Syscoin is considered as “a global network, a distributed ledger, a decentralized database, and a blockchain.” It is also a cryptocurrency, a digital currency, an altcoin, and a tradable token.” It is based on a fork of the Bitcoin protocol and is merge-mined with Bitcoin, giving the most secure, stable and scalable networks to ever exist on the planet.
Originally launched in late 2014 and produced through a Bitcoin fork, the present version delivers to Syscoin 2.1 with an algorithm that enables it to be merge-mined with Bitcoin. Merge mining is just the ability for miners to concurrently mine two various cryptocurrencies based on the similar algorithm.
This platform is a permissionless blockchain-based cryptocurrency with a set of smart contracts which have been fully tested and developed on the Bitcoin scripting system using OP1 to OP16 standard script op-codes, rendering coloured coin transactions, managed by a hardened layer of distributed consensus logic for each smart contract (Syscoin service) while still maintaining backwards adaptability with the Bitcoin protocol.
The contracts can be merged to form building blocks for blockchain-based e-commerce solutions. Syscoin’s hardened smart contracts are in opposition to turing-complete smart contracts, which, by interpretation, are not accustomed due to the open-ended nature of the underlying scripting language.
Syscoin supports a broad variety of marketplaces, extending from the fully decentralized marketplaces to centralized business markets. Sell anything straight on the Syscoin blockchain or create a site for your business that will use Syscoin’s infrastructure to conclude its transactions.
Distributed Certificate Management
Utilizing the cryptography of the blockchain; Issue, authorize, and digital exchange certificates of any kind. With Syscoin anyone can issue provably-unique certificates with text or ascii content to one or various parties on the Syscoin blockchain.
Wallet addresses for cryptocurrencies generally consist of a unique string of between 27-34 alphanumeric characters. An example Syscoin address would be “SnxMDyhfAeb7tNRTwZYbfhMJYweEiDgPK6”. Such an address isn’t easy to memorize.
To give the most stable and scalable network of any cryptocurrency, Syscoin leverages the power of merge-mining with Bitcoin and other SHA-256 coins. It means that the Syscoin network piggybacks on the most robust and secure network the world has ever seen.
Assets and Tokens Issuance
It will enable anyone to build a custom asset token which can then be transferred directly to anyone else on the network and envision a kind of use cases including ICO token issuance, supply chain management, loyalty programs, and reward points.
Much like proof of stake, Syscoin Masternodes rely on staking a certain amount of Syscoin to operate a Masternode. To establish a Syscoin Masternode, you need 100,000 Syscoin. Syscoin applies masternode functionality to its decentralized Block Market.
It’s been noted that Syscoin price fluctuations may in turn cause fluctuations in the number of masternodes running on the network.
Syscoin Identities are built on Syscoin’s Alias service. These identities are stored off-chain, the reference and the integrity proof are their small on-chain anchor.
The Z-DAG functionality is across all Syscoin services. Syscoin services are Alias Identities, Certificates, Escrow, Offers and Assets. All functions are controlled via an Alias.
The Team Behind Syscoin
A team of developers managed Syscoin and was built by, Sebastian Schepis, its present core developer. Based on the Proof of Developer, a website that checks, assess, and ranks developer teams, Syscoin received five stars in 2014.
Blockchain Foundry supports Syscoin as its flagship product, with a purpose to “disrupt markets by leveraging the potential of blockchain technology.” Then in March of 2017, Microsoft Azure ecosystem becomes their partner and is one of Digital Identity Foundation (DIF) founding members. Other originating members of the DIF include the likes of industry giants such as Microsoft, ConsenSys, Accenture, and more.