Syscoin -The Hidden Gem Of 2018
I have been personally looking into blockchain technology for over a year now, focusing primarily on utility based coins that have real case use and can show that they aren’t just a pump and dump, but more a long term consistent growth. The first coin I saw potential in and thought was undervalued was XRP back in March of 2017. With its case use it made no sense for it to sit at the 0.005 mark and $400,000,000 market cap, and we all know where it sits now ($2.75 around this time of writing). The next I saw was its predecessor Stellar. It clearly with the similar tech was undervalued at the time XRP had its bull rush, and it followed suit after we saw its potential (0.04 at the time, now at 0.90). Well this past month of hard research, and after wanting to find a good coin thats under 1 BIL market cap to look into… I found it.
History Of The Sleeping Giant
Syscoin is the hidden gem. The coin that honestly has a pretty colorful history and age and has been asleep for years. In my terms, it can be seen as the SHOPIFY, AMAZON, EBAY of the blockchain world. With the ability to buy and sell things on it with 95% lower fees than the big competitors, less restrictions on your sale, anonymity, speed, and reliability. It cuts out the middle man that just gouges the community, while keeping all the features you would expect. Its been under the radar though not being in the top 50 coins… But that is all going to change this year. Very fast.
As the wikipedia page for SYS has all its history, here is the important details:
“Before we get into the present of this coin , its important to understand the beginning of it. Released under the MIT license, Syscoin has grown to become a blockchain protocol, built off bitcoin’s but extending its capabilities, that offers complete solutions to a robust user base comprising individual developers and corporations.
The blockchain as conceptualized by Satoshi Nakamoto back in 2008 envisioned a peer-to-peer electronic cash network that would prevent double-spending. A year later, the blockchain became an integral part of bitcoin, serving as the latter’s public ledger of transactions. Although Nakamoto’s reference client mentioned a decentralized marketplace service, the subsequent implementation did not implement this due to a lack of resources.
Syscoin was initially described in a 2014 draft whitepaper that envisioned Decentralized Marketplace Creation, Decentralized Smart Contracts and Documents, Decentralized Certificate Issuance and Transfer, and Decentralized Data Storage and Retrieval, as among the services that it will offer upon its release.
Syscoin aimed to bring Nakamoto’s vision of a decentralized marketplace back into the blockchain, among the other commercial-grade services it aims to deliver to clients.Other services that Syscoin aimed to provide include secure data storage and transfer, and unique user aliases that link their owners to the services controlled by the alias.
Syscoin’s first iteration, Syscoin 1.0, was a scrypt algorithm, proof-of-work altcoin based on Litecoin that built additional features on the blockchain, including a completely distributed marketplace; digital certificate issuance and authentication; merge mining with any scrypt-based coin; and service fee regeneration.Some of these services were available upon launch but only accessible through a command-line interface.
Development work on Syscoin 1.0 started in March 2014, but it was only publicly announced on 16 April 2014 at 12:15pm PST on Bitcointalk. Presale began on 19 July 19 2014 at 0.00000465 BTC/SYS, with Moolah.io as escrow agent. ICO price was .00000518 BTC/SYS. Full launch was announced on 16 August 2014. The ICO raised 1500 BTC of which 250 BTC was used for “buy support.” Moolah (Ryan Kennedy aka Alex Green) stole the remaining 750 BTC. Syscoin has been in litigation against Moolah since October 2014 to recover the stolen BTC.”
Now as you can expect, this didn’t have the best opening for SYS on the markets. As you can see below, the markets plummeted for it upon release. The developers had barely any money to work on the project, and everything seemed dark…
Now here is where things get interesting: THE PROJECT KEPT GOING. That is right. The developers kept programming despite not being paid. For over TWO YEARS they kept making improvement after improvement on the blockchain, just as Satoshi Nakamoto did when he first began Bitcoin with no benefit to himself. During those years they were able to keep afloat, on exchanges, and still making a blockchain that could be rivaling the top 10 in case use.
Now if you move forward to 2016–2017, alot happened. First, the Syscoin development team created Blockchain Foundry in August 2016, to spearhead the development of merchant-focused platforms based on the Syscoin blockchain and platform. During that time they were able to make the largest strides in Syscoin. Because it had over 2 years to build a LOYAL and CASE USE community, it created the perfect hub for the Blockchain Foundry to be created, with devs all dedicated to the longevity of Syscoin and its platform.
They had an interview on coin telegraph HERE to share its new marketplace team.
After months of testing and an extensive security audit, Blockchain Foundry released Blockmarket Desktop , the first of a series of e-commerce application releases and an upgraded version of the Syscoin QT Wallet, on September 12, 2017. Buyers and sellers using Blockmarket Desktop have a choice of using almost any cryptocurrency on this platform, but uses SYS on the back end, which makes it the most versatile marketplace to date.
