What is Syscoin (SYS)? Your ultimate guide
What is Syscoin (SYS)? Here we will investigate what it is and how it works
Syscoin, providing users with a decentralised marketplace and near-zero cost transactions, uses blockchain technology to make the process of purchasing goods cheaper and more efficient. Removing the need for intermediaries, the Syscoin network has a range of products and features on its platform, including the Blockmarket, the Desktop Wallet and the native coin Syscoin (SYS). But how does Syscoin work?
Let’s take a closer look…
How does Syscoin (SYS) work?
Originally launched in 2014 by Sebastian Schepis, the first-ever version of Syscoin was created through a Bitcoin fork.
Described as a “global network, a distributed ledger, a decentralised database, and a blockchain. It is also a cryptocurrency, an altcoin, a digital currency, and a tradable token” Syscoin offers users a crypto alternative to an ecommerce platform.
The next version, Syscoin 2.1, adopted an algorithm that allows it to be merge-mined with Bitcoin. Merged mining refers to the act of mining two or more cryptos simultaneously, without sacrificing overall mining performance. With merged mining, miners can use their computational power to mine blocks on multiple chains concurrently.
Blockmarket Desktop 3.2 was subsequently released in Januray 2019.
In terms of technical features, as per its whitepaper, Syscoin is “a permissionless blockchain-based cryptocurrency with a set of smart contracts… built on the Bitcoin scripting system using OP1 to OP16 standard script op-codes”.
What is Syscoin (SYS) – main features
The Blockmarket is the most important feature of Syscoin. Built on the Syscoin blockchain technology, it is a global commerce platform that allows users buy and sell everything from computers to clothes to furniture for no or near-zero fees.
Businesses can set up virtual stores on the Blockmarket selling their own products, as well as re-selling other store’s goods for a commission.
Users can pay for goods on the marketplace in Syscoin (SYS) or a range of other cryptos including Zcash or Bitcoin.
In order to get access to Blockmarket, users have to download the Blockmarket Destop Wallet. Launched in September 2017, users can exchange more than 32 cryptocurrencies through in-wallet exchanges like Changelly and Flypme.
Users also have access to various products to secure their purchases on the market. An escrow service, for example, holds a buyer’s tokens in escrow “until the terms of the sale are met and the buyer releases payment to the seller” while an email system allows buyers and merchants to send encrypted messages.
Syscoin has partnerships with many major companies including Microsoft Azure, Matic Network and the Corion foundation. It has become a relatively well-known crypto due to its competent team and exciting future developments.
What is SYS coin used for?
Purchasing goods on the Blockmarket platform with SYS reduces fees to near-zero.
Syscoin has a max supply of 888 million SYS coins and has a current circulating supply of 623.3 million.
The current market cap for Syscoin is $538.169m.
Available on Binance, Mandala Exchange and Gate.io, Syscoin has experienced dramatic peaks and troughs since its launch.
From late 2014 to 2016, the SYS coin price stayed under or around $0.01. In 2017, SYS cryptocurrency price began to pick up, reaching peak highs of $0.9793 on 13 January 2018. SYS price dropped throughout the year to lows of $0.04739 on 1 January 2019. Both 2019 and 2020 saw a dismal performance for the coin. In 2021, SYS coin price began to pick up, reaching $0.7644 on 5 May 2021. Despite a short dip, Syscoin has surged recently, hitting $0.8527 on 2 December.
Over the past year, Syscoin has risen by nearly 900%, while in the past two weeks it has gained more than 90% in value.
Syscoin has a maximum supply of 888 million SYS coins and has a current circulating supply of 623.338 million.
The Syscoin founder is called Sebastian Schepis.
Syscoin is secure both from a technical perspective but also from a front-end perspective. On the Blockmarket platform there are numerous features to increase security, including escrow services. Technically, the crypto uses the safety and security of Bitcoin blockchain, however, it also uses elements of the Ethereum network to make it more scalable and efficient.