Syre: A New Tokenless Protocol to Solve Transaction Surety

(This article was originally published by Frank Yu via dLab, SOSV’s blockchain accelerator in NYC.)

I had an opportunity to catch up with Robert Kornacki on a conference call about the impending launch of his Syre protocol that he says will make crypto payments less of a nightmare. He will be launching tools so that developers can integrate it into their platforms soon.

Robert is a dLab research fellow working on a project to create a double authenticated invoice system for payments. I asked him what the pain point he was trying to solve and paraphrased his response.

“People have no transaction surety…when people send crypto to an address they are filled with anxiety since they press that button and hope that everything works and was sent to the right address. Currently all the systems we use on blockchain are push based system. Users copy and paste the address and send their crypto. It’s easy for users to do and developers to implement but many things can go wrong. There are problems with malware and even simple user typos that can make the transaction go wrong,”

Surely many users understand this problem well. So how does Syre solve this?

“With Syre, we’re creating an invoice based protocol that verifies that the address that you are sending crypto to. You can prove that it is correct because you will receive an invoice that verifies it’s the correct address. Now that you have an invoice, you flip the risk of the payer by moving it to the invoice sender and minimizing it to a mere transaction fee. With a two step system you now have two sets of eyes on the invoice. severely limiting the chance of user input error from entering the mix, the best part is that Syre is tokenless and blockchain agnostic with little bloat as possible.”

Rob sent me this quick FAQ on Syre that answers some of the most fundamental questions.

What Is Syre?

Syre is a tokenless blockchain agnostic invoice based protocol designed to make sending cryptocurrencies easy and worry-free.

What Does Syre Actually Do For Me?

Syre proves that the address you send crypto to is the one you expect, minimizes risk to near 0, and limits the possibility for user input error to enter the picture.

Why Did You Create Syre?

Even after 10 years of the birth of bitcoin, the space still hasn’t solved the Transaction Surety problem, and it’s causing users serious stress along with loss of money when things go awry.

Why Tokenless And Blockchain Agnostic?

Syre has been designed to be blockchain agnostic and tokenless in order to bring the benefits of Transaction Surety to every cryptocurrency user while enabling a cross-blockchain open source ecosystem to grow.

What Are Use Cases For Syre?

Whether you are making a p2p transaction or ordering something online, Syre provides a far superior user experience in nearly every context cryptocurrencies are used in today.

When And How Can I Try Syre?

Syre is going to be implemented in the Tesseract Wallet by Summer 2019 and in Emurgo’s Yoroi Wallet shortly thereafter.

To see the full interview with Robert with more details and explanations check out the video.

Does this resonate with you? Have you ever held your breath after sending a large crypto transaction to a foreign address? I know I have. A whitepaper and more information about the project (and contact info) is available on the project website at https://syre.io/

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Originally published at https://medium.com on May 9, 2019.