This alone has been incredible strides of progress for a group that was underfunded, scammed, and with a project that has a market cap potential of over 1 trillion dollars. But at the end of 2017 became the end of its slumber.
The Giant Awakes
The Blockchain Foundry was given $3.3 million in funding to make this project its fullest potential on December 21 2017. Right before Christmas, Syscoin announced on its medium blog that it has received that funding from private investors who have industry partnerships as well as monetary interest in the syscoin platform to succeed. This is something that quite possibly could be the biggest thing to happen to this coin. Right after that, the Syscoin team announced they will be working FULL TIME for the first time in the history of Syscoin
Ever since the announcement of the funding the dev team and the entire Blockchain Foundry team have been in full force now that they have the resources. And the market also grew 400% to make it finally over 100 mil market cap
All of this happened within a few weeks during the holidays. Within a week or so of their funding, their team has done the following improvements:
- Found a way to prevent double spending on the blockchain with 0 confirmations needed
- Made the ability to convert 15 currencies to sys during a purchase real time
- Updated the blockmarket
- Made partnerships with large suppliers to have hundreds of thousands of SKUs on in 2018
- Hired a branding team to help with branding/ marketing and bring the name of SYS to public
- Created a whole new roadmap to help with the future of the project.
Below you can see all the updates they have done, and the roadmap for the future:
With so much on the go, so much planned, and so much already completed, it is pretty incredible this coin remains under a $400,000,000 Market cap (smaller than Doge Coin).
The Facts And The Possibilities:
So now that we can understand all the technical and development behind this coin, its time to look into the industry.
If you look at how all the past marketplaces started, they had very similar funding to Syscoin
Amazon: $530,000,000,000 — Startup Fund: $10,000,000
Alibaba: $266,000,000,000 — Startup Fund: $60,000
Ebay: $70,600,000,000 — Startup Fund: $5,000,000
Shopify: $10,400,000,000 — Startup Fund: $450,000
Blockchain Foundry: ???,???,??? — Startup Funding: $3,000,000
If you look at the numbers they push, you will be astonished:
Yearly Shopify volume is about $20 billion.
Their yearly profit is $600 million.
Market cap $10 billion.
eBay does $80 billion in volume yearly.
Their yearly profit is $8 billion.
Their market cap is $40 billion
Amazon does 136 billion in volume
It’s market cap is 580 billion.
E-retail (e-commerce) sales are 2.3 trillion this last year.
Expected to be 4.06 trillion in 2 years.
B2C ecommerce sales is 2.3 trillion
B2B sales is 7.7 trillion.
Canada and US alone for ecom are 30 billion and 340 billion respectively. China it’s an additional 700 billion. Asia is 84% of all commerce.
This indicates alone the fact that the entire Syscoin ECOSYSTEM is only $400,000,000 (40x smaller than Shopify , their smallest competitor, YEARLY volume, 20x smaller than Shopify company valuation)
Not only this, but they are constantly developing to improve the UI to the point that a grandparent could use it and not know that this isn’t any diffrent than amazon.
With the WEB version of the marketplace coming (the biggest thing to happen to the marketplace since its inception), tons of added and new features, a new marketing plan, full time devs, MASTERNODES coming for people to stake on, the $3.3 mil funding that will become a public company, the need for case use utility, and the roadmap that is being hit before most their deadlines as planned, I expect some big things to happen in 2018 for this company.
For myself, I saw the massive potential in a few things immediately from all this together that made me want to HODL this coin:
- A decentralized marketplace IS needed, and one that is usable with many currencies and for anyone easily is a must, and they are the leading company for that.
- Masternodes coming, like which DASH did, helped the stability, the security, and was one of the best profit makers ever created, and the fact the SYSCOIN MASTERNODES make 50% of all transaction fees it only make sense to know whats can happen for SYS
- Developers who are the best of the best, proved they will HODL and are here long term, non greedy, and actually stick to the plan of Satoshi Nakamoto
- So many updates that would cause the normal coin to go up 100x, but it stayed stable with SYS, possibly due to major partners in back end that are preparing for the WEB update to release and all the rest in Q1
- A coin that is under $400,000,000 with an acutal case use, funding, and is its OWN blockchain, not a token on the ETH network.
I would expect to see this coin reach $10–20 in the year, and possibly higher if the market cap of all cryptos rise. No one understands that all it takes is one large online store to move from AMAZON, SHOPIFY or EBAY over to SYSCOIN to make it moon harder than Neil Armstrong. And with the fact that sys has lower fees, easier ability to sell, and more strength to the seller and buyer over middle man, it has the potential to do so faster than expected.
To buy syscoin you can do so on www.Poloniex.com and many other exchanges, or from their platform directly via BTC, and 16 other coins in 2 weeks.
*This is not trade advice, I am not a licensed advisor, this is my opinion only, I do hold SYS*