Syscoin — Business on the blockchain
Syscoin is an altcoin running its own blockchain and decentralized database on a fork of the Bitcoin protocol with the SYS token.
SYS offers near zero transactions cost, incredible speed and provides businesses the infrastructure to trade goods, assets, digital certificates and data securely.
The Swiss Army Knife of cryptocurrency platforms, Syscoin has a collection of features and smart contracts can be used to provide solutions for hundreds of different decentralized service use-cases directly on the blockchain with no compromise. These features all work together to create applications not possible with other blockchain projects.
Syscoin launched in 2014 and is currently sitting at $0.10 a coin with 888 million coins total in circulation and a $55 million dollar market cap. It is mainly traded on Poloniex under the SYS/BTC trading pair. I have a feeling when they release the new public version next product Blockmarket in a short time, Syscoin has the potential to rise as much as 10x in price, so do your research on this hidden gem.
Syscoin is a fork of Bitcoin but is running its own Syscoin blockchain and own nodes. The SYS wallet comes with a fully decentralized marketplace known as Blockmarket. It’s like Ebay, Amazon, or OpenBazaar only more versatile and with better cryptocurrencies.
The marketplace works natively with Bitcoin, Zcash, and Syscoin. In this marketplace you can reliably buy and sell any items you wish, create an entire white-label storefront to sell products for yourself, or utilize the re-seller support system for selling other peoples products for commission, creating wholesaler retailer possibilities within the marketplace.
Sys services are actually smart contracts and differ from peer to peer implementations of these services like openbazaar’s ricardian contracts, which form no consensus on them and thus can’t leverage blockchain security and smart contract autonomy.
There is no need to worry about payment confirmations on the marketplace because syscoin includes an arbitrated escrow Buyers can specify a mutually agreed upon 3rd party to secure the funds while the goods are in transit.
Another main feature in Sys is aliases. Gone are the days of typing in a complex wallet address to send or receive money. Aliases simplify the process by allowing you to use an easily remembered address and includes Zero knowledge authentication. Alias is actually a decentralized account management construct similar to bitcoin accounts but on the blockchain. This means you can access alias coins without a wallet which builds up to zero knowledge authentication by having client side sign account transaction inputs without requiring a wallet.
Digital Certificates on Syscoin can be used to store and transfer small documents and can be encrypted on the blockchain. If you see the a digital certificate for sale it could be a share of a company or a digital download and can be transferred securely to the buyer upon purchase, so the marketplace expands far past traditional products.
There are many other features integrated into Syscoin and the features in this article are only a few of the many features. Check out all the features at Syscoin.org and share the love to SdtZxkin8YCo6aiGuR876Ng5TVq5HFoL6V if you wish to give back to the Crypto Coin Show in true Syscoin fashion.
The brand new public version of Blockmarket is coming out soon, so make sure you watch Syscoin on Poloniex to pick some up at a good price.
Are you interested in more versatile blockchain protocols and decentralized marketplaces like Syscoin? Cause I am. Please leave your thoughts on Syscoin and any other similar projects in the responses below.
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