When investing in virtual currency, you need to do your research. We provide you with reviews of each world top cryptocurrency out there, so that you can find the best crypto coins to invest in for you. This is a review of Syscoin.
Origin & Background
Syscoin (SYS) is an open-source blockchain development platform and cryptocurrency. The Syscoin token is a merge-minable SHA256 coin. It also provides an array of helpful services which leverage on the Bitcoin protocol and blockchain technology. Its platform lets you generate your own token and you can also use it for trading. Syscoin comes from a fork of the Bitcoin protocol and is merge-mined with Bitcoin. This has given us one of the most protected, constant, and scalable networks to ever exist.
Syscoin completed Satoshi Nakamoto’s original apparition of including a marketplace on the blockchain. However, they did not stop there. Syscoin is a radical cryptocurrency that offers near zero cost financial transactions at an incredible speed. Moreover, it provides businesses the infrastructure to steadily trade goods, assets, digital certificates and data. Syscoin is not just about money and trading, it has the capability to attract different business types.
Initially, it launched in late 2014 through a Bitcoin fork. The recent version brings us to SYS 2.1 and has an algorithm that enables it to – as mentioned above – be merge-mined with Bitcoin. Merge mining is merely the capability for miners to concurrently mine two different cryptocurrencies based on the same or a similar algorithm.
The project attempts to eradicate the middleman and put money directly back into merchants’ hands by the removing the current heavy fees presently charged. To facilitate near-zero fee transactions, you can use SYS to pay for goods on the marketplace. You can also pay using alternate cryptocurrencies such as Bitcoin or Zcash.
Main Features of Syscoin
The following are actually the main features of SYS:
- Decentralized Marketplace with limitless inventory items.
- Near-zero cost transactions.
- Aliases: Send coins to case-insensitive names without requiring to plug in lengthy wallet addresses.
- Capability to resell other people’s products in your store or enable your products to be resold by others for commission.
- Encrypted messaging with email-like inbox/outbox to communicate with people on the SYS network.
- Escrow service: holds a buyer’s tokens in escrow “until the terms of the sale are met and the buyer releases payment to the seller”.
- Digital certificates: Issue, authorize, authenticate and exchange digital assets that contain private information like gift cards codes or registration keys.
Pros & Cons
We have not identified any obvious cons with the Syscoin. However, this does not mean that there are none. You must analyze the coin carefully yourself.
Finally, if you have concluded that this is the coin for you, congratulations! Go for it! Buy Syscoin here.