Syscoin Crypto & StealthEX AMA Recap – All You Need to Know
On Febuary 1, 2022, we had StealthEX & Syscoin AMA Session in our Telegram Community Chat and here is a recap. Just take a little time to read through and learn everything you need about SYS coin. Let’s start!
Today we are excited to be joined by Bradley Stephenson (@bstr156), Board Member of Syscoin Foundation.
As usual, the AMA will be split into 2 parts
- We’ll ask the questions we have pre-selected from Twitter (the chat will be locked).
- Live session where you can shoot your inquiries.
Questions from Twitter
Bradley Stephenson: Glad to be here. Syscoin is an interesting project, so looking forward to sharing info and answering all your Qs.
StealthEX: Hey hey everyone! Glad to see you all here today.
Q1: There are several layers to $SYS – how do (will) the SYS masternodes, BTC mergeminers, and (later on) zkm processors(?) all work together?
Bradley Stephenson: Syscoin follows Bitcoin’s security approach of all full nodes verifying before trusting. In that sense, Syscoin’s masternodes, as far as validating blocks, perform the same role as any other full node, whether that be a miner or regular non-incentivized full node. In that sense we are different from most other masternode projects such as DASH, where they use subsets of masternodes to validate in order to make things “faster”. We retain the security of the validate-then-trust model.
On another interesting note, we have innovated a way to provide finality within the PoW paradigm. So Ethereum, to get finality, is planning to shift to PoS + sharding + casper. We found a way to offer super fast finality without shifting to PoS, by using masternodes and chainlocks and can get finality on a block within 10-15 secs, whereas it will take Eth 2.0 about 15 mins. As for ZKM processors in the future, they will serve our ZKP layer 2 (ZK-Rollups).
Q2: Do you see #Syscoin as part of the Metaverse trend? Why? What advantages can Syscoin offer for Metaverses?
Bradley Stephenson: Very much so. In order for value to be decentralized within Metaverse, the appropriate infrastructure must be available. The degree of demand it can potentially place on a network is immense, and Syscoin’s modular design focused on ZKP-based scalability, with a special focus on security, is particularly suited for it. I find Metaverse very promising in that its implications are pretty vast. It’s about more than gaming. I think it will remove the blinders from people in how they think about value, and they will carry those value perceptions back into the physical world. Metaverse will lead to a lot of evolution happening for IoT as well as eventual smart cities.
Q3: Explain what you mean with divisible ownerships of NFTs with Syscoin NFT platform like no other?
Bradley Stephenson: Important to preface this answer. Syscoin as you might know is a dual-chain platform. It provides a UTXO (Bitcoin-based chain) and an Ethereum-style EVM called NEVM (Network-Enhanced Virtual Machine) that is 100% compatible with any smart contract that works on Ethereum. Those chains are interlinked.
The “divisible ownership of NFTs” is referring to our UTXO (Bitcoin-style) token platform that offers some NFT functionality we introduced back when we released Syscoin 4.2. It basically means that users can share ownership of an NFT as a percentage. However, although that is interesting, the primary use of NFTs will really take place on NEVM. Ethereum’s paradigm has made NFTs in particular much more useful and interesting than the Bitcoin-based approach.
Q4: Do you consider Syscoin a web3.0 blockchain? If yes will solidity contracts be easily migrated to Syscoin blockchain, if no, what language will smart-contracts be built in?
Bradley Stephenson: 100% Web 3.0. Our EVM (called NEVM) is fully compatible with anything running on Ethereum or any other alt-Etherea chain like Binance Smart Chain or Polygon. The huge difference is our security model retains Nakamoto consensus and is merge-mined with Bitcoin. So a big fund, or say a family trust that wants to ensure their transaction will be on the blockchain 100 years from now, or someone that just really values decentralization, would likely choose Syscoin.
