What is Syscoin (SYS)?

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SYS Coin Price

What is Syscoin? | A Quick Overview

Syscoin is a coin developed for instant payments anywhere in the world; incorporating a decentralized marketplace, disbursed certificate management, name aliases, and allowing for mining.

They are a global network, distributed ledger, and decentralized blockchain.

The History of Syscoin Cryptocurrency

In 2014 Syscoin was drafted in a whitepaper outlining a decentralized marketplace, smart contracts, certificate issuance and transfer, data storage and retrieval and much more.

The team behind Syscoin, blockchain foundry, wanted to help realize satoshi’s dreams of a decentralized marketplace and much more.

Presale for Syscoin 1.0 started on July 19th, 2014. Syscoin 1.0 was a fork of Litecoin adding a few features that weren’t there before.

750 BTC were stolen and currently they are on the trail to retrieve the funds.

Then came Syscoin 2.0 adding a graphical interface and adding a few other additional features to the interface. 2.0 also switched to a SHA256 hashing algorithm that bitcoin uses allowing for mining. This was launched on May 1, 2016.

The Blockchain Foundry

In August of 2016, the syscoin team created Blockchain foundry.

This was meant to take control of the development of focused merchant platforms based on the syscoin blockchain and platform.

For this, they received a $3.3 million non-brokered private placement financing. They, similar to Neptune dash, are aiming to have an IPO listing on major Canadian stock exchanges in 2018.

Since the founding, they have added a decentralized marketplace called the Blockmarket for both desktop and web application.

The Syscoin Teams

Syscoin has two different development teams and a community outreach team.

The Founder - Sebastian Schepis - Linkedin

Creator of syscoin and CIO of Blockchain Foundry

The Full Team - Syscoin

The Purpose of Syscoin

Syscoin is based on a fork of the Bitcoin protocol, while also being merge-mined with Bitcoin for increased security and stability for the network.

Its original intention was to be created to take the Bitcoin code and add a few features that Satoshi Nakamoto intended.

Namely, a decentralized marketplace, aliases, digital certificates, and a host of other cypherpunk goodies.

This was meant to be a better form of digital payments.

With near zero costs, high speeds, and an infrastructure to trade goods securely. Thus, it was meant to help attract businesses all over the world.

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The Features of Syscoin Cryptocurrency

Decentralized Marketplace - Blockmarket

Inside the syscoin cryptocurrency wallet, there is a built-in feature for a decentralized marketplace.

This is called Blockmarket.

It is a completely decentralized marketplace allowing for the ease of sending money and receiving it.

Entire stores with goods and services can be directly created in the marketplace.

Encrypted Messaging and Aliases

On the Syscoin Network, anyone can send or receive messages utilizing asymmetric cryptography.

This means that one user sends a message to an alias based public key, that reroutes the message to the proper key without knowledge of where it is going.

No third parties can read the message unless they have a private key, and the data is not saved anywhere.

This intertwines with its ability to have aliases. Instead of typing in complicated wallet addresses, a user can assign an alias to their address.

That way when sending a message or funds, you can use a simply remembered alias.

Digital Certificates

There is the ability to store and transfer documents via certificates on the system.

Users can sign and authenticate these documents and then add encryption if they are a more private matter.

Utilizing the syscoin blockchain, this allows for many features necessary for identification and verification of documents.

Arbitrated Escrow

One of the problems with buying and selling is where the money goes in between the transaction.

Buyers, with SYS coin, can be sure that their funds are in an arbitrated escrow service, locking up funds, so neither party has access until the transaction is complete.

That means when utilizing the marketplace, users can be sure that their money won’t be gone after use.

Buyers can create a mutually agreed upon 3rd party to secure funds until the transaction is complete.

What GCA Thinks of Syscoin

Syscoin is a fork of Litecoin aiming to add features to the existing platform.

They wanted to fulfill more of the vision that Satoshi Nakamoto had in mind with more than what the bitcoin blockchain would allow.

With ambitious goals, they have stayed in the top 100 coins for some time (see updated stats at the top of post).

We currently do not hold syscoin but will watch it in the future.

Having a decentralized marketplace is one of the greatest perks that a blockchain like this can have, and with increased user flow it may drive the price of the coin up.

If you liked this review and want to help support the academy donate some Syscoin below!

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February 23rd 2018, 05:04