I've been seeing this a lot in the news lately, including in some serious publications like Bloomberg. Here's a short summary of the technology and the people behind it: https://themerkle.com/what-is-syscoin/. Everything they do is open source: https://github.com/syscoin. I'm curious to hear if anyone here has started, or is planning to start using this for business purposes?
Interesting. $2,700 buys one masternode and it looks like there are 1,600 running on the network. I would think small holders participating in governance would be a good thing. Wealth distribution pie-chart on this coin does not look bad, though I know only so much can be determined from that.
As for power consolidation, same could be said to great extent of most blockchains or DLT whether mined or some variant of PoS. PoS in particular, depending on the flavor and project, can be quite egregious in that area even moreso than a masternodes network. Rich vote themselves in and can vote to keep others out and often have veto powers. With PoW its a different playing field... but yes, there's always the risk of a group of miners dominating a network; hell, it's even a remote possibility for Bitcoin itself.
The reason more projects don't choose merge mining I think is because of the extra dev overhead, combined w/ the relationship requirement you mentioned. A project needs the respect of pools, and that does not come easy (especially these days). As such, projects which have merge mined status (especially SHA256) might be worth paying special attention to in the long term.
Interesting. $2,700 buys one masternode and it looks like there are 1,600 running on the network. I would think small holders participating in governance would be a good thing. Wealth distribution pie-chart on this coin does not look bad, though I know only so much can be determined from that.
As for power consolidation, same could be said to great extent of most blockchains or DLT whether mined or some variant of PoS. PoS in particular, depending on the flavor and project, can be quite egregious in that area even moreso than a masternodes network. Rich vote themselves in *and can vote to keep others out and often have veto powers*. With PoW its a different playing field... but yes, there's always the risk of a group of miners dominating a network; hell, it's even a remote possibility for Bitcoin itself.
The reason more projects don't choose merge mining I think is because of the extra dev overhead, combined w/ the relationship requirement you mentioned. A project needs the respect of pools, and that does not come easy (especially these days). As such, projects which have merge mined status (especially SHA256) might be worth paying special attention to in the long term.
Truthfully it scares the hell out of me and I wouldn't use it for business or storing anything of value.
Masternodes means that by simply throwing cash at it and buying 100,000 coin (in this example ONLY $2700!), you can become a powerful node on the network and receive voting rights on proposals for modifications to the consensus, altering the block size or reward and other network-wide changes.
While merge-mining is great, being merged with sha256 means that you have to maintain a good relationship with the large chinese btc mining farms. Unless you are being merged mined by the largest pools already, then one of them, or a few working together, could instantly take over the network.
edit: basic market info https://coinmarketcap.com/currencies/syscoin/