What is SysCoin (SYS)?
Future of SYS Cryptocurrency and know how to buy SYS

#1 - What is Syscoin (SYS)?


With an innovation like blockchain, Bitcoin does provide a secure and transparent method of peer-to-peer payments. But its functionalities could not extend beyond peer-to-peer transactions. There were other unfulfilled needs, which led to the creation of Syscoin. Syscoin aims to create commercial-grade services to support a variety of business use cases. These include:

  • Secure data transfer
  • Secure data storage, and
  • A blockchain-based decentralized marketplace.

Syscoin (SYS): The basics

  1. Like many others, Syscoin is an open-source cryptocurrency based on the blockchain. It features the world’s first decentralized marketplace. It is also a decentralized database, an altcoin, a distributed ledger and above all — a global blockchain network.
  2. The SYS coin, or Syscoin cryptocurrency is heavily based on Bitcoin. Or in other words, it is a fork of the Bitcoin blockchain. Naturally, then it shares some similarities with it. It is a medium of exchange and a peer-to-peer payment system that allows near zero-cost financial transactions. The SYS token can be merged-mined with Bitcoin.

Development of Syscoin

  1. The idea of Syscoin was conceived by Sebastian Schepis. SChepis also serves as a core developer in the Syscoin development team. It is the flagship product of Blockchain Foundry Inc. which was established during August 2016 by the Syscoin development team.  
  2. Syscoin was first described as a decentralized marketplace in a draft whitepaper during 2014. in March 2014, the team started development on Syscoin 1.0 (the earliest version of Syscoin wallet). On July 19 2014, the team launched an Initial Coin Offering and raised about 1000 BTC.

 

#2 - What are the Benefits of Syscoin (SYS)?

Syscoin Technology

  1. Syscoin is a Bitcoin fork. But it brings on additional functionality not present in its parent cryptocurrency. It uses a suite of smart contracts which are built using the Bitcoin scripting system. These smart contracts are essentially the building blocks of Syscoin’s e-commerce solutions. Syscoin modified its code to make it backward compatible with Bitcoin, which allows users to merged-mine SYS coin with Bitcoin
  2. Smart contracts within Syscoin blockchain network are controlled by the Syscoin service which converts them into hardened layer services, allowing them to communicate to each other and develop complex business use cases.

Key Features of Syscoin Technology

  1. Aliases: Syscoin allows users to create cryptographically secured identities linked to their wallet address and other services called Aliases. These Aliases can be used to transfer money without needing to remember long wallet addresses.
  2. Digital Certificates: On the Syscoin blockchain, users have the ability to store and transfer documents in encrypted certificates.
  3. Encrypted Messages: Through the use of Aliases or SYS addresses, users can send and receive encrypted messages on Syscoin network. These messages are stored in a secured inbox.  
  4. Decentralized Marketplace: Syscoin wallet is fundamentally a multifunctional decentralized marketplace, where users can trade their products. Syscoin guarantees 100% uptime for its market, allowing users to trade and send money faster.

 

#3 - How to Buy and Store SYS Coin?

How to Buy SYS?

The maximum supply of the SYS coin is limited to 888,000,000 SYS. The Syscoin platform supports SYS mining and can be merged-mined with Bitcoin. Another way to possess SYS coin is through trade on a cryptocurrency exchange.

  1. Syscoin cryptocurrency is available for trade on several cryptocurrency exchanges. Some choices are: Binance, Bittrex, Livecoin, Upbit, Poloniex, etc. Most exchanges have paired SYS with BTC.
  2. To save their time, users can take advantage of the services provided by CoinSwitch, largest cryptocurrency trading platform. CoinsSwitch allows users to compare and trade across all exchanges. At CoinSwitch, Users can compare SYS rates and trade easily at a single place.

How to Store SYS?

Syscoin Blockmarket Wallet, Image source: Syscoin

  1. SYS coin can be stored on the officially supported wallet provided by Syscoin — Blockmarket Desktop 3.0. The wallet is available for Windows and Mac.
  2. Syscoin provides another wallet for developers, called Syscoin QT 3.X Wallet. This wallet supports Windows, Mac and Linux.

 

#4 - What is the Future of Syscoin (SYS)?

Trend So Far

  1. As of July 2018, with the market cap of about $123.7 million, the Syscoin cryptocurrency is ranked at 81st place on global cryptocurrency market. Currently there are 536,193,136 SYS in circulation.
  2. On August 20, 2014 SYS coin started trading in global cryptocurrency market at the initial price of $0.002039. At the end of the year 2014, SYS’ price declined to $0.000519. During 2015, its prices kept fluctuating around $0.000500 mark.
  3. During 2016–2017, SYS coin’s prices saw a significant growth and on January 13 2018 it closed at its highest price so far of $0.979291. Since then SYS has remained volatile in cryptocurrency market. As of July 2018, it settles around $0.284967 price point.

Also Read: Complete Analysis of SysCoin | Live SysCoin (SYS) Price Charts And Predictions

Price History

Date

Open

High

Low

Close

Volume

Market Cap

Jul 01, 2018

0.172588

0.182548

0.165579

0.174452

988,107

92,518,800

Jan 01, 2018

0.743401

0.773263

0.702912

0.749514

9,278,490

393,950,000

May 01, 2017

0.057556

0.059701

0.047703

0.055181

1,441,580

30,184,400

Oct 01, 2016

0.008985

0.009049

0.008003

0.008613

39,360

4,363,130

Mar 01, 2016

0.003373

0.003570

0.002855

0.003209

189,440

1,446,140

Sep 01, 2015

0.000369

0.000376

0.000361

0.000362

84

157,172

Feb 01, 2015

0.000424

0.000429

0.000389

0.000417

386

167,846

Aug 20, 2014

0.002039

0.002977

0.001787

0.002977

84,067

743,804


*Note: All prices are in USD

 

#5 - How is SYS different from other Cryptocurrencies?

  1. Although the SYS cryptocurrency is inspired by Bitcoin, Its functionality is not  limited to peer-to-peer transactions. SYS is a blockchain network, which aims to make Satoshi Nakamoto’s (alias used by Bitcoin creator) vision of decentralized marketplace into a reality.
  2. Syscoin has created a global e-commerce platform, a decentralized marketplace, where users can buy and sell goods, in addition, users can also create virtual stores where they can sell other people’s product for a commission.
  3. Syscoin’s inherent value is generated from its blockchain services. It provides blockchain-based services to attract all kinds of businesses and help them grow such as insurance, gaming, health and finance.

 

#6 - Should you Invest in Syscoin (SYS)?

  1. Syscoin benefits from a dedicated team of developers and a supportive community. During July 2017 its Initial Coin Offering raised about 1000 BTC, but Syscoin could only use 250 BTC since 750 BTC were stolen by its escrow partner. Even with limited funds, the Syscoin team managed to continue development.
  2. So far Syscoin has shown a relatively healthy growth and it has been around in market longer than most cryptocurrencies. It has launched successful products such as its Blockmarket desktop client and its native wallet.
  3. During March 2017 Syscoin partnered with Microsoft Azure, which Syscoin (and likely its investors) sees as a major partnership.  
  4. Having delivered some staggering returns in the past, it may be in for an extended run in the future as well. But it may also face competition from other blockchains offering smart contract functionality - like Ethereum.
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