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Archives : Bitcoin News TodayThe past two months have seen a radical transformation in our software and identity. We’ve completely stipped down and redesigned our code, our purpose and with the launch of the new Syscoin 2. 0 “Shade” wallet in the next few weeks we are reshaping ourselves from a simple ‘altcoin’ to a Bitcoin enabling suite of applications complimented and powered by the SYS token. Rather than building a “walled garden” and forcing everyone to use SYS to appreciate the fruits of that garden, we’ve enabled buying and selling within the SYS decentralized marketplace using Bitcoin. Dust amounts of the Syscoin token (SYS) will be required to fuel the network and enable advanced features but most purchases can be made directly using Bitcoin. This insulates merchants from possible volatility in SYS price and brings incredible value to Bitcoin users. Based on service utilization SYS fees may be burned rather than returned to miners- actively decreasing the SYS supply as marketplace usage increases.
The new Syscoin 2. 0 wallet features a built-in decentralized marketplace anyone can use to buy and sell goods and services without moderation, political interference, downtime, requiring hosting or even a 24/7 internet connection. If you, your business or friends have services you’d like to offer in exchange for BTC/SYS/USD/etc those services can be offered, advertised, resold (if enabled) and procured all using the Syscoin marketplace. Syscoin 2. 0 also offers fiat-price pegging based on current exchange rates. Now you can list your good or service priced in USD/EUR/GBP/etc and know that upon sale you’ll recieve enough SYS to convert to the desired amount of fiat currency. Additional advanced services such as Aliases, Escrow, Certificates, Encrypted Messaging and Price Pegging are now included but are currently only available using the SYS token. Enabling these advanced features for Bitcoin are part of our post-hardfork plans.
Future plans also include e-commerce plugins for major platforms such as Shopify, Magento, Opencart and PrestaShop as well as integration options or import filters to use with eBay, Etsy and Amazon. Support for additional altcoins will also be examined, and we’ll be rolling out additional wallet design improvements and mobile experiences as well. Syscoin is very similar to another open-source decentraized marketplace project called OpenBazaar. OpenBazaar is a peer-to-peer service like bittorrent. With OpenBazaar your computer is required to be online 24/7 or another node with a cache of your items must be online – if not, your items are not visible for sale/purchase. Because the implementation is p2p based rather than blockchain based, the anti-forgery mechanisms provided by the blockchain are not present in OpenBazaar. Some features such as encrypted messaging and escrow work differently in Syscoin as compared to OpenBazaar as they’re secured by the network consensus mechanism within the Syscoin network.
Syscoin is an open-source blockchain based application. Every Syscoin transaction, listing and encrypted message is persisted on the blockchain regardless of your connection to the internet. All information is secured using SYS pub/priv keys and ECIES encryption by default. Syscoin does not have private funding like OpenBazaar; instead we have passion. We have been building this as a product for the last two years for free. You can’t invest in OpenBazaar, but you can invest in Syscoin!
The Syscoin 2. 0 hard fork is slated for the beginning of March. Maximum coin count will drop from 2 billion to 6. 68 Million. For clarity we are referring to them as SYS1 and SYS2 but the new token will continue to be traded as SYS. Current SYS1 holders will have little to no issues switching to SYS2. Current wallets will be compatible with SYS2 and there will be no time limit on conversion. Exchanges will also automatically convert all SYS1 to SYS2. We are working with exchanges to help them through this process. The conversion will operate on a simple ratio; 1 SYS2 per every 299. 4 SYS1. The fork will also switch Syscoin from a Scrypt algorithm that is merge-mineable with Litecoin to a SHA-256 algorithm which is merge-mineable with Bitcoin (larger network, more security and stability). This gives our network much more bandwidth and scalability into the future.
More information at: http://syscoin. org/syscoin-2-0-february-interim-update/
