Last updated 19/07/2021
Official Website: https://syscoin.org/
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.
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.
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.
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:
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.
The following features and improvements are available throughout the Syscoin platform:
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 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.
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.
Always conduct your due diligence and research into any wallet provider you consider, and ensure you back up your wallet.
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.
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