Syscoin aspires to integrate the best of Bitcoin and Ethereum into a new programmable blockchain development platform that is strong and safe. Merge-mined with Bitcoin for Proof of Work security and 100% Ethereum-compatible smart contracts with 96% cheaper transaction costs.
Syscoin Platform (SYS) is a public decentralized blockchain, development platform, and token platform that enables Ethereum smart contracts for Syscoin Platform Tokens (SPTs) and scaling solutions for other blockchains and DLTs. Syscoin Platform aims to provide minimal fees, security through merge mining, ease of token generation, and a blockchain design that reduces bloat.
What is Syscoin?
Syscoin is a decentralized cryptocurrency and blockchain-based online platform specializing in peer-to-peer (p2p) products and service exchange, as well as payment processing. The Syscoin cryptocurrency delivers near-zero-cost financial transactions. Syscoin also provides infrastructure for the safe trade of products, assets, digital certificates, contracts, data, and other items by all types of enterprises. You can find the SYS ticker in the lists of digital currency exchanges. Sebastian Schepis developed the Syscoin marketplace and coin in 2014, and the company’s primary headquarters is now located in Toronto, Canada. Syscoin mining uses a proof-of-work method and allows for merge mining, which involves finding blocks with other crypto coins.
SYS: roots and history
The Syscoin Platform’s goal is to provide today’s businesses and organizations with a platform that allows them to benefit from the blockchain and distributed ledger technology (DLT). The platform strives to do so while maintaining high security and availability, lowering infrastructure and transaction costs, and offering a variety of enterprise-level features. Syscoin Platform is mainly made up of original source code and runs on a current version of Bitcoin Core, according to Bitcoin’s well-proven security paradigm.
The project began as a blockchain system that built on the ideals of Bitcoin by adding new features, such as smart contracts, to enable the establishment of a decentralized marketplace. The project began as a fork of the Litecoin network in 2014.
Its funds were reportedly stolen by the owners of Moolah, the exchange chosen to house the sale profits, shortly after it finished its token sale and mainnet debut. The team spent the following two years developing Syscoin 2.0, which was released in May 2016.
A new graphical interface and wallet were introduced with the 2.0 network’s introduction, replacing the prior command-line interface. The Syscoin team established Blockchain Foundry as a separate organization in August 2017 to assist them in achieving their aim of developing a marketplace platform. Blockmarket, a blockchain-based e-commerce system, was introduced by Blockchain Foundry in September 2017. Blockchain Foundry received $3.3 million after the successful launch of Blockmarket to support its operations, which included research and development for additional blockchain concepts outside of Syscoin.
Syscoin announced a new network upgrade (3.0) on April 30, 2018, which adds the ability to generate distinct fungible and non-fungible tokens on top of the blockchain.
Syscoin 4: A revolution
Syscoin 4 has a revolutionary UTXO Asset platform with immediate, pseudo interactive, zero-confirmation, double-spend protected cryptocurrency transactions (Z-DAG), and a 100% Ethereum-compatible EVM. These are two chains that use the same SYS native coin and share the same security through Nakamoto Consensus PoW via protocol adaption and merged-mining with Bitcoin. Masternodes that supply chain-locks to bonded validators assist in limiting selfish mining possibilities. They also give complete node security to the network. Moreover, the EVM uses Zero-Knowledge Proofs (ZK-Rollups) on layer 2 to scale. In contrast, the UTXO Asset platform scales with payment channels on layer 2.
How does Syscoin work?
The Syscoin platform has several features that allow users to scale their projects as their business grows. In the next section of this post, we’ll go through the features of the Syscoin platform.
While staying decentralized and safe, Syscoin boasts one of the most fantastic transaction rates per second (TPS) in the blockchain ecosystem. The current TPS rate for Syscoin assets, bids, and certificates has been independently validated at 60158 TPS using Z-DAG (Zero Confirmation Directed Acyclic Graph) and the Masternodes network of Syscoin, providing the Syscoin platform a substantial edge over competing blockchain protocols.
On the Syscoin platform, Platform Tokens (SPT) allow anybody to build their own cryptographic token instantly.
LODE, a new cryptographic currency system backed by physical money, is an instance of SPT. Loyalty points, coinage supported by tangible assets, and cash-backed by services are some of the other use cases.
Every year, dozens of new blockchain initiatives are launched, except that each of these blockchains is self-contained and unconnected to the others. Even though the projects are built on the same technology, they cannot communicate data natively.
Interoperability in the blockchain sector refers to the capacity to exchange information across blockchains transparently as if there were no boundaries. Because no corporation will accept processing payments on blockchains that are sealed from one other, overcoming the hurdles to interoperability is critical to attaining broad adoption of blockchain.
Interoperability is made easier using Syscoin Bridge. Syscoin 4.0 adds a first-of-its-kind bi-directional bridge to Ethereum. This allows Ethereum developers to transfer ERC20 tokens from the Ethereum network to the Syscoin Platform, where they may benefit from Syscoin’s scalability and high transaction throughput. The gateway enables users to retain a presence on both the Syscoin and Ethereum networks.
Syscoin developers, on the other hand, may convert a Syscoin Platform Token (SPT) into an equal user-generated ERC20 coupled token. In so doing, they will be able to take advantage of Ethereum’s strong capabilities like smart contracts. Developers will eventually be able to connect to other blockchains as needed, giving the crypto-sphere maximum variety, diversity, and interoperability.
Because Syscoin and Bitcoin have merged, Bitcoin miners may now mine both currencies at the same time without incurring any additional fees. This provides Syscoin with a stable and secure network and a reduction in network vulnerabilities that might lead to attacks like the 51 percent assault.
Tokens or assets on the Syscoin network have meager transaction fees, making them appropriate for a wide range of use cases, including point-of-sale transactions. Indeed, the Z-DAG protocol is used to transfer cash or ownership of a token, allowing for near real-time transactions, making it an excellent solution for a retail setting.
Syscoin Masternodes was released and installed in May 2018 at the same time as Syscoin 3.0. Syscoin has updated the Masternodes based on the Dash code to provide high transactional throughput utilizing Z-DAG, governance, and extra incentives depending on node seniority.