Once ZK-Rollups hit the blockchain industry, a lot of things will change for a lot of projects. Syscoin is very well suited for that world, where other smart contract platforms will lack a differentiator between themselves and Ethereum, because they’re all PoS. We remain PoW and will provide the same level of scalability as Eth 2.0, and perhaps a lot more scalability than Eth in regard to data availability, which we have a novel approach for.
Q5: If existing cryptos want to migrate to the $SYS ecosystem, will they be needed to start from scratch? Or just need to create $SYS network address so that they can transfer through it?
Bradley Stephenson: Syscoin NEVM uses the Ethereum standard addressing scheme. Projects simply need to deploy the same contracts to NEVM. From there it’s a matter of bridging liquidity across, which can be done with our bridge partner Multichain (formerly AnySwap).
Q6: I can say that you have many features and expansions planned for Pegasys future. One that caught my attention is your upcoming ” Sys-native launchpad”. So would you mind giving us further details about it? What makes it unique and different from other launchpads?
Bradley Stephenson: Pegasys DEX is the work of an independent team, Pollum. They’ve done some work for Syscoin Foundation in the past, such as when we commissioned them to create Pali Wallet, which is (as far as I know) the only Web 3.0 wallet in existence that works on a Bitcoin-style blockchain. Anyway, they’re a great team and we’re very much looking forward to Pegasys to hit mainnet soon. As for the launchpad, it will be great to have a way to organize and vet projects, and give users a point of reference to know which projects check-out, as well as help fund projects and get them off to a good start. For more details on the launchpad, you’d need to do an AMA with the Pegasys team! I highly recommend that. It is a uniswap-based DEX/AMM on one level, but introduces a lot of novel implementation.
StealthEX: We will do one more Twitter question and move on to the live round. You guys better prepare your questions!
Q7: Elections via Blockchain. Is this project possible?
Bradley Stephenson: For sure, it’s not only possible, but inevitable IMO. Just a matter of time. Technically it can be achieved with a combination of decentralized digital IDs and a ZK-Rollup scheme. Voting privacy could also be ensured as part of that. The biggest hurdle to overcome is educating the general population to the importance of decentralized voting systems. Almost needless to say, the large bureaucracies of today, especially hegemons, will not voluntarily pursue something like this. The public would have to apply immense pressure on them and demand it. In order for the public to behave in this way, they would need to understand the value, and that requires education!
It’s also possible the public could just implement their own voting system independent from existing bureaucracies 😉
StealthEX: Thank you for the answer! So, we’re ready for the live round of the AMA now, unblocking the chat.
Q1: Can you give an overview of your Tokenomics, and the UTILITY of Token?
Bradley Stephenson: SYS is the native coin of both the Syscoin basechain (UTXO, Bitcoin-based) and Syscoin NEVM. Its tokenomics are based on EIP-1559 and amost identical to that of Ethereum (mint/burn dynamic). The utility is also very close to that of ETH, in that it is used for gas on our EVM, as well as fees on our UTXO side. SYS is also used as collateral to operate a masternode and receive rewards. This is how we basically provide “staking”, except it’s different because you get paid for actually providing a service, not for simply owning some SYS. Masternodes get seniority bonuses as well. You can learn more about operating a Syscoin Masternode.
Q2: Where can I currently buy Token?
Bradley Stephenson: SYS is on tons of exchanges, and that is growing every day. Binance, Bittrex, CoinEx, CoinDCX, Gate.io, and a lot more. Check our page on CoinMarketCap for a longer list.
You can get it on StealthEX too 🙂
Q3: How old is Your project? What are the major plans ahead? Could you show to us image of your roadmap?
Bradley Stephenson: Syscoin launched its first mainnet in 2014, before Ethereum. The project has evolved a lot since then, and our focus has been on evolving the proper “evergreen” L1 for a scalable future whenever that arrives. With the advent of ZK-Rollups, that scalable future is here, so Syscoin’s latest iteration in 4.3 is ready for that, so we are now pushing and driving adoption. Adoption is something we held off on pushing until our design was ideal.
