Syscoin Innovation Update: The Road to Segwit

 

We will be releasing Syscoin Core 2.1.2 in the next 48 hours.

Syscoin Core 2.1.2 will include a re-base of Syscoin Core on top of the latest Bitcoin Core 0.13.2. We did some bug fixes including the pauxpow error which was reported by a few community members as well as some other UI bug fixes and a Segwit implementation. This release is not only a hot-fix patch for higher-priority bugs.

 
 

The Road to Segwit

Syscoin core 2.1.2 includes a new feature that was brought in from the upgrade of Bitcoin Core. It allows “signalling” and participation of segregated witnesses (SegWit) on the network. F2pool which is the largest Syscoin mining pool has pleasantly turned pro-SegWit recently and as soon as they start signalling SegWit blocks our network will be ready to accept them. We are also in talks with Bitcoin China mining pool (BTCC) to mine Syscoin merged with Bitcoin. BTCC is pro-SegWit as well, and they have expressed interest in adding Syscoin to their Bitcoin mining pool as a merge-mined coin. ”

 
 
SegWit is a prerequisite to further innovations on Bitcoin Core that will allow for many great features that Syscoin can leverage. Features like Schnorr’s signatures which have the ability to aggregate multiple signatures into one (being able to create a public key from a multisignature scheme) which builds upon our multisignature identity offering. Not only is it scalable above 10,000 signatures per multisignature address, but it reduces verification costs and further pushes the boundary of what is possible with applications built on top of the blockchain with a multisignature scheme.

 
 

Current Development Initiatives for 2.1.3

Alias Witness

In Syscoin Core 2.1.3 we have designed a mechanism that allows one to become a witness to an alias update, which is recorded on the blockchain. The witness would sign the transaction to provide cryptographic proof-of-witness on the transaction to validate updates to services linked to your alias; including certificates, escrow, messages or offers. This will be incredibly useful for notarization of documents from trusted identities.
 
 

Multisig Alias Trees

Our team is currently in the research and development phase of one of the many possible innovations this feature could be used for such as hierarchical multi-signature alias identities. With additional work on top of Peter Wuille’s tree signature proposal it will further extend the abilities of multisignature Aliases, becoming a unique innovation not available on any other crypto-currency project. This is all possible because of the unique properties of Syscoin Alias identities. Another feature useful as a result of SegWit would be Lightning Networks, which, as we alluded to in our whitepaper, we can use for offline mechanisms like offer auctions.
All of the design and hard work put into Core 2.1 concerning alias payments and balances are now going to be put to use in subsequent releases. In term’s of research on innovative features we are working on, like the aforementioned hierarchical multisignature alias identities, we are also looking at other first-of-its-kind technologies which we’ll share more on soon. As we investigate deeper into our unique Syscoin alias identities infrastructure we are testing these first of their kind solutions and any other new features in our controlled testnet environment, where they undergo thorough testing. We plan on all of these features/capabilities being part of every product/project we’re working on, whether it is the web wallet, Blockmarket, Project Mongoose, the Syscoin Desktop App or any other project we work on, including any integration work we do with Syscoin partners and/or investor’s applications.

 
 

Alias Authentication, Balance and Payments

We’re developing a zero-knowledge alias authentication mechanism that will allow people to log in with their alias passwords and encrypt/decrypt all sensitive information as well as sign transactions using a Javascript Syscoin cryptographic library all within client’s web browser while maintaining architectural decentralization. No wallet’s are required because the unsigned transaction outputs (UTXOs) are stored within the alias so all of the required information to pay with an alias is pulled from any network node that is running and authenticated with the user’s derived key client-side. Currently the password would be derived via a key derivation algorithm (scrypt) with a public salt, optimized for a 0.5 second client side load time. However we are also investigating an opt-in user-fingerprint authentication which would hide salt values and also secure the zero-knowledge alias authentication from any future quantum computing brute force, dictionary or rainbow based attacks as well as standard key-logging, screen-capturing attacks to create the world’s most secure authentication mechanism powered by the Syscoin blockchain. We will be leveraging the login mechanism by creating plugins to conventional e-commerce applications to be able to create new accounts, login with existing accounts to these applications using your alias identity authentication. Thus as you can imagine, not only would this feature allow users to login to their Syscoin portals to control/update their services but also to any external websites that install our plugin to provide a way to leverage the powerful zero-knowledge authentication mechanism. Users may use their fingerprints, alias passwords or a combination of both to login to their favorite websites with their Alias identity.

 
 

Schnorr Signatures & Lightning Network

We believe we are uniquely positioned for a great future in terms of the security and innovative capabilities of our network, thanks to the benefits of merged-mining and the ease of upstream-porting Bitcoin Core into Syscoin Core. This will really start showing its value with features being added after SegWit- like Schnorr signatures and Lightning Networks. There will only be a handful of projects that will be capable of leveraging these features like Syscoin. Thanks to the great relationship we have with our pools, exemplified by negotiating with them to reduce inflation by roughly 400% in the Syscoin 2.1 update without any impact to network security and their close coordination with us for testing and verifying Segwit signalling, we’re confident in our ability to release innovative updates to the Syscoin Core while maintaining network security. We believe we’ll start to see more pools like BTCC, who see the innovations that we are developing with Syscoin and want to mine it alongside of Bitcoin. Our goal is to achieve 100% network hashrate parity with that of Bitcoin and we believe with our current design it is only a matter of time until this is achieved.

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