Syscoin LUX is LIVE
Blockchain Foundry Has Released the Next Generation of Blockchain Tech for NFTs, Ultra-Fast Payments, and Security
The highly anticipated Syscoin LUX release built in conjunction with Blockchain Foundry and Syscoin Foundation went live on the mainnet at block 1004200! This event was the culmination of a year of dev work and months of testing. We are now the best, most future-proof decentralized platform in the world for fungible and non-fungible tokens including F-NFT, payments, and non-custodial compliance.
NFTs Like No Other
The Syscoin protocol itself now supports F-NFT (Fractionalized NFTs) and standard NFTs, plus the ability to spawn multiple NFTs from a single token spec, similar in effect to ERC-1155 but at minuscule cost. Issuing your NFT on Syscoin gives your users the speed of Z-DAG, ultra-low transaction costs, and the security of Bitcoin merge-mining, which is environmentally friendly.
You can optionally leverage Syscoin’s scalable Notary feature to apply custom logic and external data sources to your token’s signing process - extremely useful for ensuring all transactions are compliant with regulations or other business rules before they receive approval to settle on the blockchain. Or just default to permissionless.
No other NFT platform comes close! Learn more.
UTXO-Based Syscoin Platform Tokens (SPTs)
SPTs now use a UTXO-based consensus system.
- Tokens now directly align with bitcoin core logic to take advantage of its best future innovations. Bitcoin is one of the most researched, developed, and widely used blockchains with proven security and many promising advancements ahead, such as Lighting Networks for scalability, and MAST & Taproot for smart contracts. All of this relies on the UTXO model.
- Multi-Asset Payment Channels / Lightning Network for Tokens. UTXO makes it much easier to develop and implement token payment channels on top of the Syscoin base protocol and token platform. This new kind of payment channel tech will scale token payments to everyone, everywhere, while supporting off-chain services like instant decentralized token swaps at very low cost with minimal price slippage. These features are not offered by Bitcoin and Ethereum.
- Easier adoption process. The popular UTXO model makes it much easier for exchanges and wallets to integrate tokens issued on Syscoin. This helps expedite adoption, both for the platform itself and the tokens issued on it.
- Core has become cleaner and faster. UTXO is more efficient than account-based models, making Syscoin even more efficient for blockchain-based money and value transfers.
Opt-in Compliance Rules and Notary for SPTs
LUX delivers another Syscoin world first. Syscoin’s unique Notary feature gives token issuers the ability to define off-chain smart contracts and use external data sources to ensure transactors meet requirements before their transactions are allowed to settle on-chain.
Syscoin is permissionless by default. Our system does not impose such rules unless the asset issuer codifies business logic and activates this feature. When an issuer opts-in, their defined rules are enforced globally by the network at scale and cannot be evaded. This makes it easier to integrate tokens with existing financial markets.
Now enterprises that issue tokens, especially stablecoins, have the solution to current and future challenges posed by regulators on digital assets. A notary can check outgoing transactions against an off-chain KYC database, a record of past transactions, or any other data sources, prior to providing a notary signature. The issuer can also update their notary rules to remain in alignment with laws or rules that are subject to change.
This tech is general-purpose. It can provide uses and benefits beyond compliance, such as custom fees paid to a specific address, fast double-spend detection for literally instant transactions, or to trigger any external event before or after a token is notarized.
New masternodes bring advantages to the whole network and to individual masternode operators.
Masternodes no longer create unnecessary network traffic such as broadcasting their heartbeat (sentinel ping). Less traffic means better network responsiveness and more bandwidth for Z-DAG transactions. This helps our masternodes and other Syscoin full nodes relay Z-DAG transactions across our network even faster.
Improving network efficiency leads to better throughput-scalability. Syscoin offers a solution to the industry-wide challenge of scalability, and access to an efficient network to implement our unique Z-DAG Protocol is central to this.
Payout Address Flexibility
You can now specify your desired payout address. This can be any Syscoin address of your choice other than the collateral address. Furthermore you have the option to pay an operator or any other entity separately by specifying a non-zero percentage of your rewards to be paid to their address.
The Same Great Rewards
Syscoin’s masternode rewards and seniority bonus schedule are unchanged! Existing seniority is retained, granted you properly follow the new setup procedure. You can learn more about the benefits, rewards, and bonuses of owning a Syscoin masternode at sysnode.info.
DIP-0003 provides an in-depth look at the new Evo-based masternodes model.
A Fresh New Look for Syscoin.org
With all the improvements that LUX brings, we decided to update syscoin.org to reflect those changes. Responding to feedback from the community, we have simplified most pages and shifted to a lighter, cleaner look, while maintaining our current branding. More website improvements and changes will be made in the coming weeks, including multi-language support. A full redesign is planned to happen in conjunction with the NEVM release!
Token of Appreciation
A big thanks to our dedicated community and to everyone involved in core development. A special thanks goes to Blockchain Foundry (CSE:BCFN), Syscoin Foundation, Jagdeep Sidhu, Willy Ko, and our community members who spent months testing, including JohnP ,c_e_d and many more.