Startups

Syscoin: The eBay-Amazon of the Cryptoverse

The blockchain tech seems to be on a mission to give the current businesses in the industry a run for their money. With the distributed ledger technology, some of the most popular business platforms in the world now have a competition from their blockchain-powered counterparts.

There is TaTaTu that could be the next Netflix, Stellar, the PayPal of the blockchain world; even the social media platforms have a blockchain rival, Status. Nothing is irreplaceable. Not even the precious and beloved Amazon, because here to give it a tough competition is, Syscoin’s decentralized marketplace.

What is Syscoin?

Syscoin cannot be defined in exactly one word because it is basically a global network, a distributed ledger, a decentralized database and lastly a blockchain as well. If that wasn’t enough, it is also cryptocurrency in addition to being an alt coin, a digital currency and a tradable token. Kind of a mouthful isn’t it? But it is so many things all at once because of its aim to create commercial level services in order to provide support for various business use cases, which include,

  • Secure transfer of data
  • Secure data storage
  • A market place powered by blockchain.

Syscoin was launched way back in 2014, through a Bitcoin fork. But that was only its initial stage; the current version offers the users the Syscoin 2.1. What’s so special about this version is that it has an algorithm that allows for it to be merge-mined with Bitcoin. Merge mining, as the name indicates, allows miners to mine two different currencies based on the same algorithm simultaneously.

The platform also uses the blockchain tech in its attempt to remove the middleman and give the control over the money directly back into the hands of merchants and consumers. It thus will eliminate the inconvenience of hefty fees charged by big corporations like Amazon and eBay, in the current ecosystem.

The Syscoin Token

The Syscoin cryptocurrency is the SYS coin and it is heavily based on Bitcoin. And in order to facilitate and avail near zero fee transactions, users can use the SYS coin to pay for goods on the decentralized market place. However, the platform supports payment through alternate cryptos as well like Bitcoin or even Zcash.

Syscoin Mining

Syscoin has a max supply of 888,000,000 SYS and has a current circulating supply of 531,095,020 SYS. You can mine it, but the team recommends not mining from a CPU as the hash is too high.

Syscoin’s Blockmarket

The global commerce platform, Blockmarket, which is built on the Syscoin blockchain technology, is, at the present, completely functional. It enables users to purchase, sell and even resell anything, ranging from furniture to even computers, for meager or no fees at all. Furthermore, it also provides businesses with the opportunity to create entire virtual stores on the Blockmarket itself.

Key Features of the Syscoin Technology

Aliases

The platform allows its users to create cryptographically secured identities that are linked to their wallet addresses. The users of the Syscoin platform can transfer money without having to remember lengthy and complicated wallet addresses via these aliases.

Digital Certificates

The platform allows the users to store as well as transfer their documents in the form of encrypted certificates.

Encrypted Messages

Users also have the luxury to send and receive encrypted messages on the Syscoin platform through the aliases. These messages are further stored in a secured inbox.

Decentralized Marketplace

The Syscoin wallet is essentially a decentralized marketplace that is multifunctional in nature. It is a place where users can trade their products with the added advantage of Syscoin’s guarantee of 100% uptime for its market, which allows users to trade and ultimately send money faster.

Key technical Features of Syscoin

  • Hardened smart contracts retain the backward compatibility with the Bitcoin protocol. These hardened smart contracts contrast with Ethereum’s Turing-complete smart contracts.
  • Miners are incentivized as they are given block subsidies through rewards and transaction fees, with an inflation metric for block rewards.
  • The Proof-of-Work (PoW) SHA-256 merge minable’s capability resulted in growth of the Syscoin network by 100 folds in less than 12 hours.
  • The splitting of the Syscoin service transactions in to further two outputs. The first output is not subjected to pruning and the second one will be pruned after expiration.

The Syscoin Team

Source: https://www.syscoin.org/team/

You can read the whitepaper here. 

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Abeer Anwaar

Abeer holds a Bachelors degree in Media studies and covers blockchain startups for BlockPublisher. An optimist, excels in the art of the written word and swears by the joy of all things sweet. Email: abeer@blockpublisher.com or contact the editor at editor.startups@blockpublisher.com

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