Syscoin 4.2 and future compliance
By Inkarias - 2020-10-11
The Syscoin team has been pleased to share that the different advancements and benefits that version 4.2 will make possible are numerous for our community, and for enterprises, organizations, and the blockchain industry as a whole. In this first installment, the team introduced Network-enforced Compliance; a new kind of solution that fills a key gap in today’s blockchain industry. This, and many other features in 4.2, will be made possible in part by transitioning Syscoin’s assets from an account-based model (like Ethereum), to Bitcoin’s UTXO model, which opens the door to greater efficiencies and future capabilities overall.
Compliance with Syscoin 4.2
Investors and the whole community will be able to achieve first-class compliance with laws and regulations while benefiting from the scalability, proven security and cost-savings Syscoin provides through its vision and infrastructure across the world.
“The industry’s previous attempts involved centralized, permissioned ledgers. Those systems pose risks enterprises avoid. Our solution is different. It enables you to opt-in for pre-compliance with Syscoin Core - the censorship-resistant, legally neutral and permissionless ledger.” - Jag Sidhu, Syscoin Foundation Chairman, Lead Core Developer
The Network-enforced rulesets will work at scale without getting in the way of those who seek true ownership of their value. Our 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. This solution also enforces pre-compliance rules by network consensus. This means users can no longer evade pre-compliance rules like they can with the industry’s previous systems that used apps for enforcement. Finally, projects can define and collect token-specific transaction fees that can then be used to fund operations.
All the information on Syscoin 4.2 can be read at https://syscoin.org/