Author: Norah Amboko

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Syscoin

What is Syscoin (SYS)

Syscoin is a globally distributed ledger, peer2peer blockchain, and a digital cryptocurrency. The project was established in 2014 through a fork of the Bitcoin core code. The most interesting thing about SYS was that developers allowed merge mining with the release of Syscoin 2.1. This implies that miners can mine the two coins at the same time.

The concept of merge mining is preferred in some coins to help a newer token ride on the popularity of a more established one.

The Syscoin system was created by a team of computing and financial experts that included Quang Nguyeng, Sebastian Schepis, Jagdeep Sidhu, Brad Hammerstron, Chris Marsh, Dan Wasyluk, and Sebastian Dimichele. The team was concerned about the high level of decentralization, especially in the financial sector. They were also motivated by the progress in the blockchain technology, especially Bitcoin and wanted to provide a lever for taking it to the next level.

To make the blockchain technology more realistic and applicable in the community, the Syscoin released the native token referred to as SYS and also created a marketplace where those with coins could walk and buy various items and services. This approach has made Syscoin become highly popular in the market.

What problems does Syscoin solve?

The main issue that Syscoin came to address is centralization of payment. If you want to send value abroad or make payment, you will need to go through a centralized entity such as a bank. In most of the cases, these third parties are profit-based. This implies that they increase the transaction fee to raise profits. Take a closer look at the following situations;

  • If you want to send funds across the globe, the commonest method is using a bank. However, the banks have to conduct multiple background checks and reveal your information to multiple parties such as cashiers, bank management, and the jurisdictions’ financial management.
  • Using a bank account to send value also takes longer because of the lengthy bureaucratic procedures. Before sending funds from the US to South Korea or other jurisdictions using a bank transfer, it could take a couple of days.
  • The cost of sending funds across the globe is very high. Banks, as profit-based organizations charge a fee to cover their expenses, meet tax obligations, and make hefty profits.
  • For people who prefer making payments with credit cards, it is a very expensive method. Most of the cards come with serious restrictions and hefty penalties when you do something wrong such as overspending or delaying payments.

How Syscoin solves the problem

The focus of the Syscoin project is trying to remove the middle-men and empowering users to operate on a peer2peer basis. Some middle-men to think about here include Amazon, eBay, and other online stores. Instead, you are empowered to work directly with recipient and manufacturer to make payment direct, fast, and highly reliable. Here is how Syscoin targets to achieve this.

1.  A fully decentralized platform

To advance the ideology of a decentralized system, the Syscoin platform is designed in layers. These layers allow different stakeholders to get involved and make a contribution. At the bottom is the blockchain layer.

This is the most important section because all the other layers and are added on top of it. Then, additional layers including Z-Dag, Business, Logic, and application are added in that order. The layers have helped to make development and addition of new features easy and faster.

2. Decentralized marketplace

When Syscoin was created, Bitcoin was the main cryptocurrency on the market. But it was very difficult to make people adopt cryptocurrencies in larger numbers to sustain a marketplace on a cryptocurrency only.

Therefore, Syscoin created the decentralized marketplace to help users access and buy items and services directly. Now, the idea of the decentralized marketplace has grown and the Syscoin decentralized marketplace even allows users with other coins to make direct purchases.

3. Advanced encryption

Like other cryptocurrencies, Syscoin operations are hinged on advanced encryption. When users join the network, their details are encrypted to ensure that no third party can easily access them. The platform also allows people in its network to use aliases to enhance their anonymity.

4. The smart contracts

Smart contracts are considered the ultimate way to take blockchain network to the next level. Because they are automated and self-executing, they are inviolable and highly secure. As far as the users on the network meet the pre-set rules, the smart contract will immediately execute. It is important to note that the smart contracts used at Syscoin are hardened to ensure that they are not easily breakable.

