SysCoin is more than a revolutionary crypto currency; it allows low-cost financial transactions like Bitcoin and also provides businesses the infrastructure to trade goods, assets, digital certificates and data securely. Syscoin technology is said to run over the blockchain and the Syscoin Platform provides innumerous abilities for businesses to trade their products or services. The Syscoin project is being closely followed by the community and already collected a cheer number of supporters. The Syscoin team has opened their Presale last 19th of July. The team established a partnership with Mollah, in which they will be using Mollah escrow services in order to ensure investors reserves. It seems that the Team had a huge success throughout the Presale; today, the Syscoin Team has reached an important milestone and has happily announced in their Twitter account that the Presale was sold out.
The Syscoin platform is set to launch in about two days in the 16th of August, and Bitcoinist had the opportunity to approach the Syscoin Team where the team members were able to tell us more about their project.
I hear you have an excellent development team, care to talk a little bit about the Syscoin Team?
Thank you for that, I am indeed proud to say that I’m a member of this great team. Throughout my career, I’ve seldom worked in a team where there was so much dedication, accountability and proper communication. This team of international strangers first came together serendipitously as independent contributors to an open source “clone” coin which they did not initially conceive or create but we all independently felt the concept was fun and the community was engaging. After getting our feet wet and learning the ropes we saw that there was huge potential in trying to really create a coin that set itself apart through never-before-seen features and capabilities. That’s when we broke off as a smaller team and started working on Syscoin in “stealth” mode.
To help you in your interview, I’ve asked each team member to provide a brief resume of themselves:
Dan is has been an avid developer from a very young age, he started in “basic” and advanced quickly into technologies that intersected with the internet. A freelance developer by age 16 and was quickly hired into a long-term contract. After finishing college with a BS in New Media IT (Computer Science and Art blended) he was shopped around different design firms in NYC and CA before accepting an offer from a US/DC base company and is currently the Senior User Interface Development Manager.
Dan is a tenacious developer who loves to be a “maker”. He’s founded several traditional startups and, given the opportunity to work at the intersection of internet-technologies and cutting-edge crypto technologies with a huge potential to disrupt- Dan just couldn’t say no!
Started using the internet at just 10 years of age and constantly looked on the horizons on how things worked, even at that age. Always been one to try new things or come up with ideas, at the age of 16 left college to pursue a career in game programming but turned his skills into web and the development of websites. With that experience, turned to general marketing.
Now, Hired by companies to make amendments on how they are run ‘technology and web wise’ having saved each company he’s worked for £1000’s within months of starting with them by bringing in new customers from the Internet, Marketing via Google, SEO, Website Development, Order Processing, Internal Software Development & Hardware Installations – Generally bringing tired processes in pre internet businesses up to date!
Using skills for nearly 20 years, i see an opportunity to make improvements in all areas of business and strive to make changes.
Technology has always been a passion for Sebastien, he was exposed to computers from the age of 6 when most did not even know what a computer was. Between 12-19 years old, he became the leader of a local hack/phreak/courrier group in Toronto(through BBSs). At the age of 19, He became the first employee of a start-up founded by one of Canada’s first Competitive Local Exchange Carriers(CLEC). he was hired as a Technical Service Specialist, becoming the technical lead for service delivery and service assurance. Since then, Sebastien has worked for several CLECs and has acquired experience in almost every type of product offered in telecommunications (data, wireless, voice) in troubleshooting, support, coordination and project management; bringing him over 15 years of experience in the field. Continuing his passion for new technology, Sebastien has been interested in Bitcoin and alternative cryptocurrencies for the last couple of years now and is really passionate about this subject. Joining this group, although not specifically a software developer, his ease with technology has brought him many ideas that have been implemented by the team. He has taken on the role of the community management lead as well as assisting Michael in his Marketing efforts and the rest of the team in many other aspects not directly related to software development.
Jonathan created his first website at just 11 years old using Geo-Cities (i know right) from there he developed a passion for websites and providing information and services to people over the internet. He attended college with Michael where he learned many new skills and further developed his knowledge of coding. Fluent in HTML, Java, C++ and many more languages he started creating apps for Smartphone’s where he stumbled upon Bitcoin by accident and has never looked back from crypto currency.
He’s been working in the IT Field since 1989. Educated as a Computer Engineer in Bang & Olufsen (Denmark); the initial years was mainly focuses on hardware and C/Assembly coding. Sailed the Seven Seas in the Danish navy while trying to keep the on-board networks, radars & sonar’s working. After the big move to Ireland in 1998,he worked in Netscape, First-E, Performix and various other companies as a consultant mainly specializing in web technologies and development. Have now settled down in a factory automation company where I work as a CTO / Senior Systems Analysts while at the same time running a number of successful B2C website. Love learning new tech and expanding my skill set and what better way than being involved in new and emerging technologies.
Coderboo has been a professional developer for over 20 years, and in love with programming for longer than that. Coder is convinced that the bitcoin protocol is the most viable basis for a decentralized, trustable, and secure network upon which to conduct business online in the 21st century presented to date. To that effect Mr. Boo has spent considerable hours in his lair designing and implementing Syscoin’s features. When not being driven mad by designing services on decentralized networks, Coderboo likes to spent time with his family, and other stuff.
