2021: 02–02 — Syscoin Foundation February Proposal

Governance Funding Proposal

A formal introduction to the Syscoin Foundation and its goals.

The Syscoin Foundation is the official governing body for the Syscoin platform.

The Foundation Objectives and Approach

The Foundation Objectives

  1. The worldwide dissemination of blockchain technology among companies and individuals.

  2. To promote global adoption and integration of Syscoin technology.

  3. To represent the interests of the Syscoin community and its partners.

  4. To develop and manage the Syscoin platform.

  5. To add value to the Syscoin infrastructure through promotion and development, supervising financial and communication management between the involved parties.

  6. All that is directly or indirectly connected to or promotional for the aforementioned, all in the broadest sense of the word.

The Foundation shall try to accomplish these objectives by:

  • Functioning as the official organizational structure of the Syscoin Project and Platform.

  • Encouraging developers to add to and improve the Source Code and other layers of the Syscoin platform;

  • Providing sufficient and easily available information to make use of the Syscoin blockchain;

  • Promoting and supporting academic and general research in the blockchain industry;

  • Encouraging the academic community to study, understand and implement blockchain technology;

  • To distribute possible funds for the purposes of promoting development, adoption and understanding of the Syscoin Platform through sub-committees, partners and the wider Syscoin community.


The Foundation is responsible for the continuation and growth of the Syscoin platform. Although the goal is to have a decentralised network of teams and contributing individuals, the foundation itself requires enough resources to maintain and improve the platform — for as long as necessary.

In addition to the bigger picture and longer term goals described above, the foundation has a shorter term roadmap. The roadmap is combined with those of multiple active teams to form the Syscoin Platform roadmap.

A few examples of what’s on the Foundation’s roadmap are

  • UTXO based SPTs
  • Payment channel for SPTs R&D and possible implementation
  • Hardware wallet support for Syscoin and SPTs


The Syscoin Foundation is seeking funding to complete the long and short term goals set above.

To ensure the Syscoin Foundation will remain able to perform the task of developing and maintaining the Syscoin platform and its other objectives — even when governance is lower or no longer available — we are setting up a treasure fund. This fund will be turned into masternodes, with the idea that rewards eventually can cover (or at least help offset) related expenses.

We currently have 17 Masternodes online. (sys1qnmp9aew5x2djeld2w7m8c97t8a3497d5f4c3yc)

Addresses of the 17 masternodes:



For the day to day expenses and shorter term roadmap items, we will utilise between 20% and 30% of the governance received. Depending on the Syscoin price these funds would also be used for other expenses like:

  • Academic Research or Partnerships
  • Legal Advice
  • Security Audits and Bug Bounties
  • Exchange Listing Fees
  • Salaries
  • Syscoin infrastructure expenses
  • Community or External Improvement/Development Proposals

Besides the expected expenses mentioned above we will have the following returning costs per quarter:

Ethereum for Gas to run Bridge agents:		           SYS 250k ( 27 ETH)
Server costs:							              SYS  100k ( $1000 USD / month)

High level view of expenses over the last six months:

Partnership costs like Messari, 2 Tokens, ITSA etc:	   SYS 500K ($10500)
Legal fees for a Singapore legal opinion:		       SYS 180K ( $4000)
36 Ethereum for Bridge agents:				           SYS 268k ( $4500)
Server costs:							               SYS  10k (  $200)

We are applying for 175000 SYS for this Month.

Voting For This Proposal

To vote in support of this proposal:

  • Vote in Syscoin-Qt
    • Open Syscoin-Qt
    • Select Tools > Console from the top menu
    • Copy and paste the following command onto one line, and hit enter:
      gobject vote-many 2488c67e12f7cecd53e5d10b754bfc3ae87be3c05d34b09398929becef4ad0de funding yes