5. The decentralized governance of the Syscoin

To advance the concept of a decentralized system, the Syscoin network relies on Proof of Stake (PoS) consensus algorithm. The network uses a set of Masternodes and standard nodes to make governance easy and seamless. When a user on the network floats a proposal, it is taken and reviewed by the masternodes before getting implemented.

All the nodes that have some stake in the network have a right to vote when issues requiring a major decision are coming up. Remember that you can also work as a miner to help confirm the transaction and get rewarded as a node.

Why Syscoin is better than its competitors

When the Syscoin development team forked the Bitcoin core code, their target was very clear; to decentralize everything.

The focus and progressive development have helped Syscoin to grow and become better year after year. Here are some of the things that make Syscoin better than competitors.

  • The Syscoin platform employs proof of work (PoW) and proof of stake (PoS) which implies that users are able to enjoy the benefits of both consensus algorithms. The adoption of the PoS is considered a great improvement on the Bitcoin system because those who hold some stake are considered trusted nodes that cannot conspire to harm the network.
  • While other cryptocurrencies are no doubt working harder to ensure that their native tokens are accepted for direct payments, Syscoin has already created a market where users can go for direct purchases of various items and services.
  • One of the key risks associated with new cryptocurrencies entering the market today is instability. Many people hold the view that most of them are risky because some of their features are still being implemented. However, Syscoin has been in operation since 2014. With most of its features having been in use for several years, it is considered a highly stable and reliable platform.
  • Syscoin is better than Bitcoin and most conventional trading platforms because it employs smart contracts. The smart contract used at Syscoin is indeed better compared to what Ethereum’s because it is hardened. At Ethereum, the smart contract is turing-complete which implies that they can still be attacked by bugs.
  • The cost of sending value on the Syscoin platform is relatively low compared to other top cryptocurrencies. This is contributed to two key things; the current low price of the native token (SYC) and its completely decentralized operations. Today, sending value on the Syscoin network is cheaper than most networks including Bitcoin Cash and Ethereum.
  • The Network has put a lot of effort into promoting anonymity. In addition to advanced encryption, Syscoin allows users to pick alias names for extra anonymity. Though this might not be as tight as the use of ring signatures, users are assured of high levels of anonymity. Like Bitcoin, you need to appreciate that it is still possible to pull out the details on the network using highly advanced computing technology.

What is the Syscoin vision for security?

The main Syscoin vision for security is providing fully decentralized transactions that are completely secure. Syscoin was created high on the heels of major blockchain attacks such Mt. Gox and the Silk Road Scandal.

Therefore, the development team adopted multiple tactics that have helped the network to remain very secure and free from attacks. Here are some of these strategies.

  • Use of hardened smart contracts to make it extra difficult for attackers to break.
  • The Syscoin system that combines proof of work (PoW) and proof of stake (PoW) system has been crucial in facilitating even distribution of tokens and reducing the risk of 51% attack.
  • The network is led by a tech and highly aggressive team. This has been the primary driver for regular updates that help to fix bugs and introduce new features.
  • The system utilizes advanced encryption that helps to keep user information as private as possible. It even allows users to take alias names to prevent easy discovery by third parties. Even the miners who help to confirm transactions can only check the balances on the public addresses but cannot pull out personal information.

How can Syscoin be categorized?

Syscoin can be categorized as a truly decentralized platform that has created structures to help lever the blockchain technology to the next level. Even as early as 2014, the development team had already crafted a clear roadmap for progressive growth.

However, it is their focus on implementing hardened smart contracts that have made Syscoin to be considered a better option than even Ethereum. Here are some of the things making Syscoin get the revered categorization.

  • Good performance in the markets.
  • A highly committed development team.
  • Progressive updates and the introduction of more impressive features.
  • Better security of the core code, user assets, and their information.

Use cases of Syscoin

Syscoin, as an improvement of the Bitcoin blockchain, has progressively grown the use cases. While Bitcoin was primarily created to help with sending funds in a decentralized manner, the Syscoin system extends the utilities so that both corporate and individuals can easily join and realize greater value. Here are the main applications of Syscoin.

