In the series "Altcoins on the Block" I will have a look at different altcoins and explain what the coins are all about. In this edition I have a look at Syscoin.
Syscoin - A cryptocurrency with good features?
Syscoin's platform aims to build a decentralized marketplace for goods of all kinds. Similar to Ebay and Amazon, but completely independent, because there is no middlemen and it is very cheap, since the fees are very small.
Based on the blockchain technology, a global network is to be created, which also functions as a decentralized database. The Syscoin cryptocurrency will be one of the possible means of payment on the blockchain. The Syscoin development is not yet completed, but already gives some idea of potential.
Syscoin - What is this cryptocurrency?
The cryptocurrency is another digital means of payment and is based on a fork of the Bitcoin protocol and is merge-mined with Bitcoin. However, the Syscoin was developed specifically for the platform of the same name, where it is exchanged for tokens for services and products. The platform is at the center of Syscoin development. This is a public marketplace that can be reached via the Syscoin wallet. At the marketplace, all users should be able to trade products, assets, digital certificates, and data. In addition to its own cryptocurrency, Bitcoin and Zcash are also accepted on the platform. Because Syscoin addresses are compatible with ZCash transparent addresses they can offer ZCash support with complete multisignature compatibility; allowing for optional Syscoin escrow functionality. A merchant has the ability to select a combination of payment options from a list of SYS, BTC or ZEC. Once a buyer tries to buy the offer they will see the payment options available. Once they select ZEC, a ZCash transparent address will be generated which uses the same private key as the merchants Syscoin address.
The Syscoin wallet provides the user interface that gives access to the platform. You can also browse through the offers via the wallet. The marketplace is called "blockmarket", after the blockchain technology on which the platform is based. Traders can create their own businesses and sell their products, or others' products for a commission. Funds are being transferred through wallet to buy or sell the products or to store digital certificates. Incidentally, the wallet can also be used to send encrypted messages. If you want more security in the transactions, "arbitrated escrows" can be used. This is a kind of escrow service where a third party consulates the goods while the goods are on their way.
To make business efficient and fast, developers use smart contracts. The Smart Contracts are digital contracts that automatically negotiate the contents of the contract if certain conditions arise. For Syscoin this means that traders only have to sell their goods for sale. The sale itself will expire automatically as soon as the buyers have sent the requested amount.
To ensure anonymity, after all, one of the original concerns behind the development of cryptocurrencies, the buyers and sellers hide behind aliases. This also serves the usability, because the users have to deal only with the alias, behind which hide not only the full name, but also the address of the wallet. The Syscoin Blockmarket Wallet wants to be very user-friendly and score points with a tidy and clear interface. At the same time, the blockchain uses TOR for user interaction to effectively anonymize buyers and sellers. If you want even more security, you can use Zcash exclusively for the transfers, a cryptocurrency that offers even more data protection.
Perhaps Segregated Witnesses (Segwit) is the closest related concept to Syscoin’s pruning mechanism because it saves bandwidth as well as storage costs. Just as Segwit splits transactions into two with just a hash of the witness transaction that is carried forward by SegWit compliant clients for consensus validity, Syscoin’s pruning mechanism works similarly with service transactions by splitting the Syscoin service transaction into two outputs. One is the ownership-provable output which links the service to a public key that is capable of modifying the service linked to the information in the output. It is a small scriptPubKey which carries just enough information to prove that a user owns a certain alias. Every other service is linked to an alias which extends provability to services outside of aliases.
Syscoin - Who is behind the cryptocurrency?
The development is largely the responsibility of the "Blockchain Foundry" led by Dan Wasyluk. Blockchain Foundry is a software developer specializing in blockchains. Dan Wasyluk has more than 15 years of experience developing complicated systems that are easy to use and understand. Hence, there is an effort to make the use of the sys / coin cryptocurrency so easy that even your grandmother can use it. The Syscoin development has been running since 2014, the blockchain of the cryptocurrency was created after a hard fork by Bitcoin. Hard Fork is a split from the blockchain to a chain of its own.
