What Is SYS Coin?
Syscoin (SYS) is a universal project because it is simultaneously a blockchain-platform, a reversible token, a cryptocurrency, an altcoin, a global network, and a database.
Syscoin supports a wide variety of markets, from commercial markets to completely decentralized ones. A user can sell anything directly on the Syscoin blockchain, or create a website for his business, using Syscoin's infrastructure.
It is also possible via blockchain cryptography to issue any form of digital documents on Syscoin platform. This allows the creation and free exchange of any type of digital assets, such as software licenses, diplomas, tickets, ownership certificates, guarantees, etc.
The Brief History Of Syscoin
The project's conception was proposed in April 2014 by Dan Wasyluk a.k.a. danosphere, a user of the Bitcointalk forum. Syscoin was co-founded in Toronto, Ontario, Canada by Sebastian Schepis and his colleagues in July, 2014. Later the team released updated versions of Syscoin: 2.0, 2.1, etc. Syscoin 4.1 is the current iteration of the Syscoin Protocol.
Syscoin announced its ICO on April 16, 2014. The presale started on July 19, 2014. The ICO was greatly successful bringing in 1,500 BTC, of which 250 were used to promote the platform. A broker Ryan Kennedy (known under the pseudonym Alex Green) stole the remaining 750 Bitcoins. As a result, the development of the project was practically frozen until 2016.
In August 2016, the Syscoin team registered Blockchain Foundry Inc headquartered in Burnaby, British Columbia, Canada. The Blockchain Foundry develops commercial blockchain-based solutions for private individuals and companies.
In December 2017, the company received $3.3 million from private investors for the development of the project.
Syscoin Key Features
Syscoin has built a unique Syscoin Bridge to Ethereum. It permits Ethereum developers to maintain a presence on both the Syscoin network and the Ethereum network, moving ERC-20 tokens between two platforms; in the process, they can use the scalability and high transaction throughput that Syscoin offers. Conversely, Syscoin developers can transfer a Syscoin Platform Token (SPT) into an equivalent ERC-20 token, using Ethereum features.
Running on the Dash code, Syscoin Masternodes offer high transactional throughput (about 300 thousand per second, which is 5 times more than that of Visa), easy access to governance, and bonus rewards based on node seniority.
Syscoin Platform Tokens (SPT)
With Syscoin Platform Tokens (SPT) anyone can create their own cryptocurrency tokens on the Syscoin Platform.
Due to Z-DAG (Zero Confirmation Directed Acyclic Graph) and the masternodes, the current TPS (transaction rates per second) rate gives the Syscoin platform a considerable advantage over other blockchain-platforms.
The fees for trading Syscoin platform tokens or assets are very low, making it suitable for various use cases such as point-of-sale transactions.
Syscoin Blockchain Technical Features
- Hybrid PoW + PoS consensus has been used since Q1 2018.
- The work on creating PoW blocks is carried out by miners via the SHA-256 hashing algorithm, which allows simultaneous mining of Bitcoin and Syscoin on the same hardware. Syscoin mining is only profitable when using high-performance SHA-256 ASICs.
- Blocks created by miners are validated by masternodes of the network.
- Time between blocks – 60 sec.
- The technology of cryptographically protected signatures is available to users who want to maintain anonymity.
Syscoin platform options
- Via the Blockmarket Desktop application, it is possible to use a decentralized trading platform based on the Syscoin blockchain. Round-the-clock availability of the Blockmarket trading platform is guaranteed.
- To facilitate payments, it is possible to link wallet addresses to the names and titles.
- Owners of the stores created on the Syscoin platform have the opportunity to resell goods from other stores, as well as to convey their goods for similar purposes to other sellers.
- There’s a built-in option to exchange encrypted e-mails via the internal network.
- An escrow service is provided (withholding the buyer's tokens in a separate account until the seller fulfills all obligations).
- It is possible to work with digital certificates: issue, authorization, authentication and exchange of digital assets that contain private information (for example, gift cards with unique codes, registration keys, etc).
- There is an internal exchange platform where a user can exchange the most popular cryptocurrencies, including Zcash and Bitcoin, via Changelly and Flypme services.
- There is a possibility of limited execution of smart contracts (as opposed to full Turing compatible contracts on the Ethereum platform ).
Where Can Syscoin Be Used?
SYS tokens have the following usage scenarios:
- To create a Syscoin Platform Token (SPT).
- To collateralize a masternode, and effectively receive payment for contributing to network services such as ZDAG, and voting on governance proposals.
- To pay net commissions.
- To propose governance decisions.
SYS Coin Future Plans
New Syscoin 4.2 version will include the following features:
- More effective and dynamic blockchain security.
- Business/Compliance Rules-sets, enforced by network (this option is innovatory for blockchain).
- More developed masternodes.
- Syscoin Platform Tokens will be transitioned to an efficient UTXO model.
- 4.2 will provide SYS partnerships the possibility of building certain technical and BaaS (blockchain as a service) solutions.
- The project is fully functional: it has an active team, a dynamically growing community and good social media presence with weekly updates.
- The transaction costs are very low.
- The masternode system ensures increased energy efficiency and reliability.
- The project has a professional development team and realistic goals to achieve.
- The inflation rate is being permanently reduced.
- The project cooperates with major exchanges.
- A defining attribute of Syscoin is that it is a first of a kind decentralized marketplace. There are many advantages which decentralized marketplaces have over companies like eBay or Amazon. They can offer a peer-to-peer global commerce, with no institutions and middlemen.
Where To Buy Syscoin?
Today Syscoin price is 0.4434 USD. The best way to exchange your coins to SYS is StealthEX. It’s a super-friendly, non-custodial and limitless cryptocurrency exchange platform. So if you already have savings in crypto and wish to invest in SYS coin, just go to StealthEX and follow these easy steps:
- Choose the pair and the amount for your exchange. For example ETH to SYS.
- Provide the recipient address to which the coins will be transferred.
- Move your cryptocurrency for the exchange.
- Receive your SYS coins.