  • Sending value on a peer2peer basis: This is one of the main use cases of Syscoin. Once you have some native coins, sending them is direct and instant. Because there is no third-party such as bank or credit services that are required to effect the payment, the cost of sending such funds will also be small. The only thing that is required is for the two parties (sender and receiver) to be on the Syscoin network and have the right wallets.
  • Purchasing products and services online: Like Bitcoin, Syscoin has been working on getting accepted as a method of direct payment for goods and services. To enhance this application, Syscoin created its own marketplace that allowed users to operate on a peer2peer basis. Even those stores that accept other tokens are only a step away. For example, if a store only accepts Ethereum, you only need to exchange SYS using an exchange such as Changelly and Flypme.
  • Syscoin is a reliable platform for saving and sending value: If you have some funds and want to invest or save, one of the top coin options to consider is Syscoin. As native tokens, you can buy the equivalent of the funds you want to save and leave the money for some time. As a decentralized platform, Syscoin is free from third-party seizures and your funds can grow over time. However, you need to be cognizant that this is simply a prediction and the value of the tokens can move in either direction.
  • Trading the native tokens in the markets: To optimize returns from Syscoin, one of the preferred methods is trading the native tokens in the markets. The online cryptocurrency markets operate like the standard forex markets though users deal with digital assets as opposed to fiat currencies. You could opt to pair SYS with top cryptocurrencies such as Ripple or newer options like Loopring. Remember that most of the exchanges that facilitate trading such as Changelly and Poloniex require users to register for trading accounts.
  • Paying transaction fee at Syscoin and trading platforms: If you want to send value on the Syscoin network, you will be charged a fee. Besides, trading in the exchanges will also attract a fee. This fee can be cleared using SYC. Note that the cost of transactions in most trading platforms varies depending on their respective policies.

https://coincheckup.com/coins/SysCoin

http://syscoin.org/

https://syscoin.org/faq/

http://whitepaper.syscoin.org/

 

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Etheroll

What is Etheroll?

Etheroll is a special online Casino that allows users to play and enjoy 100% fair gambling. It also has an Ethereum based coin referred to as DICE.

Etheroll only offers one game, the Dice roll game, where the player predicts the roll of the 100 sided die. The platform is designed as a DApp that allows players to place bets by predicting the dice roll. Note, that there are no deposits or signups when using Ether. You only pay when placing the bet.

Etheroll employs smart contracts that target ensuring all the games are played fairly and the outcomes are verifiable. The objective is ensuring gamers can have trust in the system and can play without worrying of manipulation or even theft.

The decentralized nature of the Ethereum platform is bringing a revolution that will completely change how the gambling market operates.

What is the problem that Etheroll Solves?

The gaming industry has become highly centralized. In many cases, the industry has to rely on trustworthy entities. The impact is a serious threat of manipulation by the respective companies.

The centralized profit-seeking gambling companies easily manipulate the outcomes to optimize their returns. In other cases, the companies cancel orders resulting in huge losses for players.

A careful check on the industry reveals that some of the betting companies are theft rigs that provide very limited motivation.

When gamblers play Dice and other games in many online and conventional casinos, both conventional and online, the payments are never prompt. In some of the instances, players are slapped with many restrictions that require the amount won to be used for additional bets before withdrawals can be allowed.

In most of the cases, the target is ensuring that the winner losses at some point and do not have anything to withdraw.

The centralized gambling system implies that gamblers can never trust the conventional organizations.

Etheroll introduces the application of smart contracts to help users make the predictions and carry home profits when the predictions are right. This is what sets Etheroll from its peers.

How does Etheroll Solve the problem?

To address the outlined problems, Etheroll has opted for a blockchain solution. By employing smart contracts on the Ethereum system, Etheroll game code is completely decentralized and immutable. The smart contracts are also verifiable and auditable. Here is a closer look at how the Etheroll platform operates.

