Overview & History
With Syscoin, the best features of Bitcoin and Ethereum will be combined into a single, strong, and safe programmable blockchain development platform. In addition to 100% Ethereum-compatible smart contracts with 96% cheaper transaction fees, Bitcoin is merge-mined for the Proof of Work Security.
As a public decentralised blockchain, development platform, and token platform that offers high throughput and cross-chain interoperability for tokenized assets, Syscoin Platform (SYS) enables things like Ethereum smart contracts for Syscoin Platform Tokens (SPTs) and scalability solutions for other blockchains and DLTs. Low costs, security through merge mining, simple token creation, and a design that reduces network bloat are all goals of the Syscoin Platform.
History
The Syscoin Platform’s goal is to offer modern businesses and organisations a platform with high security and availability, low infrastructure and transaction costs, and a range of enterprise-level capabilities so they may profit from blockchain and distributed ledger technology (DLT). The Syscoin Platform adheres to Bitcoin’s tried-and-true security approach by largely using original source code and maintaining a current base of Bitcoin Core.
The project started out as a blockchain technology that built on the ideas behind Bitcoin to include extra features like smart contracts that would allow for the development of a decentralised market. The initiative began as a fork of the Litecoin network in 2014. The owners of Moolah are accused of stealing its funds shortly after its token sale and mainnet activation.
The former command line interface was replaced with a new graphical interface and wallet when the 2.0 network launched. The Syscoin team established Blockchain Foundry as a separate company in August 2017 to assist in achieving its objective of developing a marketplace platform. Blockmarket, a blockchain-based e-commerce solution, was released by Blockchain Foundry in September 2017. Blockchain Foundry raised $3.3 million to support its operations after Blockmarket’s successful launch, including research and development for additional blockchain ideas outside of Syscoin.
Another network upgrade, version 3.0, was made available by Syscoin on April 30, 2018, and it gives users the option to build distinctive fungible and non-fungible tokens on top of the blockchain.
With immediate, pseudointeractive, zero-confirmation, double-spend protected cryptocurrency transactions (Z-DAG) and a 100% Ethereum-compatible EVM, Syscoin 4 presents a revolutionary version of a UTXO Asset platform. These two chains use the same native SYS coin and share the same security through merged mining with Bitcoin utilising the Nakamoto Consensus PoW technique. Reduce selfish mining chances and give the network complete node security using masternodes that equip bonded validators with chainlocks. The UTXO Asset platform scales on layer 2 via payment channels, whereas the EVM scales on layer 2 with Zero-Knowledge Proofs (ZK-Rollups).
Syscoin (SYS) — The Ebay of Blockchain
Since the internet was invented, blockchain technology has had a profound impact on every industry, making it the most revolutionary technology ever. So who will be the Blockchain equivalent of Amazon, Ebay, Google, Facebook, Snapchat, etc.? I suppose I can respond to one of those inquiries. Undoubtedly, Syscoin will become the Ebay of the blockchain. However, because Syscoin is more than just a decentralised marketplace for buying and selling goods—it is also a cryptocurrency and much more—it will have a far wider impact on the world. Syscoin is now trading at $.31, but with the possibility of 5 billion users and the growth factors I shall cover, this coin can easily reach $3 over the next two years.
Basics:
A decentralised marketplace and peer-to-peer digital money based on the Bitcoin technology, Syscoin was introduced in March 2014.
BlockMarket, a decentralised market place, enables users to purchase and sell goods as well as data certificates.
On the BlockMarket platform, only Syscoin and Bitcoin are currently supported.
Additionally, the Syscoin team introduced the Blockchain Foundry to aid in the creation of enterprises that make use of the Syscoin API.
The Syscoin API can be used to create a blockchain application that functions as a repository for legal papers, medical records, payroll records, and more.
Price: $.31 Ticker: SYS
Rank by Market Capitalization: 36
Capitalization of the market: $174,735,893
Supply in circulation: 529,271,750 SYS
Supply maximum: 888,000,000 SYS
$7,904,520 is the average trading volume.