Blockchain Foundry has partnered with Microsoft. Blockmarket is said to be offered on the Azure blockchain by Microsoft as a service platform.
Syscoin - Pros and Cons
Syscoin will not be the only blockchain that wants to build a decentralized shop. There is some competition, but some of these blockchains focus on specialized products and could exist peacefully alongside the Syscoin cryptocurrency. The focus on usability could be a big advantage of the coin; the platform would rather attract ordinary people who would otherwise not deal with cryptocurrencies.
Here and there are still unanswered questions about where the platform wants to develop. Syscoin itself is an open-source piece of software and its marketplace can be accessed without Blockmarket; in the same way Bitcoin can be used without Coinbase.com. Although the developers have written decentralization on the flag, at the same time their own blockchain is not open-source, so not completely transparent. And they work with Microsoft, another corporate giant. Considering that the team is battling big corporations like Amazon, it's a bit weird.
Something can be said in terms of a Syscoin forecast now: Huge jumps of the course will definitely stay out. The value of the coin depends on how many people use the platform and open a shop. The mining of the Coin is deliberately kept slow and not very productive. But that should not stop you from buying Syscoin. Syscoin will probably be much more stable than other cryptocurrencies and more suitable as a long-term investment.
Syscoin Course - Development - Forecast
The coin already went on the market in 2014 and was hardly in demand until 2017. It does not have to discourage Syscoin forecasting, as it did to almost all cryptocurrencies. The first really noteworthy increase was experienced by the cryptocurrency in May 2017. Already in April the price rose to 2, then 3 cents. In May, the price was finally down to 10 cents per coin and reached in June the previous high of 21 cents.
Thereafter, the price fell again, in July, he dropped below the 10 cents, in August, he kept to this value. In September, the coin broke its own record again and noted 26 cent per coin for a short time, after which the value fell again in October to the 10 cents. In November, it went from this short descent steadily in the air. Like many other cryptocurrencies, December should be the best month for the coin, reaching more than 70 cents by the end of the year. In January, the price fell again, but still quoted better than in November last year. As a prognosis, it can be said that the coin will probably hold in this range between 20 and 80 cents. So far, the price depended on how well the industry was doing. You still have to wait until the syscoin development is completed and unfolds the full potential of the coin. Maybe that's why you should buy Syscoin before the Coin writes even better. At the moment the price stands at 63 cents.
Create Syscoin Wallet
The Blockmarket Desktop Wallet is the official Syscoin Wallet of the developer. The Wallet is very easy to download and install. After the wallet has synchronized with the network, you have to add some Syscoins to it, otherwise it will not work.
Where can I buy Syscoin?
The Syscoin cryptocurrency can be bought on the following crypto exchanges:
1 Bittrex SYS/BTC
2 Upbit SYS/BTC
3 Poloniex SYS/BTC
4 Livecoin SYS/BTC
5 AEX SYS/BTC
6 Trade By Trade SYS/BTC
7 YoBit SYS/BTC
8 Trade By Trade SYS/USDT
9 Tux Exchange SYS/BTC
10 Bittylicious SYS/GBP
11 Bittylicious SYS/USD
Conclusion Syscoin
The advantage of cheap and quick purchases via a decentralized platform, in which no middleman interferes, is obvious and holds great potential. So far, Syscoin is not that busy, but that could change soon.
I hope this post provides some value to yourself and please feel free to use this as a resource to help answer questions and bring awareness to the project of Syscoin.
Series:
- Altcoins on the Block #1 Funfair 🎲
- Altcoins on the Block #2 DeepOnion Coin
- Altcoins on the Block #3 MediBloc Coin
Image Sources:
- Post header created by myself
- https://syscoin.org/
- https://coinmarketcap.com/currencies/syscoin/
Video Source:
Have a nice day!
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Posted on Utopian.io - Rewarding Open Source Contributors