Syscoin Weekly Update #49

This weekly update is collated by SDMT to bring you all the latest Syscoin, Blockchain Foundry and SDMT news. For more information on the Syscoin Platform please visit

Syscoin and BCF News

We have TWO special updates for you this week, the first from SDMT’s development team, and then an update from Mr Jag Sidhu…

~ Syscoin Development Team Update ~

The Syscoin governance proposal and voting portal, SYShub, is ready for Syscoin 4.0!

We’ve rebased SYShub for the new chain and all functionality has passed thorough testing. The launch of the updated site will happen seamlessly a few days after Syscoin 4.0 is live. It will look and feel the same but everything under the hood has been re-written and optimised. Masternode holders will need to update their voting keys once they have set up their masternodes on SYS4, and this be done easily by copy/pasting your masternode.conf file into a form on the site; the update will take only a few seconds! In recent months we have exceeded our data limit on the hosting server, so in addition to the update we are optimising the database such that we can continue to offer to users free of charge.

The Fusion white-label wallet for Syscoin Assets will be ready for release soon after the Syscoin 4.0 upgrade. It has been rebased for Syscoin 4.0, and we have found no major issues during testing. We will continue to polish cosmetics right up until Syscoin 4.0 is ready for launch. We hope to have a public beta shortly after the Syscoin 4.0 testnet is public.

Fusion will support GETH (Ethereum node) out-of-the-box, but will not include the Ethereum bridge within the wallet. The Ethereum bridge will exist as a standalone DAPP. Alias support has been removed and we have re-introduced address label support that works across both Syscoin QT and Fusion wallets. Fusion supports Syscoin 4.0 Assets, but does not support Asset creation in this release. We hope to introduce Asset creation and Ethereum bridge functionality in a following version which will make Fusion the perfect wallet for creating customized tokens — and token wallets — in minutes!

Although BM Web is currently on hold while we focus on Fusion and SYShub, Andres is working closely with Jag on IPFS (distributed file system) support for BM Web and we hope to combine this technology with masternodes in a future Syscoin version. We look forward to bringing in more developers to help on this effort when the funding situation improves under the Syscoin 4.0 governance model.

~ Jag’s SysEthereum Testing and Dev Update! ~ 

We have been working through some quality assurance and made some improvements to the Syscoin codebase to harden the security context of the Ethereum<->Syscoin bridge. It is almost set and is currently undergoing final sanity testing before we release it to the community for final testing. We have a reference website we are calling Sysethereum DApp that will function as a showcase for users who wish to test the functionality. We will open this to the community at the same time.

Electrum work is ongoing and looks to be making good progress. We are now able to sync/send/receive Syscoin and asset transactions using the Electrum client and SafeT Mini hardware wallet emulator. Electrum integration is key to opening up integrations such as Trezor/Ledger hardware wallets as well as exchanges and services which depend on the ElectrumX SDK. Custody solutions we are working with for storing Syscoin and Syscoin assets for institutional crypto users is also dependent on this integration.

The block explorer is up and running as we relaunch a testnet internally for our sanity testing. Take a sneak peek here [you read this far, you deserve it!]. This explorer will let you see Syscoin and asset transactions along with minting/burning transactions going across the bridge.

We look to bring unprecedented innovations in the Syscoin 4.0 releaseand are in the final homestretch before we release it to the wild. The Syscoin development team would like to thank the tireless hours of testers/developers and Syscoin community members for continuing to support the cause we stand for. We will push the envelope further as we continue to advance the Syscoin protocol with focus on real utility to help users and businesses leverage blockchain technology in a fast, scalable and cost efficient way.

Equity.Guru Discusses Syscoin’s Ethereum Bridge

Great article from Equity Guru focussing on Syscoin 4.0’s potential benefits to the Ethereum network.

Poloniex Delisting Spree

Poloniex are on a delisting spree and SYS has been caught up in it along with long-time cryptocurrency staples like Namecoin and Peercoin. The Syscoin market will close on May 17th, and the withdrawal deadline is June 3rd at 12:00pm ET — you are advised to withdraw all coins to a private wallet or alternative exchange before this date. Also affected: SBD, HUC, XCP, NMC, PPC, BURST, MINT, MYR, GRS, QTL, and RDD.

RISE Leaderboard

Syscoin jumps up to position 8 on the RISE Blockchain Leaderboard

Dan Wasyluk interviewed on LODE Magazine

Blockchain Foundry CEO and Syscoin Co-Founder, Dan Wasyluk is interviewed by LODE Magazine host Nicholas Prouten.

“Blockchain Foundry started with Syscoin. We started with the Syscoin project back in 2013 as a way to provide value to users looking to eliminate middlemen and merchant experiences..”

Syscoin website is BestCSS’s site of the day

And finally … The Syscoin website has been named Site of the Day by BestCSS. Pat on the back for SDMT and Brightscout!

Summary of the weekly AMA with Dan

Q: Can we expect to see corporates to start signing up for sys4 enterprise level marketplace? Any partnership being negotiated?
A: We are still working on sys4, so no new signups on it yet since its not released yet.

Q: Have Syscoin team considered doing bounties for additional development efforts?
A: Yes that’s the idea around the increased governance in sys4.

Q: When you guys decided to do an ETH bridge, did you need to hire some new people from the ETH eco system? Or were you able to do that completely in house?
A: We actually learned all that in house, @sidhujag jumped right in thankfully there was a very well written white paper to give us some good context.

Q: do you have an ideal client/use case in mind for SYS4 that you were not chasing due to lack of ETH bridge?
A: There are use cases Lode has for the bridge immediately, and yes there were definitely other clients we lost business on because they wanted sys speed + turing complete smart contract capabilities. But now we are able to service them too, so we’ll likely see if they still have budget/need after sys4 is out and pursue from there.

Q: What’s your opinion on sys delist of poloniex?
A: We are trying to get more info on that, very unusual imho. We have our team reaching out to them already as soon as the emails started popping up, we’ll keep the community updated as soon as we hear something back from them.

SCMT Twitter account



For all the official and latest news releases please follow us for all the latest community news via our SCMT Twitter account, as well as hot-off-the-press Syscoin and BCF updates. The Syscoin team will also share our posts via their official social networking channels, to help spread the word.

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May 14, 2019 by SDMT