Why Syscoin? Blockchain Foundry Breaks it down in Exclusive Interview
In this episode of LODE TV, host Nicholas Prouten sat down with Blockchain Foundry, founder and chief executive officer, Dan Wasyluk.
“Blockchain Foundry started with Syscoin. We started with the Syscoin project back in 2013 as a way to provide value to users looking to eliminate middlemen and merchant experiences,” Wasyluk said in an interview earlier this week.
The Blockchain Foundry team recognized the opportunity to productize the benefits blockchain technology presented for use by both businesses and everyday consumers. The Syscoin protocol provides several advantages over competing protocols, such as Bitcoin and Ethereum, that uniquely position it for rapid productization with minimal overhead.
“Through our experience with Syscoin, we found that there are a lot of ways that we could enable value for businesses on top of the platform,” Wasyluk said.
“We’ve learned that there are certain operations that belong on the blockchain and others that don’t and what we’ve done is really aimed to make Syscoin blockchain efficient for merchant operations by enabling near real-time transactions,” he told Prouten.
He added, “You need a secondary layer called the Lightning Network to enable those kinds of real-time transactions and there are some security trade-offs with that sort of solution.”
Bringing it back to LODE and AGX, Wasyluk said the key is enabling a token without having to rely on middlemen.
“It’s not just speculative tokens that can be transferred back and forth in order to provide value to users, it’s actually tokens that have a fixed value tied to silver that can now be used in a digital way. Because carrying physical silver around is you unreasonable and inefficient.
But now you can carry hundreds of ounces of silver in your pocket through a hardware wallet or a mobile wallet and you can use that to pay it in places and pay merchants and those merchants can either use that value for other transactions or they can redeem it for actual silver,” Wasyluk explained.
Similar to stable coins backed by Fiat, the value here is that you’re not backing the stable coin with Fiat you’re backing it with a physical metal and so you’re not relying on a government to essentially provide you the value behind that token, he said.
