9 Oct, 2019

Syscoin Rebrands Itself, Forms Official Syscoin Foundation

Syscoin had an interesting year in 2018. The company faced rumours about being hacked and servers breach and responded to it, by upgrading its software.

On Wednesday, Syscoin announced that they are completely rebranding and as a result reinventing the company. The announcement read, “The Syscoin Foundation (“Foundation”) is pleased to announce the beginning of a new era for the Syscoin protocol; introducing the formation of the official Syscoin Foundation and a rebranding campaign for the protocol. To kick-off their activities, the Foundation unveils a new website, logo and updated roadmap for the “Syscoin Platform”.

The announcement further stated that Syscoin would move from being a “decentralized marketplace focused cryptocurrency to a complete decentralized application development and asset/token creation platform.” Similar to Ethereum, it will provide backend infrastructure for business owners to increase efficiency by creating tokens and Decentralized Applications (DApps). Over all, the foundation is the link to all the contributors and beneficiaries in the Syscoin economic system.

The Foundation, will further, plan another campaign to reveal the results of the Whiteblock Transaction Per Second (TPS) speed test in parallel with the new Z-DAG whitepaper.

Earlier Crypto-News India had reported on the alleged ‘hack’ that had taken place. However, at the time, Syscoin had reached out to us and set the story straight. What went down was this: There was a major mess-up because the miners had not upgraded their clients to the latest version 3.0.6 which was a mandatory update, even after they were given enough time. The update was mandatory because it fixed a governance superblock fee calculation bug. The number of miners went down, and so did the difficulty levels.

Large output block values began appearing because majority of the existing miners had higher fee policies and smaller miners picked up the transactions. As a result, hundreds of transactions were bunched up in these blocks with higher output values.

When the Syscoin team observed these strange happenings, they updated the exchanges which resulted in Binance going down for a brief moment, following that. Binance came back an hour later and reset the API keys once they determined exchanges were not under an attack.