Syscoin Weekly Update #70
This weekly update is written the Syscoin Development and Marketing Team to bring you all the latest Syscoin, Blockchain Foundry and SDMT news.
Syscoin and BCF News
Syscoin has been listed on Changenow.io
Making Crypto Exchanges Smooth
Our user-friendly service is built to conduct instant cryptocurrency exchanges. The average exchange time for our transactions is 5 minutes. We also support Visa and MasterCard for fast and convenient fiat-to-crypto purchases. You can find all the info about us in our Service Quality Standards.
Bridge Mainnet Blockheight Announced, and Syscoin Platform 4.1 to be Released on December 20, 2019
Syscoin Bridge, which provides two-way interoperability with Ethereum, will go live at block number 348,000, expected approximately January 28th, 2020. Syscoin Platform 4.1 Release will preceed Syscoin Bridge going live, giving miners, exchanges and masternode operators an ample window of time to update accordingly. The complete blogpost can be found here.
Expect a blogpost covering details and instructions for the 4.1 implementation!
Live Video AMAs
Introducing Monthly Syscoin Live Video AMAs by Blockchain Foundry!
Blockchain Foundry has transitioned from weekly Discord-based Syscoin AMA's to monthly, live video AMAs! check out the first one:
As part of our collaboration with Messari, Jag and Dan were invited to a Syscoin AMA on the Messari Telegram.
A recap can be found here
Also check out the AMA organized by Change Now!
New Syscoin Bridge Feature
A new feature has been added to Syscoin Bridge which enables users to cancel in-process transfers from ETH to SYS. This mechanism is currently working on testnet.
Because Syscoin is also an Ethereum node validating roughly the last week of blocks for scalability purposes, there is an inherent security versus convenience tradeoff. This means users burning tokens on Ethereum to cross the bridge to Syscoin have roughly one week to complete the process. In some situations users may forget or for other reasons mistakenly not complete the transfer. With the newly added feature it is now possible to cancel the transaction and get your ERC-20 back.
How it works: To begin cancellation, you will need at least 3 ETH present at the Ethereum address corresponding to your burn transaction. 3 ETH will become bonded for security purposes. This bond allows Agents to initiate challenges. In the event your tokens have already been minted on Syscoin, an Agent can win a challenge and claim your bonded ETH by providing an SPV proof of the Syscoin mint transaction which links to the Superblock on the Ethereum Superblocks smart contract. This smart contract deterministically decides if a submitted proof is valid and cancels the transfer if it is, taking the deposit in the process. The cancellation request will only be revoked if you have already minted on Syscoin with the accompanied burn transaction on Ethereum. If your tokens have not yet been minted on Syscoin, you can proceed with the cancellation process, and as a result your ERC-20 and 3 ETH bond deposit will be returned to the address from which you burned.
Test it out for yourself! Join the Syscoin Discord and head to the Testnet channel.