Syscoin, the decentralized marketplace project developed by the Blockchain Foundry, is gearing up towards a huge announcement on April 30th with the release of its new 3.0 protocol.
The highly anticipated launch was initially scheduled for much sooner, in March, with the community already rallying in anticipation. However following investigations undertaken by the SEC into cryptocurrency exchanges at the time, additional care was taken by the project to ensure Syscoin was compliant with the United States’ newly adjusted securities laws which subsequently pushed the launch date back a month.
Despite the vital importance of the project remaining conformable with new international crypto legislation for the sake of its own longevity, the alt-coin fell by over -54% during this time from $0.64 to $0.29; as disappointment spread throughout the community.
Since the decline, Syscoin has managed to recover 27% of its losses, now currently valued at a modest $0.37.
Syscoin 3.0 Protocol And What To Expect
Perhaps the biggest development in the new protocol will be the introduction of Syscoin Masternodes.
For those of you that aren’t familiar with Masternodes, they gained prominence in the crypto market after Dash started to implement them on its own blockchain network back in April 2014. In order to own one you have to ‘buy’ a masternode by holding a significant amount of a particular masternode-compatible cryptocurrency that is held as collateral while you run the full node. This number varies from each cryptocurrency, with Dash requiring 1000 DASH tokens to operate a single masternode, worth an eye-popping $36,000,000 at its current market value.
A masternode is effectively an incentivized server that runs 24/7 to keep a completely synchronised record of the ledger, relay transactions and performing other duties specific to each blockchain.
In order to run a Syscoin masternode you’ll need 100,000 SYS as collateral to begin, which works out around $37,000 at the current market value.
The rate of return (ROI) you can expect from masternodes is considerable, with many regarding masternodes as one of the most profitable passive incomes you can invest into in modern society.
Under this system 75% of all block rewards go to masternode holders and only 15% is given to miners, with Syscoin creating a further incentivization for its holders to continue running their full nodes over longer periods of time.
For each 4 months that a Syscoin masternode is run, the ROI will increase incrementally by 3%, for a maximum of 27% over 3 years of continued service to the network.
With Syscoin set to rise as the decentralized marketplace increases in popularity, holding one of these masternodes could be worth a fortune in the near future.
In addition to masternodes, the new 3.0 protocol will be rolling out a new functionality they’ve called Z-Dag, which has been created to prevent the double-spending issue in digital currency transactions.
Once Syscoin masternodes go live, it’s expected that the network will be able to process 300,000 transactions per second (Wow!) and allow for zero confirmations - this is a quantum leap forward for blockchain technology when you compare this to the original crypto, Bitcoin, and its capability of processing a mere 7 transactions per second.
Because of the massive throughput capability of Syscoin’s network that powers its decentralized marketplace, it’s imperative that the project addresses the double spend problem to ensure an honest ledger of transactions.
For information on exactly how the Z-Dag performs this function, check out the twitter post below from the official Syscoin page.
These new developments look immensely promising for the project, with the Syscoin community poised to enjoy the benefits of the new 3.0 release at the end of the month. At $0.37 a token and currently ranked #72 in the Coinmarketcap index, Syscoin is still largely undervalued with a high utility in the future market.
This article appeared first on Cryptovest
