What is Syscoin?
Syscoin is a cryptocurrency that acts as a distributed ledger on a blockchain. It is a fork of Bitcoin. Since both currencies are based on the same algorithm, there is the possibility of merge mining, however, the blockchain of Syscoin should be better than Bitcoin. The developers even refer to their cryptocurrency as the Swiss Army knife of blockchain platforms. But who are the developers and how do they justify their statements?
The Team Behind the Syscoin Project
The Syscoin team consists of eight people whom, according to their own statements, have decided not to hide behind anonymous nicknames. The creator of Syscoin and one of the core developers is Sebastian Schepis. The second major developer is Jagdeep Sidhu. Dan Wasyluk is another developer and also the team manager of the project.
Other members of the team include Brad Hammerströn (Marketing), Chris Marsch (Business Development Manager), Sebastian Dimichele (Community Manager) and Janette Baker (Marketing and Social Media). Willy Ko is the Community Manager for the Chinese market.
What Makes the Syscoin Blockchain So Special?
Compared to Bitcoin, Syscoin offers significantly lower transaction fees coupled with an extremely high speed. This combination makes it very safe and extremely practical, especially for business people who want to trade goods, data or assets. Trading options and asset storage are not the only things Syscoin offers. It is designed so that companies can seamlessly switch to blockchain technology.
This leads to the next special feature of the project. Big companies like Microsoft, IBM, and Amazon are currently investing heavily in crypto projects to offer Blockchain as a Service (BaaS). These services are intended for companies that do not have the time or the technical resources to switch to blockchain technology. Syscoin is one of the blockchains Microsoft works with. In the first quarter of 2016, the project officially became the Microsoft Azure development partner.
Including the Lightning Network in its main network in 2017 is one of the company’s biggest accomplishments, as the community quickly came up with a scaling solution, while other blockchain communities failed to reach consensus. The ability to implement changes so quickly shows that the project will not suffer from future governance issues that burden and weaken other blockchains like Bitcoin.
The Various Functions and Services of the Platform
Syscoin is not just a cryptocurrency. The developers have equipped their blockchain platform with a variety of services and features. Among the features that the platform offers include:
Decentralized marketplaces: Users can buy or sell goods here without relying on middlemen. The special feature here is that the marketplaces are not just peer-to-peer, but are located on the blockchain. That offers countless personalization possibilities. Various functions and purchase conditions can be customized and managed by users, such as the decentralized marketplace and the design of a website on the blockchain with purchase options for goods and services.
There is no downtime thanks to the decentralized blockchain applications. Therefore, the items offered on the Syscoin marketplace are always available and updated, regardless of whether the seller’s wallet is online or not.
Certificate management: The platform offers the possibility to create unique and verifiable digital certificates with text or ASCII content. These certificates can then be certified through Syscoin’s proof-of-work (PoW) process. Some possible applications would be proof of ownership, guarantees, receipts, diplomas, licenses, tickets and much more.
Aliases: Usually the wallet address is a long string that is difficult to remember and is therefore impractical. Syscoin offers the possibility to create an alias, which can be used as a wallet address. This facilitates handling cryptocurrency in everyday life. Users can buy the aliases for a small fee, provided they have not already been awarded. The platform also provides the ability to securely communicate encrypted messages. The messages are linked to the respective usernames and therefore can only be opened by them.
Merged mining: The company uses the possibility of merged mining with Bitcoin and other cryptocurrencies based on the SHA-256 algorithm. The company justifies this step by providing the most reliable and scalable network possible. According to the website, the Syscoin network grew by as much as a hundredfold in less than 12 hours, while still maintaining a stable hashrate.
Syscoin By the Numbers (as of 22.01.2018)
The company has a market capitalization of US $427,232,840. The trading volume realized within 24 hours is approximately $12,309,300. Syscoin tokens have a maximum supply of 888,000,000 coins, of which 530,417,635 are currently in circulation.
The cryptocurrency ranks at 66th place in the coin ranking of coinmarketcap.com.
Syscoin was originally developed as a cryptocurrency but the developers realized that their project could be much more than just another name on the long list of Bitcoin clones. Bitcoin’s main problems are scaling and reaching consensus.
Syscoin has already solved these problems, making it a superior coin. Nevertheless, the project still has a long way to go. It will probably take a while until widespread usage and popularity come along.
The basis for achieving this goal is the dual function of currency and platform. This has aroused the interest of big companies like Microsoft, which makes the platform a good starting point.
The varied offer to use the platform as a decentralized marketplace is another bonus. Decentralized marketplaces will in the future belong to the mainstream applications on the blockchain. Syscoin already has all the technical possibilities and could become the market leader.
Alexander Weipprecht is the managing partner of Provimedia GmbH. As a trained IT specialist for application development, he has been advising leading companies on the following topics for more than 10 years: online marketing, SEO and software. Cryptocurrency is becoming increasingly important to businesses and investors. Through Coin Report and Krypto Magazin Germany, Alexander wants to give all people easy access to the subject matter.