Block duration: a minute
Agreement: PoW
Team:
Sebastian Schepis is the team leader for Syscoin. Since he was six years old, he has been interested in technology. When he was about twelve years old, he even rose to the position of leader inside a Toronto-area hacking organisation. Mr. Schepis joined a business established by Canada’s first competitive local exchange carriers as its first employee when he was 19 years old. Sebastien has since worked for a number of different CLECs and has more than 15 years of experience with nearly every form of telecoms equipment available (data, wireless, voice)
There are 2 more full-time developers in the Syscoin team working on this project.
Additionally, the group includes a business developer, two community managers, and two marketing professionals.
Drivers of Growth:
Users will have access to plugins and imports through BlockMarket. As a result, the Syscoin team will let you import all of your listings from third-party websites like Ebay. Additionally, the protocol features plugins that let you use Syscoin on platforms like Shopify and Etsy. These features will encourage more users to use the platform and aid in widespread adoption.
Syscoin’s hardened smart contracts give users access to decentralised trading, multi-signature services, price pegging, creating and storing digital certificates, and more. There are countless applications for this protocol.
On our site, there are absolutely no middleman costs; you only pay when you sell. BlockMarket does not charge a commission.
BlockMarket wants to be widely used, so if you want to sell your products there, it will be 100% free. There are also no hosting costs for retailers.
The platform is unaffected by politics because of its decentralised structure. For instance, if you reside in a nation where certain things are forbidden, you will be able to purchase those products covertly.
On BlockMarket, there are just two payment options: Syscoin and Bitcoin. I predict that BlockMarket will decide to only take Syscoin as payment after they have established enough traction in the market. This will naturally improve the cryptocurrency’s usefulness, which will raise its value.
The nodes that protect and power this network will be dispersed across the globe, just like Bitcoin.
Syscoin and Azure just established a cooperation. The potential for this connection is limitless.
Like other cryptocurrencies, your money is solely under your control. Regardless of whether you are a customer or a merchant, BlockMarket will never take your money without your permission.
The introduction of the Blockchain Foundry will aid in the development and support of companies using the Syscoin API. This will increase Syscoin’s influence and reach in commercial sectors like payroll, legal, and medical data.
You can contact with other platform users via the decentralised messaging system that the BlockMarket platform offers.
Headwinds:
Due to the HIGHLY advanced nature of this technology, the current population will be technologically constrained. It will take about the next five years until this project’s true potential is realised.
Considering what they are attempting to accomplish, the team size is a little modest. Additionally, it would be fantastic if they regularly and consistently updated followers on all social media platforms about their progress, although they have big goals.
Regulation always follows innovation, therefore new restrictions may one day apply to the world of digital currency.
Right now, Syscoin’s expansion has only come about as a result of word of mouth. No money has been spent on marketing this project as of yet.
Summary:
Syscoin’s valuation is a little more difficult because this project is so unusual. Since BlockMarket launched in August 2017, Syscoin has 70,000 users and is currently trading at:
Indicator: SYS
Price: $.31
Rank by Market Capitalization: 36
Capitalization of the market: $174,735,893
Let’s use the conservative assumption that Syscoin will be able to capture.25% of Ebay’s 168 million active users annually and that each user has the same value. Additionally, the price of Syscoin rises by $.30 for every 70,000 users.
Syscoin will add 420,000 new users by the end of 2018 and over 400,000 more at the end of 2019. There will be a total of 820,000 additional users on Syscoin’s platform during the next two years. This would suggest that Syscoin’s present price of $.31 would be increased by around $3.50, making the price of Syscoin by the end of 2019:
Price: $3.81 Ticker: SYS Position by Market Capitalization: 14
monetary value of the market: $2,144,687,671
Supply in circulation: 562,910,150 SYS
The market growth rate over the next two years is not factored into our price projection.
I sincerely hope you all liked today’s article! System team Let’s spread the word about all the wonderful things you are doing and educate the world!
Blockchain technology is used by Syscoin, which offers customers a decentralised market place and transactions that cost almost nothing. This increases the efficiency and lowers the cost of making purchases. The Syscoin network provides a number of goods and features on its platform, including the Blockmarket, the Desktop Wallet, and the native coin Syscoin, eliminating the need for intermediaries (SYS). How, therefore, does Syscoin operate?
Let’s look more closely…
How does Syscoin (SYS) work?
