After a year of development and months of system testing, we are ready to move our latest version, Syscoin 4.2, to the beta testing stage. We invite end-users to trial the new system and alert us to any bugs.
You can find everything you need to begin testing, here. If you take part in testing please ensure you check for updates in our #testnet Discord channel at least once a day.
Syscoin 4.2 introduces some exciting new capabilities, improves some existing functions, and paves the way for further leading edge innovations.
Here are some of the most important features of the new version.
1. UTXO-based Syscoin Platform Tokens (SPTs)
SPTs will now use a UTXO-based consensus system.
Key benefits:
- Tokens directly align with bitcoin core logic to take advantage of its best features. Bitcoin is one of the most researched, developed, and widely used blockchains, with proven security and many promising innovations lying ahead, such as Lighting Networks for scalability, and MAST & Taproot for smart contracts. All of this relies on the UTXO model.
- Payment Channels / Lightning for SPTs. Implementing SPT payment channels on top of the Syscoin base protocol is greatly simplified by UTXO. This will allow us to leverage the high-block capacity and fee savings provided by Z-DAG on Syscoin’s base layer to scale SPT payments to everyone, everywhere — a feature not yet offered by Bitcoin.
- It will be much easier for exchanges and wallets to integrate SPTs. As the UTXO model is widely used and understood. This will expedite the adoption of SPTs.
- The core code will become cleaner and faster. UTXO is more efficient than account-based models. This will help us realise our original vision of Syscoin as the most efficient platform for blockchain-based money and value transfers.
About UTXO
There are two main ways to store an account balance. One is to record the balance itself and update it based on performed transactions – Ethereum does this. The other is to track which incoming transaction outputs don’t have corresponding outgoing inputs. Your balance is the sum of the unspent transaction outputs, known as UTXO. This is the method used by Syscoin 4.2 and Bitcoin.
2. Opt-in Compliance Rules and Notary for SPTs
Syscoin 4.2 will bring users another world first. Compliance rules give token issuers the ability to define requirements that transactors must fulfil before transactions are notarized and allowed to settle on-chain. Syscoin is permissionless by default. Our system does not impose such rules unless the asset issuer defines their business logic and activates this feature. For assets that are opted-in, their defined rules are enforced globally by the network, at scale, and cannot be evaded. This can lead to easier integration into existing financial markets.
This means that enterprises that issue tokens, especially stablecoins, have the solution to current and future challenges posed by regulators on digital assets. For example, an issuer might 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 rules, enabling continual alignment with laws that are subject to change.
This is a general purpose technology. It can provide uses and benefits beyond compliance, such as custom fees paid to a specific address and fast double-spend detection.
3. NFT Platform (Non-Fungible Tokens) Like No Other
Syscoin 4.2 will introduce leading edge functionality for issuers and owners of unique tokens, like fractional NFT (divisible ownership), compatibility with the new opt-in compliance/business rulesets feature, and give NFTs the cost savings and speed of Z-DAG along with the security of Bitcoin merge-mining plus chainlocks. No other NFT Platform comes close. Learn more!
4. Next level Masternodes
The new Syscoin 4.2 masternodes bring advantages to the whole network and to individual masternode operators.
A More Efficient Network
A major benefit of Syscoin 4.2 is that masternodes will 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. Our masternodes and other Syscoin full nodes are designed to relay Z-DAG transactions across our network as quickly as possible.
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.
5. Payout Address Flexibility
As a Syscoin masternode owner, you will be able to specify your desired payout address. This can be any Syscoin address of your choosing other than the collateral address. Further, you will 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 them.
6. The Same Great Rewards
Syscoin’s masternode rewards and seniority bonus schedule are unchanged! Any existing seniority will be retained across the transition to version 4.2. You can learn more about the benefits, rewards, and bonuses of owning a Syscoin masternode at sysnode.info.
Learn More
DIP-0003 provides an in-depth look at the new Evo-based masternodes model.
Bug Bounty
Syscoin lead Core developer Jag Sidhu has pledged to award 10000 Syscoin for each undiscovered bug found during the beta test phase, with a maximum of 10 reward payouts in total.
How to start testing
User documentation for 4.2 is a work in progress!
To install Syscoin Core 4.2 and set up masternodes on the testnet, use this guide by JohnP, then join us in our #testnet Discord channel to request tSYS and get updates!
To test the functionality of the token platform, refer to these guides:
- Store and send tokens
- Create and issue tokens
- Update token spec (guide in progress)
- Implement Notary & Business Rulesets (guide in progress)
Community developers are encouraged to test syscoinjs-lib (our new web3 SDK with examples), and Syscoin Blockbook.
Stay up-to-date with the latest news and developments
Be among the first and best informed about our advancing ecosystem.
- Subscribe to our newsletter
- Follow @Syscoin on Twitter
- Join our community Discord
Feb 10, 2021 by SMT (Syscoin Marketing Team)
Originally Published at https://syscoin.org/news/syscoin-42-testnet-goes-live
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Finally, if you are looking for a comprehensive and up-to-date list of links to exchanges, masternode hosting providers, wallets, downloads, latest news, videos, news releases, social media accounts and more, don't forget to visit and bookmark https://syscoin.network/syslinks !
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