Sometimes, you don't actually pay attention to something, which can create a revolution. This has happened to me with Syscoin. I knew about this coin but didn't pay any attention towards it.
About a week ago i saw this coin pumping up and started my research on this. I was just curious to know, why this coin was getting so much increase in terms of market cap. based on my research with Syscoin, I can see this wonderful technology going up very soon to be main stream adoption.
What is Syscoin?
Syscoin is Decentralized peer-to-peer e-Commerce platform. A market place based on blockchain. Quite similar to eBay and Amazon, where sellers and buyers gets connected for online shopping. You can check their website syscoin.org, very well explained and extremely simple to browse.
Syscoin Specifications
Consensus: PoW (Proof-of-Work)
Algorithm: Scrypt
Block Reward: 80 SYS
Block Time: 1 Minute
Total Coins: 2 Billion
Pre-mined: 18%
Circulating Supply: 529.8 Million
Mining Difficulty: 54.5917
Syscoin to take over eBay & Amazon
eCommerce or Online Shopping is a huge industry but monopolized by Giants like eBay and Amazon. I am not saying these are bad options but considering the listing fee, transaction fee, commission on selling & other fees with these giants is very high. If you have done any business with them, i think you can co-relate with me.
On the other hand Syscoin is proving the freedom to list and sell products directly on blockchain network. Resulting cheaper transaction fee, no downtime and cheaper products (as seller fees are very little to none).
Live Market Place
Image Credit
Syscoin already has a market place in their desktop wallet. which is currently live but bit buggy. However you can buy some steam keys by paying in Syscoin for now, In December update they have also announced to accept BTC and zCash as payment methods. Which will open the doors for a lot of possibilities.
Current Status
Although SYS has not yet broken it's previous high of July 2017, It's has started increasing again. Of course, one of the factors may count as Total Crypto Market Cap has gained a significant increase. But This is also something that i found out that they had already announced their BlockMarket wallet i.e. eCommerce platform for real time usage. Interestingly i also found out on various websites that Syscoin is getting re-branding on December 31 but i cannot confirm this as there are no official updates from Syscoin.
I think bringing eCommerce to blockchain is a wonderful concept as well as controversial. As this would have some level of anonymity, which may lead to a possibility of another "SilkRoad". But i don't believe Syscoin developers would let this happen, they might have thought this through as it has a very strong team.
Disclaimer: I am not a professional Trader or Inventment advisor. I always encourage everyone to do your own research before investing in any crypto currency.
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