Syscoin is considered as “a global network, a distributed ledger, a decentralized database, and a blockchain.” It is also a cryptocurrency, a digital currency, an altcoin, and a tradable token.” It is based on a fork of the Bitcoin protocol and is merge-mined with Bitcoin, giving the most secure, stable and scalable networks to ever exist on the planet.
Originally launched in late 2014 and produced through a Bitcoin fork, the present version delivers to Syscoin 2.1 with an algorithm that enables it to be merge-mined with Bitcoin. Merge mining is just the ability for miners to concurrently mine two various cryptocurrencies based on the similar algorithm.
This platform is a permissionless blockchain-based cryptocurrency with a set of smart contracts which have been fully tested and developed on the Bitcoin scripting system using OP1 to OP16 standard script op-codes, rendering coloured coin transactions, managed by a hardened layer of distributed consensus logic for each smart contract (Syscoin service) while still maintaining backwards adaptability with the Bitcoin protocol.
The contracts can be merged to form building blocks for blockchain-based e-commerce solutions. Syscoin’s hardened smart contracts are in opposition to turing-complete smart contracts, which, by interpretation, are not accustomed due to the open-ended nature of the underlying scripting language.
Syscoin supports a broad variety of marketplaces, extending from the fully decentralized marketplaces to centralized business markets. Sell anything straight on the Syscoin blockchain or create a site for your business that will use Syscoin’s infrastructure to conclude its transactions.
Distributed Certificate Management
Utilizing the cryptography of the blockchain; Issue, authorize, and digital exchange certificates of any kind. With Syscoin anyone can issue provably-unique certificates with text or ascii content to one or various parties on the Syscoin blockchain.
Wallet addresses for cryptocurrencies generally consist of a unique string of between 27-34 alphanumeric characters. An example Syscoin address would be “SnxMDyhfAeb7tNRTwZYbfhMJYweEiDgPK6”. Such an address isn’t easy to memorize.
To give the most stable and scalable network of any cryptocurrency, Syscoin leverages the power of merge-mining with Bitcoin and other SHA-256 coins. It means that the Syscoin network piggybacks on the most robust and secure network the world has ever seen.
Assets and Tokens Issuance
It will enable anyone to build a custom asset token which can then be transferred directly to anyone else on the network and envision a kind of use cases including ICO token issuance, supply chain management, loyalty programs, and reward points.
Much like proof of stake, Syscoin Masternodes rely on staking a certain amount of Syscoin to operate a Masternode. To establish a Syscoin Masternode, you need 100,000 Syscoin. Syscoin applies masternode functionality to its decentralized Block Market.
It’s been noted that Syscoin price fluctuations may in turn cause fluctuations in the number of masternodes running on the network.
Syscoin Identities are built on Syscoin’s Alias service. These identities are stored off-chain, the reference and the integrity proof are their small on-chain anchor.
The Z-DAG functionality is across all Syscoin services. Syscoin services are Alias Identities, Certificates, Escrow, Offers and Assets. All functions are controlled via an Alias.
The Team Behind Syscoin
A team of developers managed Syscoin and was built by, Sebastian Schepis, its present core developer. Based on the Proof of Developer, a website that checks, assess, and ranks developer teams, Syscoin received five stars in 2014.
Blockchain Foundry supports Syscoin as its flagship product, with a purpose to “disrupt markets by leveraging the potential of blockchain technology.” Then in March of 2017, Microsoft Azure ecosystem becomes their partner and is one of Digital Identity Foundation (DIF) founding members. Other originating members of the DIF include the likes of industry giants such as Microsoft, ConsenSys, Accenture, and more.
Businesses presently face many challenges. Amongst them is the concern of trust in data exchange with other parties’ and their individual agreements. The blockchain implements new capabilities with transparent, peer to peer information exchange and sets a common ground in uncertain areas.
Such information exchanges are of limited scope, accomplished by complicated and expensive middleware interfacing products and not yet exposed to true peer-to-peer transparency and trust. The SophiaTX Blockchain, directed at such peer to peer information exchanges, provides a complete set of tools allowing developers to build and distribute applications which utilize the capability of the blockchain and shared data integrated with ERP and CRM solutions.
SophiaTX As Decentralized Business Solution
SophiaTX is the first platform concentrating on integrating blockchain with SAP and other significant ERP, CRM, and SCM systems aiming to expand the opportunities of enterprise applications with the trust and security that comes with blockchain technology. The platform can be considered of as three components: a blockchain designed and built specifically for the business environment, a development platform with integration APIs to SAP and other enterprise applications, and a marketplace for both industrial corporations and a global community of experts, consultants, and developers to purchase and sell apps.
It is also considered as a public blockchain platform with a center on application by businesses of all sizes, i.e., from large global enterprises to small local businesses and ultimately to end consumers. It permits businesses to secure and participate across the entire value chain, allowing SophiaTX the best possible drive for global adoption. This opportunity, over the alternative of a private blockchain, supports the goal of creating a truly holistic collaboration.
