Following the recent SysCoin 4.0 update, the developers have introduced many fixes and alongside those – crucial updates that promise to bring users more convenience, usability and support. I’m talking about the addition of cross-chain integration support thanks to the availability of SysCoin masternodes and the increased incentivization for running them. On top of that, we have the implementation of a new Governance model that allows for funding of further development of the network. Let’s explore in detail how it all works.
SysCoin Masternodes and Cross-Chain Support
Since the introduction of masternodes to the SysCoin blockchain, back in v3.0, they’ve helped increase the stability and security of the network. Therefore, in SysCoin 4.0, a new masternode reward system has been introduced. Long-term masternode operators will benefit from a reward increase with the following structure:
- Operating a masternode at least for 1 year – base reward is increased by 35%
- SysCoin masternode operator for minimum of 2.5 years – reward is doubled
Being able to connect to other blockchain networks and make use of their qualities – for example, Ethereum and its smart contracts, meant that the minimum hardware requirements for SysCoin masternodes had to be adjusted to ensure the stability of day-to-day operations:
- CPU – 2 Core (4 Preferred) 64-bit
- RAM – 4 GB Physical Memory (8 GB Recommended)
- 4GB Swap File (If Less Than 8GB Physical Memory
- 80GB+ of Hard Drive Space (100GB+ SSD Preferred)
- Linux OS – Ubuntu 18.04.1 LTS (or newer, the client won’t run on older versions)
- C++17 for Compiling
Updated Governance Model
Alongside the introduction of masternodes, a governance model was implemented ensuring that there are enough funds to stimulate further development of the project. To facilitate this endeavor, the team has decided to increase the amount of earnings allocated to the governance fund with the new update. Beginning March 2019, the Superblock reward will be increased to 2,000,000 SYS and it will decline with 5% each month up until the 36th month when it will be fixed at 130,000 SYS per Superblock.
To have the chance at winning, you need to issue a proposal to the network for any changes you would like to implement as a masternode, which will cost you 250 SYS. Then, users are free to vote and determine which suggested change would be most beneficial for the network. The top choices then are paid out from the budget of the Superblock reward, depending on how much they’ve required as an investment for their ideas. To be considered a valid proposal, the masternode operator needs to receive at least 10% of the net amount of votes (Total “Yes” – Total “No” votes) that have been issued during the period of 43,800 blocks. Whatever is left from the reward is distributed to the development team to further improve the project.