Syscoin and its SYS coin: A starter’s guide
Syscoin is a decentralized cryptocurrency and it also offers a decentralized platform as a global marketplace. On the Syscoin blockchain, businesses can leverage on a trusted infrastructure to drive the exchange of goods and services.
What is Syscoin
Syscoin was innovated and launched in 2014. It emerged as a global network and a decentralized database through a Bitcoin fork. It also operates as a blockchain and a digital currency. Syscoin blockchain is an audacious project that eliminates the need for a middleman between creators, producers, and end-users. Syscoin marketplace eliminates processing and layered fees that the likes of Amazon and eBay insist on.
Every user of the Syscoin blockchain can minimize transaction fees by using SYS, as the coin is known, to pay for bills in the marketplace. At present, ZCash and Bitcoin are also supported on Syscoin marketplace.
As of writing this article, Syscoin was being traded at $0.27 and was worth0.00004021 BTC. It is also currently ranked 75th among the actively-traded cryptocurrencies.
Syscoin had some rough early year but after those setbacks, it has become a solid cryptocurrency. The ICO was launched August 2014 and it aimed to raise 1500 BTC. The company was locked in litigations over the loss of part of its ICO funds by the issuer. In the next three years, the development team worked hard to update the platform, and this gave rise to its blockmarket as 2017 came to a close. The Blockchain Foundry, as its audacious marketplace innovation is known, got a funding boost of $3.3 million in 2017.
Syscoin: How it works and its key features
Syscoin utilizes hardened smart contracts that inherently integrate with Bitcoin protocols. It proves transactions with the use of a Proof-of-Work algorithm that is an upscale to SHA-256 mode.
It is known to support these essential innovations:
- The Syscoin blockchain has a transaction capacity of 300,000 per second without a need for confirmations.
- Syscoin has also integrated the Lightening network to its protocol to facilitate micropayments.
- Cryptographically secure signatures are supported by the platform to enable the use of alias ID by account owners.
- The good old long Blockchain addresses are replaced by aliases on the platform.
Syscoin Coin: Use and Utilities
As a coin, Syscoin is tradable, usable and globally available. However, as a global marketplace, it is decentralized and governed by smart contracts. Here are other use cases:
- You can buy and sell on the platform.
- There is no need for an external host as stores can be created on the platform.
- Users can sell and re-sell other products and services of their choice.
- The fees paid are minimal and a far cry from what obtains at Etsy, eBay or Amazon.
- The seller, creator or producer is linked directly to end users without middlemen.
Syscoin: Platform and technology
Syscoin is driven by the blockchain protocols originally innovated for Bitcoin. The development team has revolutionized how the Syscoin protocols work to add speed, efficiency, and scalability. Its processing speed is faster than Bitcoin and many competing options. On Syscoin, digital certificates, assets, goods, and services can be conveniently and securely traded.
A wide range of users will find the platform supportive as a decentralized network makes it easy for many businesses to have a use case. Medical, Gaming, Insurance, traders and retail merchants are supported. The hardened smart contract feature makes Syscoin impenetrable by hackers and cyber thieves as it does not run on the hack susceptible Turing-complete protocol, there is no need to confirm transactions like most Blockchain projects.
Syscoin offers a money transfer feature that is reliable and secure. Messages can be sent from the message platform provided on the platform with encryption built-in to prevent hacking. Simple aliases are used in the place of long wallet addresses. For example, Mark’s Shop replaces any long form address that is difficult to memorize or remember.
Syscoin team and founders
Syscoin was created by Sebastian Schepis, who works alongside Dan Wasyluk as the Team Manager & Developer. Jagdeep Sidhu is also on board as a Core Developer. Other talents have been identified and added to the Syscoin over the past year.
Syscoin Blockmarket Wallet is a recent innovation by the Syscoin team. It offers the needed features that support sending and receiving of Syscoin. You can utilize the wallet for resale of items, buying and selling as well as sending encrypted messages. Other wallets that are supported by Mac and Windows operating systems can be downloaded from the Syscoin website.
Can you mine SYS coin?
Syscoin is designed with a fixed supply of 888,000,000 SYS. It currently has 531,095,020 SYS in circulation. The recent update of Syscoin operates with merge-mining capabilities. Merge mining means a coin can be mined alongside another coin for cost savings and process optimization.
Syscoin can be mined alongside Bitcoin. Each miner is entitled to block subsidies that entail transaction fees and block rewards that are adjusted for inflation.
Syscoin social community
Syscoin has four community moderators for brand interactions.
The cryptocurrency has 68.3 thousand followers on Twitter and it is active and often posts daily content which generates robust engagements.
Syscoin is also active with a page that answers to user questions. Updates on the brand are posted with new insights added daily.
Syscoin is active on Reddit with 4,310 users on the platform. The Reddit page is often updated with users posting messages on a daily basis on the latest Syscoin news.
Syscoin is available on Coinmarketcap and the site is one of the most up to date in regards to the current price.
Syscoin: How to buy Syscoin
On Syscoin’s website, there are 14 exchanges that are listed for the buying and selling of Syscoin. Such popular exchanges like Bitrex, Poloniex and Binance are identified. Anyone who has an account on Coinbase or GDAX can buy BTC and send it to their Binance or Poloniex wallets to buy SYS.
In March 2018, Syscoin was listed on Binance, which is presently the largest cryptocurrency exchange on earth by market capitalization and registered users. The presence of developers on the Syscoin team has shown a commitment to an ongoing enhancement of user experience. As the market momentum rises for Syscoin, there is a reason to believe that the upside is here for the coin. The Blockmarket marketplace is a web-driven version of Syscoin that is imperatively a trigger for mass adoption across the globe.
Syscoin: Final thoughts
Syscoin is optimized to process 300,000 transactions per second, and this gives it a pride of place among the leading blockchain projects. The direct listing advantage offered by Syscoin marketplace could see it grow in leaps and bounds with adequate marketing and branding. The low processing fees and speed of processing of Syscoin stand it in a good stead for a frontline position as the blockchain age unfolds.