Syscoin is already highly regarded in the cryptocurrency ecosystem has a new financial infrastructure working over the blockchain, with the capability of providing businesses, a network to explore the full extent of digital commerce. Can you give us a brief insight of what is the Syscoin project?
Business on the Blockchain is our motto and we stick by it! As the core purpose of our coin is to provide businesses with services without relying on a middle-man, this is extremely important and we believe that this can revolutionize not only the financial world but any business that sells a product or service. Once implemented it will never be easier to buy and sell stocks, bonds, certificates or any other thing else tangible or intangible.
Syscoin has claimed to be a coin with real intrinsic value by applying fees as cost for provided services; can you describe the process through which Syscoin gains intrinsic value?
One of our goals is to offer services that are considered discounted in comparison to its market-value making these services competitive in the current market. Now although some will contest the idea of Syscoin having an intrinsic value, due to it not being backed by the price of physical goods like gold for example; intrinsic value can also equate itself to services; which is specifically what Syscoin leverages. Syscoin’s fees will be adjusted over time, since we cannot possibly know what it’s market-trading price will become since that would be purely speculation, we will adjust the fees according to it’s specific value. Since we believe that the price we have offered for the pre-sale is relatively low in comparison to what it will trade for, it will be essential to adjust in the following release of the code, which is exactly what we will do.
Syscoin provides businesses the infrastructure to trade goods, assets, digital certificates and data securely; this is said to run over the bitcoin blockhain, can you explain us this process?
Syscoin services leverage the same mechanism used by Bitcoin to store transactions on the blockchain. Syscoin introduces several new transaction types – aliases, offers, certificates, and data that are all stored on the blockchain along with the standard transaction data and block generation info. This allows Syscoin services to be truly decentralized, publicly auditable, and cryptographically secured. In order to maintain ownership of certain entities on the blockchain users have to renew/update them on a certain interval just like many services today such as domains- there is a certain term, and then you must renew. The same thing goes for many Syscoin services although the renewal duration varies from service to service, as do the costs. Storing additional items on the blockchain does indeed increase the size of the chain- this is mitigated through service fees to pay miners for hosting the larger chain. We also have roadmap features like intelligent expiry and light wallets that will further mitigate issues related to growing blockchain size.
Syscoin is also a PoW merged – mined coin. It seems that your team has planned it to be merged-mineable with any Scrypt coin; Syscoin has also a high premine. What were the reasons that led you to these options?
POW Scrypt merge-mined coin: Scrypt is the most popular alternative crypto currency algorithm in current existence and we want to leverage that by using Syscoin as a merge-mineable coin; miners will be able to acquire Syscoin while mining their favorite Scrypt coin. There are three ideas behind this; 1. By doing this, we can potentially acquire the hashing power of every Scrypt coin in existence. 2. Acquiring the hashing power of multiple Scrypt coins will greatly reduce the possibility of a 51% attack and 3. Spreading out the hashing power by so many miners will mean that the possibility of the dumping of the coin of “bag-holder miners” will be greatly reduced, which is one of the major issues with the devaluation of today’s mined crypto currencies. We understand that POS coins have gained huge interest in the past few months and in future releases, we also want to leverage this option, since the blockchain will be relatively large, believe that POS will allow people to receive a little bit of Syscoin just to keep their wallets open, acting as storage facilitators for the network; this will not be necessary immediately, but as adoption increases, will most-likely be inevitable and is certainly part our road-map.
Syscoin is something that has been developed in “stealth mode” since early this year, just recently making itself public to the world. A portion of presale BTC funds are going to the team to compensate them from time and expenses incurred over the past year. The premine that is allocated for development and bounties (3%) will be used in conjunction with the presale funds for future development, expanding the development team, arranging “pilot” agreements with merchants and working closely with them to make the Syscoin experience as frictionless as possible, and to incentivize the team to keep building value in Syscoin by making their primary means of compensation Syscoin itself. While this Syscoin will be used to hire additional developers as well, any Syscoin from the premine held by the core team will be in public wallets and there will be a clear release strategy around these funds which we’ll publish prior to launch.
Syscoin project is already in its final phase of completion and all is being set to be launched and implemented by August 16th. Back in July you’ve opened the presale distributed by tree phases, which are almost at the end. At less from 2 days from launch do you feel that Syscoin team and the ongoing project is fully prepared?
The pre-sale began on July 19th with its early-bird 10% rebate sale of 465 satoshis and our “regular price” of 518 satoshis started on July 26th after selling out the first phase. So the pre-sale was two phases, but I guess you could say that the launch (on august 16th) would be the third phase of our overall project. As far as what we have committed to offer upon launch, we are fully prepared (Datastore, marketplace, digital certificates, aliases, all on the blockchain, fully merge-mineable with any Scrypt coin, Mac and windows wallets and providing Syscoin to the initial pre-sale buyers). Our development certainly does not stop there, we have many plans currently in development for post-launch future; one of our major-goals with Syscoin is to continuously innovate new features into the code, it will not just be one release, we are in it for the long-haul.
Can you tell us about your technical roadmap and what do you envision has the future for the Syscoin project?
We don’t want to tip our hand too much but – escrow, expanded functionality in response to the initial release, blockchain intelligent expiry, full encryption using Syscoin keys, “Light” wallets, and more…
To know more about Syscoin please visit:
images provided by Syscoin.org
Special thanks to the Syscoin Team.
Additional info: the author does not hold investments in Syscoin