Syscoin is an cryptocurrency that combines the best of blockchain technology with unique features. It allows for efficient and scalable microtransactions, which makes it an attractive platform for developers and investors. The platform’s dual structure sets it apart, offering robustness and flexibility for a variety of applications.
There are several exchanges that offer trading of this cryptocurrency, making it easier for those who want to invest. Investors can find detailed information on recognized platforms, where they can follow step-by-step guides to make their purchases safely.
What is Syscoin (SYS)?
Syscoin (SYS) is a cryptocurrency launched in 2014, originating as a fork of Bitcoin. It combines the security of Bitcoin’s Proof of Work (PoW) consensus algorithm with the smart contract functionality of Ethereum.
The platform is a modular blockchain network which houses three main chains. These chains include its UTXO and [N]EVM layers as layer 1, while layer 2 is represented by Rollux, an innovative EVM-compatible rollup solution.
Main features of Syscoin:
- Security: Rollux is the only L2 EVM secured by Bitcoin through merged mining.
- Scalability: It uses the most advanced data availability solution, called PoDA.
- Versatility: It is designed to support dApps in the Metaverse, IoT, and smart cities.
Syscoin also introduces the Network Enhanced Virtual Machine (NEVM). This allows it to host Ethereum-compatible smart contracts, extending its capabilities.
The future of Syscoin promises to include innovative technologies such as ZK solutions and the DAO model called DAOSYS. This approach aims to promote participant autonomy and transform financial inclusion.
By combining the strengths of Ethereum and the vision of Satoshi Nakamoto, Syscoin opens up a world of opportunities in the decentralized universe.
How Does Syscoin Work?
Syscoin came to life as a fork of the Bitcoin protocol in 2014 and has an algorithm that allows for Bitcoin merge mining. This allows miners to simultaneously exploit cryptocurrencies based on the same algorithm, and Syscoin is able to leverage the power of mining by merging with Bitcoin and other SHA-256 currencies. This provides Syscoin with a highly secure and stable network that acts as a solid foundation for the platform.
In addition to providing a fully decentralized marketplace, the Syscoin platform also incorporates a number of key features aimed at enhancing the entire e-commerce experience. For example, users have access to unlimited inventory, while retailers can resell other users’ products and allow their products to be resold for a fee.
Market prices can be indexed to fiat currencies such as USD, EUR and GBP or to the BTC price While the marketplace also incorporates an arbitrated escrow feature that holds tokens in escrow until the terms of the sale are met and funds are released to the seller.
The platform also incorporates encrypted messages, wallet addresses linked to names and digital certificates that allow users to issue and exchange private digital assets such as registration keys and gift card codes.
On top of this, Syscoin offers almost zero cost financial transactions, and to unlock these low fees, users need to make payments via the native SYS cryptocurrency. The platform also allows payments to be made in Bitcoin and Zcash (ZEC) .
How viable is the project?
Syscoin is an established project that has been around since 2014 and still has a lot of room to grow in terms of developing its user base and generating significant revenue.
The project works in direct opposition to centralized business markets and allows users to sell anything directly on Syscoin’s blockchain or build a business website that uses its infrastructure to process transactions.
The team developed a fully functional product and worked to incorporate a number of features that make the platform a truly viable alternative to sites like Amazon and Ebay. In addition, Syscoin has the ability to increase value due to speculation, as well as benefit from deriving intrinsic value from the range of decentralized services it provides.
Syscoin’s blockchain can support 750 transactions per second (TPS), and this is scheduled to increase to up to 300.000 TPS with a planned masternode release. The SYS token is currently one of the lowest fee cryptocurrencies on the market and is second only to non-transaction fee cryptocurrencies such as NANO and NEO .
Crucially, the platform also allows for distributed certificate management and uses cryptographic techniques that allow users to issue, authorize and exchange a variety of digital certificates.
These certificates can be authenticated through the platform’s use of a working cryptographic proof mechanism and this opens the door to the widespread creation and exchange of digital assets such as certifications, ownership documents, receipts, event tickets, software licenses and warranties.
Syscoin also makes use of hardened smart contracts which are enforced and cannot be compromised in the same way as Ethereum smart contracts and this makes the platform a serious option for organizations involved in insurance, medicine and gaming.
It also allows a range of goods and services to be traded on the site that surpasses the current abilities of most centralized markets.
Despite incorporating all these features, the project still has a number of hurdles to overcome in order to attract mainstream adoption. Currently, the main conventional markets are extremely well known and it will take an extensive and prolonged period of advertising and marketing to attract users to the site. Syscoin is also competing with platforms like Shopify and WordPress (Woocommerce), which allow retailers to build e-commerce sites with relative ease and are also well known.
In addition to having to fight for attention, Syscoin is also facing “internal” competition from other blockchain operations. BitBay also operates as a decentralized marketplace that allows the sale of goods and services without the need for intermediaries. While the newly arrived originating protocol is also about to establish itself in the world of decentralized markets.
Syscoin (SYS) Cryptocurrency Where to Buy
Syscoin (SYS) can be purchased on a number of cryptocurrency exchanges. The most popular platform for buying and trading Syscoin is Binance.
On Binance, the most active trading pair is SYS/USDT. This pair saw an impressive trading volume of $1,842,216 in the last 24 hours.
Other notable options to buy Syscoin include:
- Gate.io
- Bitvavo
These exchanges provide a safe and easy environment for users who want to start trading Syscoin. It is important to always check transaction fees and security before choosing a platform to buy from.
How to Buy Syscoin (SYS)
To buy Syscoin (SYS), the Binance platform is one of the most used options. Follow this simple step-by-step guide to complete the purchase.
- Create an account:
First, you need to register with Binance. Provide the requested details and complete identity verification. - Deposit funds:
After creating your account, deposit funds. Binance accepts bank transfers and other cryptocurrencies as deposit methods. - Find Syscoin:
In the trading menu, search for “SYS”. Use the search bar to quickly locate the cryptocurrency. - Make the purchase:
Choose the type of order you want to use (market or limit order) and enter the amount of Syscoin you want to buy. - Confirm purchase:
Review the information and confirm the transaction. The Syscoin will then appear in your Binance wallet.
Important Tips
- Security: Keep your account secure with two-factor authentication.
- Fees: Be aware of trading fees. Market orders may have different costs than limit orders.
Following these steps will help anyone acquire Syscoin efficiently and safely.
Conclusion
Syscoin is a cryptocurrency that stands out for its unique characteristics. With a dual blockchain architecture, it offers solutions for both financial transactions and decentralized commerce. This makes it an attractive option for investors and businesses.
In addition to enabling low-cost transactions, Syscoin provides a secure infrastructure for digital assets and goods. Its combination of technology and security builds on what Bitcoin already offers, but with expanded functionality.