1.  Secure sourcing of information outside the blockchain

To help users play Dice, the Etheroll has to generate random numbers. The system for generating random numbers is based on Oraclize.it. This service helps in retrieving an integer securely away from the blockchain.

These integers are sourced from TLSNotary and Random.org. Then, Etheroll runs an SHA3 encryption on the integers to hit the final DICE results. It is considered one of the safest methods of generating random numbers.

Note that Etheroll has promised to continue developing the procedure of creating random numbers.

When Etheroll receives a bet through the playerRollDice function, it is Oraclized using the smart contract queries and then encrypted. The encryption helps to nest and secure the query.

Besides, random public exposure ensures that the respective player is operating honestly. The proof is stored in the IPFS as a proof that the results were not altered.

2. The application of smart contracts

The Etheroll operates as a web-based Ethereum DICE gambling DApp. This is effected via a smart contract that makes it fair, auditable, transparent, and verifiable. The contract is designed to accept gamers using Ether using its player interface. With the smart contract operating as an additional layer on the Ethereum system, users are assured of no possibilities of downtime through DDOS attacks or interference from third parties.

Unlike the conventional online casinos that require users to deposit their funds before their withdrawals requests are placed, Etheroll smart contracts do not need players to sign for accounts or deposit any funds. Deposits are only accepted when players place their bets.

3.  The Etheroll coin, DICE

Etheroll coins are referred to as DICE. The name also refers directly to the main concept behind Etheroll. The tokens are ERC20 standard tokens that come with an additional custom functionality in the Etheroll ecosystem. It is important to note that unlike other cryptocurrencies that only release part of their tokens and the rest as motivation to miners, Etheroll released all of its tokens during the crowdsale that ran for two weeks running from 13th February 2017. To run the network and motivate the coin holders, Etheroll charges players a fee for using the platform.

What makes Etheroll better than it’s competitors?

The gambling industry has been growing at a very rapid rate. However, most of the players have entered the industry with a profit-based only mindset and are willing to go to any length to steal from clients.

However, Etheroll outdoes them on most of the fronts including the following.

  • Etheroll, unlike other casinos, allow players to set their own odds. This implies that players have the option of adjusting the dice roll to fit their own risk profiles. This is meant to enhance the overall thrill of playing DICE on the casino. The model is based on the SatoshiDice style that has made Etheroll become one of the top gambling platforms on the Ethereum platform.
  • Etheroll operates as a completely open and reliable gaming platform. This implies that once a gamer makes a prediction, the only thing that determines whether he wins or not is fate. There is no manipulation or outright theft. This model of operation has restored trust in the industry and more people can now join and enjoy their favorite DICE game.
  • Etheroll operates as a completely decentralized casino. This means that the platform operates without third parties that have proven highly unreliable and manipulative. In Etheroll, everything is determined by smart contracts. The contracts are automated so that once you make a prediction and it turns right, an immediate payment is disbursed to your account.
  • The Etheroll allows users to only play one game, Dice. Though this could be considered negative because players do not have diversity like in other casinos, it makes it very easy to run and improve progressively. Most DICE players indicate that they would rather play Dice on Etheroll than other online casinos because the risk in the latter is very high.
  • The Etheroll operates in a completely open manner. On top of providing a highly reliable platform for placing DICE bets, Etheroll clearly outlines the risks that come with using the online casino. The white paper warns users of key risks such as the danger of losing the bet and unfavorable regulatory actions.
  • The online casino is based on the Ethereum platform. Apart from the Ethereum being the second largest blockchain and cryptocurrency, it has numerous security checks. This helps to make Etheroll more secure compared to other online casinos. The Ethereum platform also helps to extend the reach of the network so that more players can play and enjoy the game.
  • The greatest advantage of using Etheroll is perhaps its highly trusted and experienced team. The Etheroll development team has demonstrated its great passion for the gaming industry. This has won it a lot of trust from the gaming community. Since 2016, the development team started by running a highly successful crowdfund exercise though they suspended it following the DAO attack. But things moved on well after the siphoned coins were refunded. Now, the team has continued to progressively improve the casino and winning huge trust and support from the community.
  • All Etheroll token holders are entitled to receive part of the overall profit made on the network. This implies that holders do not need to worry about complex mining procedures to earn the native tokens. Simply hold some value of the native tokens to enjoy a reward.

