Syscoin (SYS)

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Last updated 19/07/2021

What is Syscoin (SYS)?

Syscoin is a global network made up of a distributed ledger, decentralised database and blockchain-based marketplace. Originally created in 2014 from a fork of the Bitcoin blockchain, constructed to make additional enhancements to blockchain applications for businesses and consumers. The multi-purpose platform is designed for organisations and businesses to engage with blockchain & DLT technology providing significant benefits. The projects long term objective is to remove middlemen and put control directly bank in the hands of merchants and consumers eliminating fees. The Syscoin blockchain-based decentralised marketplace BlockMarket competes with global e-commerce platforms Amazon and eBay but delivers significant benefits in efficiency, lower fees and operates with greater transparency. The overall aims Syscoin is to create commercial-grade services to support a variety of business use cases.

Roadmap

Syscoin has a long-standing history of developing breakthrough blockchain technology. Its ever-growing community is made up of professional developers and enthusiast passionate about bringing cryptocurrency mainstream. The project had an initial ICO in 2014 which raised around 1,000 BTC to support the projects long term vision. Syscoin has consistently brought out new projects, services and improving the existing blockchain capabilities and user interface on its platform. They have developed strong strategic partnerships with leading blockchain and payment processing organisations including Blockchain Foundry, CoinPayments and Peer Mountain.

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BlockMarket

The Blockmarket platform forms the foundation of Syscoin’s business and commercial services. Developed in collaboration with Blockchain Foundry, the platform is highly trusted and functional for users. This decentralised marketplace has a wide range of available services running on the Syscoin blockchain utilizing SYS.

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The Syscoin blockchain protocol allows both individuals and businesses to trade goods, services, data and digital certificates. These transactions are recorded and secured to the blockchain data at a low cost to users. The main focus of the marketplace is to allow consumers and businesses to directly trade with one another without third parties or middlemen charging fees while remaining secure.
The platform boasts a wide range of benefits over traditional commerce marketplaces including:

Decentralisation – Does not rely on any third-party infrastructure. The protocol, users and master nodes govern the network.
Overcome censorship – The platform does not restrict anyone from trading products or services.
Gain visibility of other merchants on the blockchain
Cheaper Fees – Blockchain transactions are efficient and direct generating significant savings to users and merchants.
Easy integration – Setting up an account and integrating with BlockMarket is very quick and simple.
Buy and Sell using prefered cryptocurrencies. – A wide range of Digital Assets are supported through the platform when using services

Blockchain & BlockMarket Capabilities

The Syscoin platform has developed significant improvements to the capabilities of blockchain technology. Through the implementation of new features on its platform, Syscoin has become a leading innovator as one of the first projects addressing the limited commercial uses cases for Bitcoin.

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The following features and improvements are available throughout the Syscoin platform:

Encrypted Messaging – Instant messaging capabilities with email like inbox/outbox communication secured and encrypted on the Syscoin network. Read More…
Escrow Services – Syscoin has escrow capabilities able to securely hold and release assets until such time as the terms of an agreement are met. Read More…
On-Chain Identities – Public and Private information digitally stored and to used fulfil KYC &AML obligations when grated access.Read More…
Proof of Ownership Certificates – Issue cryptographic blockchain certificates that can prove ownership, validate transactions and make authorisations. Read More…
Asset & Token Creation – Create and distribute assets on the Syscoin blockchain that can be transmitted in accordance with the protocol. Read More…
Aliases – The platform enables you to create unique and recognizable Aliases when using Syscoin services, for example: James Personal, James Certificates. Read More…

Speed and Efficiency

As more masternodes have been deployed to the network in 2018, the Syscoin blockchain and BlockMarket can facilitate up to 300,000 TPS. This has helped improve the functionality as scaleability of the Syscoin blockchain, as microtransactions can be more easily processed and secured. Whether you are a buyer, seller or merchant, the Syscoin Platform can streamline your e-commerce activities and deliver savings and security to consumers.

Merge Mining

Merge mining is a process that enables miners to mine more than one blockchain at a time and allows two different cryptocurrencies to be mined simultaneously. The individual blockchains of the two coins are classified as the Parent and Auxiliary, with the Auxiliary being inserted into the section of the parent blockchain. The miners then use the same algorithm to hash and secure both blocks being rewarded by each blockchain for the computing power deployed. As Syscoin was forked from Bitcoin it shares the same hash algorithm SHA256 for mining. Merge mining helps Syscoin to increase the overall hash power securing the network riding on computing power deployed to other blockchain networks.

Where to Store Syscoin (SYS)

Syscoin (SYS) can be stored in Syscoin's official wallet provider, the Syscoin Qt Wallet. The Syscoin Qt wallet is available on Windows, MacOS and Linux 64-bit.

There are also third party wallets such as Klever Wallet, AGX Pay and Coinomi.

Always conduct your due diligence and research into any wallet provider you consider, and ensure you back up your wallet.

Where to Buy and Sell Syscoin (SYS)

You can Buy & Sell Syscoin (SYS) here at BC Bitcoin. You can Buy SYS by heading over to the Buy Coins page of our website. XLM is available on BC Bitcoin trading against major fiat currencies: GBP and EUR. Buying SYS has never been easier, simply place your order and provide your wallet address. Once your payment arrives, SYS will be sent directly to your wallet.

If you choose to Sell Syscoin (SYS), you can send us the coins and receive a payment to your bank account. Details and a live valuation can be found on the Sell Coins page.

Syscoin (SYS) Resources

Syscoin Website: https://syscoin.org/

Syscoin Block Explorer: https://chainz.cryptoid.info/sys/

Syscoin GitHub: https://github.com/syscoin

Syscoin Whitepaper: https://www.syscoin.org/assets/whitepaper.pdf

Twitter: https://twitter.com/syscoin