Demystifies Enterprise Blockchain
Organized by Evanta, a Gartner company, the Boston CIO Executive Summit was an opportunity to gather thoughts and spur debates among successful global business and IT executives, clearing any misconceptions and revealing the true potential of blockchain technology in business application. The executive summit attracted numerous leaders from diverse industries and organizations such as General Electric, Federal Reserve Bank of Boston, Deloitte, MIT, Harvard, and many more. Following are the insights gathered from the boardroom discussion on blockchain.
Due to the rising importance of securing the integrity and transparency of information in business, blockchain technology and its simplicity yet immutability in storing data will have a significant impact on how companies operate and collaborate, as well as how information is shared across various stakeholders. As the CEO of SophiaTX, Jaroslav Kacina explains: “Similarly to how the Internet revolutionized the way how information is being exchanged towards the end of the last century, blockchain will have a profound impact on business, and the SophiaTX team is already offering services utilizing this technology to improve collaboration across value chains and evolve entire business models, with more blockchain solutions being identified and developed as we speak.”
Additionally, given the disruptive nature of such technology, awareness about blockchain and its potential impact on business should be developed by the IT jointly with business and its functions. A good understanding of blockchain could be acquired by identifying potential use cases and launching a ‘hands-on’ proof of concepts.
“Blockchain technology has found its use in many industries apart from cryptocurrency, and large companies are already investigating how to exploit it. This is why it is crucial for leaders and companies desiring to sustain competitive advantage to explore and adopt new digital strategies, investigate organizational capabilities, and get ready for this next wave of disruption,” Jaroslav Kacina adds.
Finally, the participants deem it important to separate cryptocurrency from blockchain technology which has now evolved and found a myriad of new and profound use cases in providing functionality and allowing changes and evolution of existing business models.
The modern advances of blockchain use-cases cause a lot of enthusiasm in the technology community that reaches far beyond the financial sectors. One area which contributes significant value is the application of blockchain in a company’s operational and management processes. Effectively all companies perform these operational processes on enterprise resource planning software (ERP) which usually involves a variety of modules such as accounting, manufacturing, project management, controlling, procurement, logistics, warehousing, sales and distribution, and quality management.
In order to advance blockchain into business operations, the blockchain must merge with ERP and other enterprise applications including SAP. As an instance, 76% of the world’s transaction revenue meets SAP systems1. This division has been comparatively untouched until lately when SophiaTX announced their first project, an open source blockchain platform and marketplace designed for businesses of all sizes called “SophiaTX Blockchain.”
SophiaTX and Equidato Technologies AG
SophiaTX is a civil association striving to develop the opportunities of enterprise applications with the trust and security that begins with blockchain technology and launch the world’s first open source blockchain platform to integrate blockchain technology with business applications fundamentally. To ensure the development of individual software, SophiaTX will engage Equidato Technologies AG, any of its subsidiaries or other developers.
Equidato Technologies AG is an organization concentrated on the integration of blockchain with enterprise applications, such as SAP, IoT sensors, smart printing, and other exceptional technologies producing the ‘industries of the future’ eco-system
Technology and Architecture Overview
SophiaTX architecture is designed to ensure compliance with established international standards, guidelines, and legislation concerning data protection, privacy, and security. The developer has to perform their solution so that data is encrypted before it is sent to the SophiaTX Blockchain. Only the customer has access to their private key, as well as know the public key of their customers/vendors.
As a component of the API, SophiaTX Blockchain provides the methods enabling a developer to encrypt and decrypt the information package, in such a system that the same implementation can be utilized without having to code encryption/decryption methods each time an application is written.
The SophiaTX Blockchain is not created for high throughput or low latency, and it does not scale. Consequently, SophiaTX implements a decentralized data backbone, which renders a Data Store for the information which cannot be passed through the SophiaTX Blockchain.
SophiaTX Blockchain for B2B is based on a distributed server technology that integrates on several components:
● Marketplace including Application Store
● Authentication Engine
● Sophia SDK
● Test and Publishing Engine
● Application Library
● Logic Engine
● Event Handler
● Data Store and Analytics Engine
● User Data Store
The SophiaTX Token SPHTX
SophiaTX Blockchain’s own proprietary token is called SPHTX. It has various uses on the blockchain, within the marketplace and also as a utility token in many decentralized applications (Dapps):
● Transaction charge and reward for miners verifying transactions and blocks on the blockchain
● Subscription to obtain rights to the SophiaTX Blockchain
● Reward allocation for buying and selling of assets in the marketplace (App Store and Dev Store)
● Reward for the developers when an end customer installs and uses a SophiaTX Application (Dapp license)
● Transaction and data storage fee for document file server
● Licensing for private Blockchain
Latest News and Update
SophiaTX has signed a Memorandum of Understanding (MoU) with a Hybrid Exponential Technologies research and innovation centre, Crypto Valley Malaysia, expressing their readiness to bridge the gap in the industry 4.0 value chain in ASEAN by advocating the use of blockchain technology to create more efficient, lean and productive enterprise ecosystems.