How can Etheroll be categorized?

Etheroll can be categorized as the next generation online gaming platform that sets the stage for gambling in a secure and verifiable manner. The Etheroll platform has demonstrated that gamers do not have to give up because of the poorly designed and untrustworthy conventional gaming platforms. The bar has been raised so high by the adoption of the blockchain technology. Here are some of the unique things that make Etheroll the new pioneer for a new model of operations.

  • The platform and gaming are provably fair.
  • Unlike in other online casinos, Etheroll players are allowed to set their odds.
  • It provides users with a web-based web3.js interface.
  • Very low house edge.
  • A highly trusted and experienced team.
  • The platform is based on the Ethereum blockchain that guarantees a higher level of security and anonymity.

What’s Etheroll’s vision on Security?

Etheroll targets becoming the most reliable and secure online casino for gamers. The goal was crafted to help the casino redefine the industry that was fast fading into oblivion. The development team opted to use multiple methods of securing users details, assets, and moves. The main method used to keep the system secure is Smart Contracts.

Every smart contract that is deployed on the platform has to be subjected to third-party audits referred to as Piper Merriam. These audits include Automated Truffle testing and third-party security audits. Other methods of securing the system include;

  • The Etheroll system operates on the Ethereum blockchain. Whether you are placing a bet or sending value on a peer2peer basis, the details are encrypted so that no one can easily unmask you.
  • The system does not use Proof of Work (PoW) consensus model. Rather, all the coins were distributed during the initial crowdsale. This implies that there is no scramble for new tokens and the motivation to token holders is via the profit made on the platform. This has been very important in eliminating the risk of 51% attack.
  • The development team at Etheroll is highly proactive. They are always on the lookout for new gaps and sealing them immediately with regular updates. They have particularly been very effective after the DAO attack of 2016 that almost thwarted their ICO.

Examples of Etheroll’s use cases/applications.

In their white paper, Etheroll development team has indicated that the primary goal of their native token, DICE is for use in the platform. However, the fact that it is a cryptocurrency opens it for numerous use cases. Here are some of these use cases.

  • Dice is the primary currency for use in the Etheroll ecosystem: This is the primary goal of the native tokens on the Etheroll DApp. With the tokens, you can place odds and get rewarded when the prediction gets right. Once you buy the DICE tokens, it also implies that you have voting rights on making key decisions such as adjusting house edge or adding new games to the suite.
  • Trade DICE in the markets: As a cryptocurrency, holders who do not want to get involved in gaming can still use it for trading in the markets. The markets operate the same way forex trading platforms work. This means that you need to pair DICE with other cryptocurrencies such as Bitcoin, Ripple, or Ethereum among others. Note that for such trading to be effected, you need to start by selecting an exchange such as The EtherDelta, HitBTC, or ForkDelta.
  • DICE coin as an investment and saving option: If you have been looking forward to investing in cryptocurrencies, the focus should be on selecting the tokens with high potential. However, how do you establish a high potential token? Is Etheroll one of them? If you take a closer look at Ethertoll, all indicators show it is a high potential project. The system is secure, it is lead by a highly ambitious and tech team, and the target market is very lucrative.
  • Etheroll tokens are a reliable way of sending value on a peer2peer basis: This implies that you can use the tokens to make direct payments across the globe instantly. Whether you want to send funds to a friend or pay for goods delivered, all that is required is for the recipient to also be in the Etheroll network. He will particularly need to have an appropriate wallet such as Legder Nano S or MyEtherWallet to hold the native tokens.

https://coincheckup.com/coins/Etheroll

https://etheroll.com/

https://etheroll.wordpress.com/

https://crowdfund.etheroll.com/etheroll-whitepaper.pdf