Blockchain Foundry, the company which developed the new Syscoin platform has announced a new token issuance service into Syscoin. This will allow anyone to create a custom asset token which can then be sent directly to anyone else on the network. Syscoin envisions a variety of use cases including ICO token issuance, supply chain management, reward points, and loyalty programs.
Asset tokens created on the Syscoin network can be minted with a custom data payload assigned to them, effectively coloring the tokens issued in that minting and allowing for use cases which require asset classes that have tokens which are explicitly linked to unique lots of that asset.
For example, a gold depository could create a token which represents partial ownership in gold bars, and then issue lots of that token which represent ownership of a gold bar with a specific serial number.
To create a new asset class on the Syscoin network, users will issue an asset_create command with an asset symbol, name, description, decimal places, and an optional total issuance cap, which will prevent the asset creator from later minting more tokens than initially specified. Tokens of that asset can then be issued by the asset creator using the asset_mint command with the token name, a desired token amount, an optional data payload to color the tokens issued in that minting, and an optional destination alias or address to send the minted tokens to.
Additionally, tokens of the asset can then be sent to any alias or address on the Syscoin network using the asset_send command. Several other commands will exist to allow for the listing of asset details and balances. The transfer of assets may happen instantly with the use of an instant transaction feature. This provides an inherent benefit to tokenize business models using Syscoin’s token issuance service over other competitors such as ERC20 tokens on Ethereum.