The initial version of Syscoin, which was introduced by Sebastian Schepis in 2014, was produced by a Bitcoin fork.
referred to as a “blockchain, global network, distributed ledger, and database. Syscoin provides customers with a cryptocurrency alternative to an e-commerce platform. It is also a cryptocurrency, an altcoin, a digital currency, and a tradeable token.
The algorithm used in Syscoin 2.1, the following iteration, enables merge-mining with Bitcoin. Merged mining is the process of simultaneously mining two or more cryptocurrencies without compromising overall mining performance. With merged mining, miners can simultaneously mine blocks on several chains using their computing capacity.
Following that, Blockmarket Desktop 3.2 was launched in January 2019.
Technically speaking, Syscoin is described in its white paper as “a permissionless blockchain-based cryptocurrency with a set of smart contracts… developed utilising OP1 to OP16 standard script op-codes and the Bitcoin scripting system.
What is Syscoin (SYS) – main features
The Blockmarket is Syscoin’s most crucial component. It is a global commerce network based on Syscoin blockchain technology that enables users to purchase and sell anything for nothing or almost nothing, including computers, clothing, and furniture.
On the Blockmarket, companies can build up virtual stores where they can sell their own items as well as those from other retailers in exchange for a commission.
Users can use Syscoin (SYS) or a variety of other cryptocurrencies, such as Zcash or Bitcoin, to make purchases on the marketplace.
Users must download the Blockmarket Destop Wallet in order to access Blockmarket. Through in-wallet exchanges like Changelly and Flypme, which were introduced in September 2017, customers can exchange more than 32 cryptocurrencies.
Users can also access a variety of solutions to protect their market transactions. While an email system enables customers and merchants to send encrypted messages, an escrow service puts a buyer’s tokens in escrow “until the terms of the sale are completed and the buyer releases payment to the seller.”
Many significant businesses, such as Microsoft Azure, Matic Network, and the Corion foundation, are partners of Syscoin. Its capable team and interesting upcoming advancements have helped it to become a relatively well-known cryptocurrency.
What is SYS coin used for?
Using SYS to make purchases on the Blockmarket platform lowers fees to almost nothing.
The maximum quantity of Syscoin is 888 million SYS coins, with 623.3 million currently in circulation.
Syscoin has a $538.169m market capitalization at the moment.
Syscoin, which is traded on Binance, Mandala Exchange, and Gate.io, has gone through some spectacular ups and downs since its debut.
From late 2014 to early 2016, the price of one SYS coin remained below or close to $0.01. The SYS cryptocurrency price started to increase in 2017 and peaked at $0.9793 on January 13, 2018. In 2019, the price of SYS reached a low of $0.04739 on January 1. The coin had a terrible performance in both 2019 and 2020. The price of the SYS currency started to increase in 2021 and reached $0.7644 on May 5, 2021. Syscoin rose at the close of 2021 despite a brief decline, reaching $0.8527 on 2 December.
Unfortunately, the value of the coin has decreased significantly in 2022. According to CoinMarketCap, its price dropped from an intraday high of $1.25 on January 16 to an intraday low of $0.6862 on February 3. The cost then dropped.
The coin reached a high of $0.7249 on March 30 before falling, reaching a low of $0.4898 by April 11 as a result. The coin quickly increased, reaching a high on April 14 at $0.6026. The price of Syscoin is presently $0.5395 as of April 19.
In the year from April 2021 to April 2022, Syscoin increased by almost 19%, yet in the 14 days prior to April 19th, SYS decreased by 20%, according to CoinGecko.
The market capitalization of Syscoin is $345.7 million, with a maximum supply of 888 million SYS and a current circulating supply (as of 19 April 2022) of 640.67 million.
FAQ
How many SYS coins are there?
With a current circulating supply of 640.67 million coins, Syscoin has a maximum supply of 888 million SYS coins.
Who created Syscoin?
Sebastian Schepis is the founder of Syscoin.
Is Syscoin secure?
Technically speaking and from a user interface standpoint, Syscoin is secure. Escrow services are one of many elements on the Blockmarket platform that boost security. Technically, the cryptocurrency relies on the security and reliability of the Bitcoin blockchain, but it also incorporates parts of the Ethereum network to increase its scalability and efficiency.
