Updated: Dec 21, 2019
Syscoin is a decentralized, open-source cryptocurrency, which is based on blockchain technology. The platform features the world’s first decentralized marketplace and also a decentralized database, which comes complete with a distributed ledger, an altcoin, and a global blockchain network. The SYS coin or the Syscoin cryptocurrency is a fork of the Bitcoin blockchain and is heavily based on its technology.
This guide will explain what Syscoin is designed for, the team behind it, the way it works, and various uses and applications.
What Is Syscoin Designed For?
Bitcoin has an innovative blockchain. However, it still fails to provide a secure and transparent method of peer-to-peer payments. Also, its functionalities do not extend beyond peer-to-peer transactions. There were many other unfulfilled needs in the current crypto space, which led to the creation of Syscoin. The Syscoin team aims to create commercial-grade services for the support of a variety of business use cases. These use cases include secure data storage, data transfer, and a blockchain-based decentralized marketplace.
The project is designed to effectively remove the middleman and put the money directly into the hands of merchants/consumers. Syscoin attempts at eliminating hefty fees that are currently charged by big corporations like eBay and Amazon. To facilitate these near-zero fee transactions users can use the native cryptocurrency, SYS, to pay for goods on the marketplace. However, users can also pay using alternate cryptocurrencies such as Zcash and Bitcoin.
Who Is the Team Behind Syscoin?
The idea of developing Syscoin was conceived by Sebastian Schepis, who serves as a core developer in the Syscoin development team. The project is the flagship product of Blockchain Foundry Inc. which was established by the Syscoin development team in August 2016.
How Does Syscoin Work?
Syscoin shares multiple similarities with Bitcoin. SYS is a peer-to-peer payment system and a medium of exchange that allows near zero-cost financial transactions. The token can be merged-mined with Bitcoin as well. The platform is created as a permissionless blockchain-based cryptocurrency with a thoroughly tested set of smart contracts.
The blockchain uses a suite of smart contracts, which are designed using the Bitcoin scripting system. These smart contracts are in effect the building blocks of e-commerce solutions on the Syscoin platform. The team behind Syscoin modified its code to allow it to be backward compatible with Bitcoin. This allows users to merged-mine SYS coins through Bitcoin.
Smart contracts within the blockchain network are controlled exclusively by the Syscoin service. These servers convert smart contracts into hardened layer services and allow them to communicate with each other to develop complex business use cases.
SYS is available for trade on all major cryptocurrency exchanges, including Binance, Bittrex, Poloniex, Livecoin, Upbit, and more. Most exchanges have paired the coin with BTC.
What are Current and Future Applications of Syscoin?
The Blockmarket, which is built on Syscoin blockchain technology and is currently fully functional acts as a global commerce platform to offer users the ability to purchase or sell anything. This includes commonplace goods such as furniture and computers for negligible to no fees. Also, businesses can benefit from creating entire virtual stores on the Blockmarket and users can resell someone else’s products for a commission.
SYS is the token of exchange on the Blockmarket. However, it is by far not the exclusive token since the team behind Syscoin wanted to make things easier for the end-user in a bid for mass adoption. Users can also use SYS aliases to send coins to case-insensitive names without requiring plugging in lengthy wallet addresses.
The possibilities of what a developer can build using the Syscoin platform are unlimited. Popular use cases include asset transactions, the creation of cryptocurrencies, and blockchain interaction.
Syscoin is managed by Blockchain Foundry as a flagship product. The team has a mission to disrupt global markets by leveraging the immense potential of blockchain technology.
Blockchain Foundry in March 2017 partnered with Microsoft Azure ecosystem. It is one of the founding members of the Digital Identity Foundation (DIF). Other founding members include the likes of corporate giants such as Accenture, Microsoft, ConsenSys, and others.
Syscoin’s blockchain has a bright future ahead since it has accomplished in delivering faster speeds along with lower transaction fees as compared to its predecessor, Bitcoin. The platform can support 750 tps, and with the recent Masternode release, it can support more than 300,000 tps. Currently, Syscoin is one of the cheapest cryptocurrencies in terms of transaction fees. It is even cheaper than Ripple, though, still behind zero-fee transaction cryptocurrencies such as NEO and NANO.