Syscoin 4.2: Network Enforced Rules to Facilitate Regulatory Compliance

By drluv | CryptoHighlights | 12 Nov 2020


Syscoin long-term development is focused on enterprise-level adoption and therefore, scalability and interoperability are essential keystones for adoption. Syscoin is merge-mined with Bitcoin and based on the latest Bitcoin core which provides for unmatched network security. Scalability has been solved with Syscoin's patent-pending and third party verified z-dag solution level 2 solution, processed by currently more than 2000 masternodes that show around 60k tps, while trustless interoperability is provided by the Syscoin-Ethereum bridge that is fully functional, yet waiting for UI completion in Syscoin 4.2. to make on-boarding convenient. It is anticipated that Binance's BUSD and other projects will then begin to use the bridge as previously announced.

The coming Syscoin 4.2 upgrade, complements first-class stablecoin compliance while improving accessibility for decentralized finance. Public testnet is just around the corner and the activity on Github is buzzing and tells you just how busy developers are!

Regulatory compliance is now becoming a key necessity for any adoption: Enterprise need to be able to limit services based on rules set by their respective jurisdiction, and by their key business model. While simple KYC  is now the rule primarily upon sign-up or purchase of tokens, that simply won't suffice requirements for enterprise.

In another first, pioneering Syscoin will provide network-enforced compliance tool set with Syscoin 4.2., a new kind of solution that fills a crucial gap in today’s blockchain industry. Many projects today find themselves caught between adopting emerging fintech, or playing it safe against a backdrop of evolving regulations. Syscoin 4.2. presents an alternative, offering the best of both worlds by providing:

  • Pre-compliance / Opt-in- Transactions are compliance-checked before entering the blockchain, rather than after the fact.

    Syscoin is about financial inclusion without sacrificing compliance where needed. Network-enforced rulesets will work at scale without getting in the way of those who seek true ownership of their value. The system does not impose compliance rules unless requested by the asset issuer. For assets that are opted-in, mandatory compliance gets enforced globally by the network. That leads to easier integration into existing financial markets.

  • Asset-based-compliance - For opted-in assets that require it, mandatory compliance is enforced globally by the network.The financial industry is evolving fast. Institutions across the world are amending regulations on the regular. Syscoin’s Network-enforced Compliance will enable enterprise to update your business rules on-demand and keep organizations in line with regional and global requirements as needed.

  • Adaptive-compliance - Enabling rules to be updated on-demand, keeping up to date with regional and requirements by enterprise and institutions operating globally.  These features will be available for all SPT (Syscoin Platform Tokens). Syscoin’s Network-enforced Compliance will enable business to update rules on-demand, and keep organization in line with regional and global requirements as needed and can be implemented efficiently and quickly. Just imagine for a moment how globally operating enterprise will benefit from easily changing rules depending on location that apply to let's say 100 different localities - rather than solving such issues on a multitude of internal ledgers! 

Network Enforced Compliance toolset is just one, but crucial aspect of Syscoin.4.2. There are many other, equally important development steps
coming to Syscoin 4.2. that will be covered in additional posts to come.

The community has often been lamenting the fact that while development and innovation of Syscoin is second to none, large scale enterprise level adoption has been lagging behind. Apparently that is changing now and adoption by enterprise level projects are in the pipeline. Needless to say that the mood in the community is upbeat in anticipation of announcements to come with the release of 4.2.

To keep up with the latest developments, visit the official Syscoin Website at https://syscoin.org or join the Discord channel to chat at https://discord.gg/RkK2AXD . Support Wiki and Discussions can be found at https://support.syscoin.org

And finally, if you are looking for links to media, exchanges, masternode hosting providers, wallets, downloads, latest news, videos, news releases,
social media accounts and more, don't forget to visit https://syscoin.network/syslinks - THE comprenhensive link collection for the Syscoin Platform!

https://syscoin.network/syslinks

 

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drluv
drluv

AffectiveNeuroscience/ ClinicalPhilosophy/ BrainGutAxis/ ICD11 6D10.2 &Crypto/ Probiotics Cultivator/ Wheat grass/ Birds & Mammals Aficionado/


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