoin governance portal, syshub.org. SYSHub is an easy-to-use frontend to Syscoin’s decentralized governance system, allowing voting, proposal creation, news and proposal discussion.

CEO of BCF to Speak at Blockchain Expo North America

On the 28th of November at 10:20AM PST Dan Wasyluk, CEO of Blockchain Foundry and one of the founders of the Syscoin-protocol, is speaking at the Blockchain Expo North America. The Expo takes place in Silicon Valley and is the biggest annual event in the blockchain space.

Reddit AMA with LODE, Syscoin, and BCF

On Tuesday Nov 27th LODE team members joined some of the core Syscoin devs and BCF staff to deliver a Reddit AMA session in the Syscoin subreddit.

Read the full AMA here

A New Mini-Proposal Round

Community Mini-Proposal round #6 opened last week! File your mini-proposal and receive up to 500$ worth of @Syscoin. Hint: http://Syscoin.org promoting proposals would get extra love! Vote here!

Summary of the weekly AMA with Dan

  • D: “Regarding Wholefoods I don’t have any updates on that front even though I do feel it’s a valuable use case, we are working towards a strong focus on the logistics space and specifically some products that may cater to that use case but its not mature enough to sell into those orgs yet they are looking for products they can use now, it’s hard to sell them on a ‘pay and we’ll build it and then you’ll see it’s worth it’ kinda vision (but we have tried this).”
  • D: “We are still in the process of setting up the Foundation, its being setup outside jurisdictions that we have any residence in so it takes time and is being facilitated by SYS community in those jurisdictions. The jurisdiction in which the foundation will be situated is The Netherlands”.
  • D: “Tamarin is a private layer 2 solution that can interact with permissionless blockchains. So for example if you have a consortium of business users that want contracts to only be visible to that group, it enables that while still ledgering the state of those contracts on a public chain. Public actors can’t derive much of anything from the hashed state, so its secure in that respect but it allows the execution to be tied back and rooted to a publicly-driven distributed chain. In that way you don’t run the risk of actors in the network being able to modify the history of the state and you get security (privacy) for the contracts themself the transactions are stored in the private layer 2 chain.
  • D: Its similar to a counterparty implementation where the counterparty side of it is permissioned and the bitcoin side of it is permissionless whereas in the counterparty ppl know today both layers are permissionless, its just a variant of the model for the use cases that clients are asking us for. layer 2 data is hashed on the main chain, actual contract state and bytecode are on the layer 2 level.
  • D: We haven’t gotten into an implementation where the client needs it just get so its kinda sitting in a shelved and waiting state atm we had already developed it to a certain level internally so its a tool in our toolbelts now.
  • D: SYS3 or 4 could run it, you could also set it up to run against most other blockchains too but we did focus on making the initial cut SYS3 compatible so other chains would take more config work and the permissioned group takes care of running the layer2 chain- so yes they would run a private network of nodes just for layer 2 those nodes would have layer 1 + layer 2 since they need to write to the public chain and part of the tamarin packaging is providing it as like a docker image or something of that nature where they just deploy it to their IT infrastructure.
  • D: A practical example: So i am shipping melons between 3 diff actors, and as part of a shipment a certain amount of tokens used to track IOUs on the layer 2 chain should be burned the 3 actors running that contract would be on their own layer 2 network without exposing the contract to the world.
  • D: But being able to see it between each other and the execution state of that contract is then ledgered to a public chain, backed by more actors making it more fraud resistent and less open to 2 of 3 colluding and changing history. So if actors collude and try to change the layer2 history, there is a backup that can’t be influence that can then be used to prove collusion as there will be a state mismatch there and also these actors dont risk publicizing the nature or details of their inter-org contract.”
  • D: “We started discussing how these ppl who want smart contracts but don’t want them public and don’t wanna worry about tokens would accomplish it and the idea is that there is still a fee to ledger onto the main chain but its masked as part of the monthly SaaS fee for the software so we deal with those small amount, but the majority of the cost of execution and privacy are handled on layer 2 and in turn, reduce the costs and risk for the client we’ve been on these calls where we pitched ETH for that case but there was no appetite for a public contract or holding ETH tokens to execute it etc.”

Summary of the weekly AMA with J

  • J: “Open sourcing: syscoin-js, indexer-api, and syscoin-indexer are all dogged up and pretty much ready to go (need to add some notes on syscoin-api-server), then it’s good too. ”
  • J: “BMD3.2: Builds are in the hands of @keyare at this juncture, with one final additional feature being added as a special request, at which point this build will go to advisory to give a look at and then a release. I had forgotten that in the States it’s Thanksgiving so this is likely showing up next week depending on how the build states resolve.”
  • J: “Pangolin: The team for Pangolin has been focused on some other cool stuff this month that is semi-related to Pangolin but still kind of cool, they return to Pangolin to my knowledge next month.”

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.

For more information visit Syscoin.org