Q4: NFTs is hot trending now, Do you have a play to have NFTs in your platform? If so, can you tell us the plans of your project in NFTs?
Bradley Stephenson: There are already a handful of NFT protocols, marketplaces, and whatnot preparing to launch on NEVM. One of those is luxy.io, but there are others as well. So the answer is yes.
Q5: What are the steps to become a part of your community, and start getting revenues? Where do we buy, where do we sign up? This looks like an amazing project!
Bradley Stephenson: Syscoin is an open-source protocol and an open-participation community. Feel free to jump into our Discord or Telegram to start getting involved with our large and quickly growing community.
Q6: Do you allow suggestions and feedback from the community? Are we allowed in decision making, do you put community into consideration ?
Bradley Stephenson: We operate within a governance model identical to that of DASH. Masternode operators can vote on which proposals (projects generally) they wish to fund. Syscoin Foundation represents our off-chain governance, and the board members (including myself) represent different cross-sections of the Syscoin community.
Q7: Do you have any ongoing or upcoming reward program events, please let us know in detail &do you have any ambassador program as well as your project? More communities hold events to attract more people. That is also the main thing to attract project investors
Bradley Stephenson: We are planning for some hackathons in the near future to draw even more developers on board, which is key for *real* adoption. There will be a lot of other events for the general community as well. We do have an ambassador program!
Q8: Can you tell us about some of your partners and who you plan to collaborate with in the near future ?
Bradley Stephenson: Absolutely. There are somewhere around 15 different projects and DeFi protocols that are in process of preparing to launch on our platform. You can peruse Syscoin news for a lot of different articles where we’ve announced some of these partners and projects coming on board. Some are yet to be announced, so stay tuned.
Q9: Have you being audited ? Have not heard you talk about that security of funds is what every investor craves for and plans to escape incase of insecurity if funds,scams and rug pulls ? How strongly built are your security put in place?
Bradley Stephenson: Syscoin has been around since 2013, mainnet since 2014, so “rugpull” is kind of out of the realm of possibilities 😉
That said, we do have independent audits of our platform. One was provided by Cyrex Ltd, and the other by US Blockchain Co – two very respectable auditing firms.
Q10: Marketing is a central element for every project, so that everyone knows the potential that a project can bring is vital to achieve the goals set. What is your strategy to attract new users and Investor to your platform and keep them long term.
Bradley Stephenson: The most important aspect here is driving adoption, because that brings users, which brings even more investors. We have a dedicated business development team that talks with new projects every day. So far our success has been very high as projects recognize the strategic value or our scalable+secure design and wish to use it because they know it will be relevant even in an Eth 2.0 future. We also provide projects with TVL incentives, very similar to Polygon and some other higher mcap projects.
Q11: Smart contracts are susceptible to failure and many projects fall victim to this, costing users money and the project discrediting. How reliable and secure is your smart contract? Have you tested it through any of the parties?
Bradley Stephenson: Syscoin is not a smart contract, it is a smart contract platform such as Ethereum.
Q12: Can you tell me more details on the IDO? The schedule and contribution for each?
Bradley Stephenson: There is no IDO for SYS. SYS has been mainnet and in circulation since 2014.
Okay, thanks for all the questions! Refer back to my earlier answer with links to our Discord and Telegram. If I didn’t answer your question you are welcome to ask us there!
It was a pleasure to have you over and talk about Syscoin!
Thank you everyone for being here!
And don’t forget you can also exchange SYS coin with 400+ assets on StealthEX platform 😎
How and Where to Buy Syscoin?
Always welcome to buy Syscoin crypto on StealthEX.
Just follow these easy steps:
- Choose the pair and the amount for your exchange. For example, BTC to SYS.
- Press the “Start exchange” button.
- Provide the recipient address to which the coins will be transferred.
- Move your cryptocurrency for the exchange.
- Receive your crypto coins!
By the way, if you want to learn more about Syscoin, check out an in-depth interview with Jag Sidhu, Syscoin BCF CTO & Lead Core Dev.
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