Following the recent release of EMURGO developed, Cardano blockchain explorer Seiza, we are proud to support Syre. Syre is a pioneering, tokenless invoice based protocol designed to make sending cryptocurrencies easy and worry-free for users by removing any concerns about confirming recipient wallet addresses. It is blockchain agnostic and simple to implement while providing users with peace of mind for every transaction. Its unique value proposition is enhancing user experience when it comes to sending and receiving digital assets as anybody who has dealt with sending funds via blockchain has encountered the hassle over reconfirming complicated wallet addresses.
It is designed and developed courtesy of Robert Kornacki, one of the first Cardano fellows in the dLab/EMURGO accelerator program. As one of the first Cardano fellows in the dLab/EMURGO accelerator program, it gives Syre access to a world class network and a unique experience to interact with startups in the dLab/EMURGO Startup Accelerator Program, other members of the Fellowship program and EMURGO team members, such as Nicolas Arqueros and Sebastien Guillemot – CTO and R&D Engineering Lead at EMURGO, on a daily basis. This network allows ideas to be shared and fosters a spirit of collaboration. Robert’s goal is to use Syre to solve “Transaction Surety” problem within not only Cardano, but all blockchains.
What is Transaction Surety? Why is it important?
“Transaction Surety” in blockchain is the certainty that the wallet address a person sends funds to is the correct intended address. Currently, this certainty can come into doubt, as Cardano and other blockchain addresses can easily be prone to errors for the following reasons: [1]
・Addresses can be misentered by users due to the complicated string of numbers and letters.
・Keys on the keyboard or phone can be mistakenly hit while inputting an address
・Computer malware can discreetly change any copy & pasted address unbeknownst to the sender
・The recipient mistakenly provided the wrong address to the sender
As such, cryptocurrency users must constantly check and double check multiple times the intended wallet address prior to sending funds which creates a heavy burden on the user to feel confident that he/she is sending funds to correct intended address. Solving this problem will minimize the risk and uncertainty that everyday users often report feeling when making transactions via blockchain. Thus, Syre is helping lay the groundwork for Cardano and overall blockchain ecosystem mass adoption by creating a more trustworthy, safe, and simple digital asset transaction user experience which is critical to onboarding more users into the blockchain ecosystem.
So how can Syre make sending cryptocurrencies worry-free?
① Verifying Address Ownership
This guarantees your transaction will arrive in the right wallet by proving address ownership. With an invoice-based system such as Syre, this can be done very simply. If an invoice is sent on-chain to another, attached as appended data to a transaction, then the very fact of the invoice arriving proves that the sender of the transaction invoice owns his/her address. Only the owner of the private key for that address can send the transaction invoice. Thus, the person who received and must pay the invoice can feel confident that the invoice was sent from the actual owner of the address.
② Preventing User Error
This takes user input error out of the equation for the payer making the whole experience enjoyable rather than scary. With invoice-based systems, it allows both sender and receiver of the transaction have the ability to double-check all inputted data before the actual payment is sent.
③ Minimizing Risk
This minimizes risk from 100% of the funds to a mere transaction fee so you do not have to worry all the time. In an invoice-based system, instead of payer taking all risk, it is severely mitigated by moving it over to the invoice creator. The invoice creator has to make sure the invoice arrives at the payer’s wallet while the payer simply leverages the invoice’s proof of address ownership to make the risk zero on his end. However, this also completely changes the amount of funds at risk. From 100% of the payment, it shrinks all the way down to a mere transaction fee for on-chain invoices, and no money at all for off-chain invoices. [1]
[Source: https://syre.io]
For more details, please watch the whiteboard video below and read the whitepaper of Syre.
Wallets Implementing Syre
Syre will be implemented by Tesseract in their wallet on mobile for Ethereum in summer 2019 and for Cardano ADA shortly thereafter via EMURGO-developed Yoroi wallet. Tesseract is one of the first four blockchain startups accepted into the dLab/EMURGO accelerator program.
Syre FAQ
・Does it have its own blockchain or token?
No, Syre has been designed to minimize bloat and be as easy to implement as possible, thus it has neither its own blockchain nor its own token.
・How does Syre work?
Simply put, it is an extension to transactions, meaning that any current blockchain which supports appending data to transactions should be able to support Syre. The blockchain-agnostic nature of the protocol allows for multi-currency wallets to implement the protocol only once while providing support for the numerous different cryptocurrencies without extra work.
・What are the use cases for Syre?
As Syre supports both on-chain and off-chain invoices, the number of use cases are almost limitless. If one is merely making a p2p transaction between friends, Syre provides Transaction Surety and a great user experience. If one is purchasing a ticket to a large cryptocurrency conference online, Syre also provides Transaction Surety and a far better user experience. Syre invoices can be sent via blockchain, SMS, email, or can even be stored and physically passed on offline via USB key. It simply provides a better way to transact with cryptocurrencies compared to the systems we have in place today.
・When is Syre available?
The very first implementation of Syre will be in Tesseract’s wallet on mobile for Ethereum. It is pegged to be implemented by summer 2019, and shortly after for Cardano ADA.
[Source: www.syre.io]
To learn more about Syre check out the Whitepaper and the Whiteboard Video. You can also join the Syre telegram channel to ask any questions and chat with others about Syre.
Conclusion
Syre is an innovative, essential, and easy-to-use blockchain tool for all cryptocurrency users that immensely enhances user experience and provides real utility. It solves an important problem in that users currently have to worry about sending funds to the correct intended wallet address and Syre delivers a useful product that allows users peace of mind when sending funds.
EMURGO always searches and supports innovative projects that solve existing problems in the blockchain space to push forward the maturation of the blockchain ecosystem as a whole and deliver real value add to ADA holders as Syre will be integrated with Yoroi wallet in the near future. We recently announced our upcoming delivery of Seiza and now Syre is coming in the near future as part of our acceleration efforts. If you have any other questions, as always please feel free to contact us at https://dev.emurgo.io. Don’t forget to follow our social media accounts and sign up to the EMURGO Newsletter to always receive the latest news from EMURGO!
Sources:
[1] https://syre.io/syre-whitepaper.pdf
About EMURGO
EMURGO drives the adoption of Cardano and adds value to ADA holders by building, investing in, and advising projects or organizations that adopt Cardano’s decentralized blockchain ecosystem. EMURGO leverages its expertise in blockchain R&D as well as its global network of related blockchain and industry partners to support ventures globally.
EMURGO is the official commercial and venture arm of the Cardano project, registered in Tokyo, Japan since June 2017 and in Singapore since May 2018. EMURGO is uniquely affiliated and works closely with IOHK to grow Cardano’s ecosystem globally and promote the adoption of the Cardano blockchain. To learn more about the project, visit the EMURGO website.
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