What is Syscoin (SYS)

Sep 26, 2018 at 23:16

Syscoin: A blockchain-powered alternative to Amazon or eBay
Launched in 2014 through a Bitcoin fork, Syscoin said it is a global network with a distributed ledger, a decentralized database, and a blockchain.

The Syscoin project is led by Sebastian Schepis, who also happens to be its core developer as well. The project is backed by the Blockchain Foundry—a blockchain development company—to develop its protocol at the beginning.

It was built to become a global e-commerce platform—somehow similar to Amazon or eBay—with its own payment system. It allows vendors to put up their own e-commerce sites.

The project aims to eliminate the middleman in the marketplace so vendors, retailers and businesses will not be burdened by hefty fees and can get payments directly from buyers at little cost.

Moreover, the Syscoin’s blockchain boasts of supporting 750 transactions per second (TPS) which would be increased up to 300,000 TPS when the masternode is released.

To be able to avail near-zero cost and to pay for goods, users have to use the native cryptocurrency, the SYS token. It also allows payments to be made through other digital currencies like Bitcoin or ZCash.

Apart from the marketplace, Syscoin also has an encrypted messaging feature built within the platform, wallet addresses connected to users’ names, and digital certificates to exchange registration keys and gift cards codes, among others.

Where to buy?

SYS can be purchased on popular exchanges like Poloniex and Bittrex, Bitstamp, Coinbase.

Is it mineable?

SYS has a maximum supply of 888 million tokens, of which roughly 531.1 tokens are in circulation. It can be mined, through a process called merge mining, which allows miners to mine two different cryptocurrencies built on the same algorithm.