The MoU was signed by the APAC Regional Director of SophiaTX, Choo Kok Weng and President of Crypto Valley Malaysia, Koh How Tze, and witnessed by Secretary General of Crypto Valley Malaysia, Effendy Zulkifly and Director of Youth Development of Crypto Valley Malaysia, Haidar Darus respectively.
Under the agreement, SophiaTX will offer technologies, resources, capacities and expertise in blockchain technology to support and improve the uptake of new technologies by companies through the provision of proper training and shared services to the industry. Both organisations will develop and deploy innovative technologies to support business principals, CEOs, entrepreneurs and innovators in major industries, from government to manufacturing and healthcare.
Speaking about the partnership, Koh said, “As the industry is readying itself to embrace blockchain technology, enterprises have a mammoth task at hand to upskill and reskill its resources. Our partnership with SophiaTX is a great synergy and a major step not only to support strategic enterprise transformation through the adoption of the highly scalable and robust SophiaTX platform, but also to accelerate the blockchain journey through the creation of real-world industry knowledge and innovation.”
According to Choo, the partnership is an encouraging step forward to realise the potential of the SophiaTX platform and advance its application to the next level of maturity. Other areas of collaboration include exploring and integrating IoT, wearables, smart devices, analytics, big data, robotics and artificial intelligence in order to allow traditional ERP systems to evolve into hybrid enterprise systems with new digitally enabled business functions and processes which enhance enterprise agility and independence.
Several challenges have been hindering businesses these days. One of those is the issue of trust in data exchange with other parties’ and their corresponding agreements. The blockchain gives new capabilities with transparent, peer to peer information exchange and establishes a common ground in disputable areas. Such information exchanges are of limited coverage, fulfilled by complicated and costly middleware interfacing products and not yet open to true peer to peer transparency and trust.
SophiaTX Blockchain intended at such peer to peer data exchanges that give a complete set of tools enabling developers to create and publish applications which utilize the power of the blockchain and distributed data integrated with ERP and CRM solutions.
The Blockchain For Business
SophiaTX Blockchain is the first platform concentrating on uniting blockchain with SAP and other major ERP, CRM, and SCM systems striving to extend the opportunities of enterprise applications with the trust and safety that attains with blockchain technology.
It can be considered of as three elements: a blockchain designed and developed primarily for a business environment, a development platform with integration APIs to SAP and other enterprise applications, and a marketplace for both industrial companies and a global community of specialists, advisors, and developers to buy and sell apps.
SophiaTX Blockchain is a public blockchain system with a focus on the application by enterprises of all sizes, from large global companies to small local businesses and ultimately to end consumers. It permits for companies to associate and participate in the whole value chain, allowing SophiaTX Blockchain the best potential drive for global adoption. This option, over the alternative of a private blockchain, advances the goal of creating an absolutely holistic collaboration.
Roadmap And Resolution
The present blockchain innovation is not suitable for mainstream adoption by enterprises. Hence, the key to achieving is for blockchain technology to have particular features needed by businesses. For instance, information privacy and encryption must be strengthened, while processing speed increased. Also, document preservation, auditability, and overall compliance must be discussed.
The investigation, which Equidato Technologies AG handled during summer 2017, has contributed key information in the development of the roadmap, which includes features guaranteeing the SophiaTX Blockchain is compliant and suitable for business. Also, it is necessary to design it at this stage as a ‘mission non-critical’ system so that it is entirely satisfactory by enterprise danger and audit bodies.
The roadmap demonstrates the most significant features and timeline for developing a business suitable blockchain and individual applications:
The SophiaTX Blockchain is fuelled by the SophiaTX Token (SPHTX) which is utilized to cover mining and business fees, enabling access and subscription to the development platform, marketplace, and in-app purchases. It is created for trading assets or micro-assets and services, know-how, process maps and blueprints, integration, and professional consulting services to facilitate stimulated adoption and application.
Once the SophiaTX Blockchain is completely started, it will use its exclusive token SPHTX. SPHTX will have various uses on the blockchain, inside the marketplace and will also be incorporated as a utility token in many decentralized applications (Dapps):
● Transaction fee and rewards for miners verifying activities and blocks on the blockchain
● Subscription to obtain rights to the SophiaTX Blockchain
● Reward distribution for buying and selling of assets in the marketplace (App Store and Dev Store)
● Reward for the developers when an end customer installs and employs a SophiaTX Application (Dapp license)
● Transaction and information storage charge for document file server
● Licensing for private Blockchain
SophiaTX Blockchain Definition
Before describing the procedure and approach for SophiaTX Blockchain, the team has evaluated the technological abilities of other blockchains to guarantee that they can genuinely add value and differentiate a commodity that will not only be suitable for the industry but also provide better functionality and features. They have studied many blockchains, but very few are focused on business and enterprise applications.