As traditional venture capital continues to be disrupted by ICOs and crowdfunding, few blockchain companies have the backbone to sustain their developments, providing unscalable solutions. Blockchain Foundry Inc. (CSE:BCFN) is not one of those. Consistently delivering on its promises, BCFN released Syscoin 3.0 on 1 May this year, expanding its scope within the blockchain. With new product developments, a growing team and the commencement of trading on the Canadian Securities Exchange (CSE), their presence within the industry is blooming.
BCFN, is a Canadian company that develops on the revolutionary Syscoin platform, providing products and services which they have built and tested. The company develops and commercialises blockchain-based business solutions and provides consulting services to corporate clients seeking to incorporate blockchain into their business. Dan Wasyluk is at the helm as CEO of this young corporation and is also co-founder of the Syscoin project.
Utilising the network, Syscoin 3.0 builds upon BCFN’s previous platforms with additional implementations of asset infrastructure, a decentralised marketplace, a zero-confirmation double spend settlement scheme (Z-DAG) and masternodes providing a proof-of-work/proof of stake hybrid consensus model, leveraging the blockchain’s immutability and auditability.
Syscoin 3.0’s new developments
While you will need to refer to the “Syscoin Whitepaper” for full details into BCFN’s technical developments, here is a quick rundown of what the firm have released and is working on:
Decentralised marketplace – Syscoin publicly released the world’s first decentralised marketplace at its launch on 14 July 2014. The ground-breaking features of the Syscoin blockchain created a platform that allowed users to securely and reliably buy and sell items online. The latest version of the marketplace, Blockmarket Desktop, was developed by Blockchain Foundry and removes the middleman out of the e-commerce equation.
With online shopping and the selling of goods and services, Syscoin 3.0 is aiming to replace third party e-commerce platforms with its decentralised marketplace. Syscoin users will soon be able to directly create and manage their online stores through a web-version of the marketplace, Blockchain Foundry’s “Blockmarket Web”. In addition to the existing desktop users, mobile users will soon be able to view listing descriptions and prices, buy and sell goods and services, view user/seller profiles and reputation, all based on their geo-location.
Z-DAG – An abbreviated term for a very useful settlement protocol which functions across all Syscoin 3.0 services. Upgrading from Syscoin 2.0, this new process organises transactions based on dependencies to build a state of transaction in a deterministic fashion. Cryptocurrency is facing a scalability problem and Syscoin 3.0 provides Z-DAG as one of its solutions. What does this mean? It means that Syscoin 3.0 ensures that all transactions are put in order before being written to the blockchain, providing settlement in real-time. Proof-of-Work (PoW) function on the blockchain ensures the confirmation of transactions and conflict resolution, preventing double-spends. In essence, the new development has been created to speed up the process while protecting your asset transfers.
Assets – Loyalty points, tokens backed by physical assets and service-backed currencies can be created with Syscoin’s protocol. Syscoin assets provide a layer of tokenisation on top of the Syscoin network, in which two types of tokens are available: non-divisible and divisible. Non-divisible tokens can represent a physical item like a diamond and can also carry additional data such as the serial number, transfer of ownership records, or even how many times the diamond has been cut. On the other hand, divisible tokens can be used for hourly services, commodities like gasoline or represent portions, such as a percentage of a company.
Masternodes – The Syscoin implementation of masternodes, is a peer-to-peer extension, allowing decentralised governance, mining, instant transactions and Z-DAG. Having the governance administered by masternode operators (individuals who must invest in Syscoin are rewarded in Syscoin and cannot reuse their capital for any other coin or service), ensures there is an unbiased system to manage and fund the platform. This system helps to sustain the betterment and long-term stability of Syscoin by ensuring masternode operators become contractors who work for and are compensated through the network.
Blockchain Foundry on the Canadian Stock Exchange
If you haven’t invested in Syscoin, or BCFN yet, now is the time. Blockchain Foundry completed a reverse take-over (RTO) of Tiller Resources, and commenced trading on the Canadian Stock Exchange, at the opening of the market on 14 May 2018 under the title “BCFN”. With the enhancements of Syscoin 3.0, the
expansion of their product developments and their upcoming project partnerships, Blockchain Foundry’s stock is expected
to do extremely well.