Syscoin: Blockchain Protocol for Future-Proof Payments & Value Transfer

  • November 27, 2021
  • 149 Views

Today, despite the risks in using cryptocurrencies as well as the moves to tighten control over cryptocurrencies by the governments, cryptocurrencies are increasingly widely accepted among industries across the world.

As a result, their interaction with commercial platforms is becoming more important and common. Some major online stores are also looking to Bitcoin payments on their websites.

As the demands are rising day by day, there are more projects launched to meet them. Syscoin is one of them.

Syscoin’s vision is to completely bypass third parties and to create a decentralized marketplace that works to extract more benefits from blockchain technology.

What is Syscoin?

Jag Sidhu, the Lead Core Developer and co-founder of the Syscoin project, has many years of experience in the industries such as blockchain technology, machine learning, artificial intelligence, server development, and distributed systems.

The co-founder helped to launch the Syscoin public blockchain in 2014 and kept contributing to the success of the project.

Syscoin was developed and designed as a global network, a distributed ledger, a decentralized database, as well as a blockchain. Syscoin works the same as online platforms like Amazon and eBay, but its data is not stored on a central system.

Syscoin offers a decentralized marketplace. It is stored on the blockchain, a decentralized network consisting of several nodes that makes it different from other marketplaces and brings more advantages that non-blockchain architecture just can’t.

The Syscoin combines the best of Bitcoin and Ethereum in one platform, which has elevated Bitcoin’s best security and Ethereum’s Turing-complete programmability to true L2 scalability via ZK-Rollups.

Although several solutions have been launched in the crypto space, Syscoin is still standing out as a unique and very important alternative to Ethereum, which cannot be found in other smart chains.

Syscoin’s Network Enhanced Virtual Machine(NEVM) allows users to do things that cannot be done with Ethereum.

However, Syscoin is not only designed with the well-known security of the Bitcoin model and merged-mining, but it also can provide all the best characteristics expected in Ethereum’s 2.0 future thanks to its L2 ZK-Rollup technology.

In addition to these significant features, there’re opt-in features that can give existing and upcoming projects regulatory compliance at scale for their asset’s transactions, without the involvement of any third parties.

These can help securities like stocks to safely participate in DeFi, DEX, or other emerging technologies in the space in a compliant way.

The project is backed by the Syscoin Foundation, which is broadly responsible for the growth and adoption of the platform. This is a technology development company and develops commercial blockchain.

This project acts as a blockchain that is mainly aimed to offer solutions for both individuals and companies.

How Syscoin Works

Syscoin is built on a blockchain technology running on Bitcoin’s algorithm, the SHA-256 Proof of Work model. As such, that allows mining tokens by using the energy in mining Bitcoin.

The compatibility with the Lightning Network for transactions is even faster. Moreover, a network of Masternodes is used as a scalable service layer to offer several advantages to the owners of these Masternodes.

Masternode system

In the Syscoin platform, Masternodes is used as a global resource pool, a means of decentralized governance, as well as a source of bonded validators. Syscoin provides decentralization through a Masternode architecture that can be found in several blockchains.

In addition to standard block rewards, holders of Syscoin Masternode can benefit from scheduled seniority bonuses.

What Makes Syscoin Special

As mentioned before, what makes the platform different and unique is that it brings the best of Bitcoin and Ethereum to one place aiming to create a network built with the most secure, reliable, and fastest Web 3.0 applications.

By adopting the protocol and algorithm of Bitcoin, it is going to mine in the same way as what happens with Bitcoin. This means miners are able to mine cryptocurrencies based on the same algorithm while Syscoin also harnesses the power of pooled coins.

Not only does it provide a fully decentralized marketplace, but the platform also includes a number of key features designed to improve the overall e-commerce experience of users.

New Ways to Transcend Centralization

The project is opposed to centralized markets and allows users to sell anything directly on the Syscoin blockchain.

Users can access unlimited inventory. On the other hand, retailers can resell other users’ goods and also allow their products to be resold for a commission.

The SYS token is currently one of the most affordable cryptocurrencies on the market.

Syscoin has a modular structure for scalability, increases POW security with a Finality function, is trustless, holds a TPS of 210k, and uses an inflation-based cost model.

The platform also takes advantage of distributed certificate management and cryptographic techniques to allow users to issue, authorize and exchange a range of digital certificates.

These certificates can be authenticated by using a cryptographic Proof of Work (PoW) consensus algorithm on the platform, opening the new door to the creation and exchange of digital assets such as certificates, ownership documents, receipts, event tickets, software licenses, and warranties.

Advantages of Syscoin’s Network Enhanced Virtual Machine (NEVM)

The Ethereum Virtual Machine (EVM) is a computation engine that acts like a decentralized computer working as the virtual machine which is the bedrock of Ethereum’s entire operating structure.

In order to help users with limited issues on the distributed ledger, the EVM will implement other extra functionalities to the Blockchain.

Ethereum facilitates smart contracts. A contract that is written in the smart-contract coding is converted into something called bytecode. Then, it is converted into codes for the EVM. The EVM is going to use the operation codes in order to complete certain tasks.

NEVM offers L2 scalability for smart contracts which are powered by ZK-Rollups. It’s also a place where any Ethereum smart contract can be deployed.

Its security, Syscoin’s L1, has been proven through Bitcoin merge-mined PoW and Bitcoin-compliant consensus.

Finality offered through chain locks will solve long-range MEV (Miner Extractable Value) to make DeFi safer. Syscoin’s finality makes safe settlements possible in hours, not days or weeks.

Offering EIP-1559 which is an indefinitely functional L1 economy focused on utility.

There are a lot of other advantages that DeFi projects as well as other EVM-based solutions can benefit from NEVM.

The SYS Token

SYS is the native token powering the platform. SYS holders can use the token as gas for transactions, smart contract deployment, and more. The token also is to create a Syscoin Platform Token (SPT), a custom asset token that uses the Syscoin Token Platform.

Currently, there’re 621,916,937.54 SYS available on the platform. NEVM will bring EIP-1159 token burning that will be offset with <%1 inflation to allow for future-proof supply.

Users can buy SYS coins on many different crypto exchanges such as Binance, ByBit, Bittrex, and Bitvavo. The token is also available on a decentralized exchange (DEX).

Syscoin: Summary

Backed by a strong team in the industry, Syscoin offers a number of features that will be valuable for the trade of goods and services.

With its vision to bring the best of Bitcoin and Ethereum in one place, it is a network for developers to create the most secure, reliable, and fastest Web 3.0 applications.

To learn more about how Syscoin is making its vision a reality, just click here for more about Syscoin!

The post Syscoin: Blockchain Protocol for Future-Proof Payments & Value Transfer appeared first on Blockonomi.

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