SysCoin is a platform that operates as a global network, a decentralized database, and a Blockchain. It is also a cryptocurrency and a tradeable token. SysCoin is merge-mined with Bitcoin, providing one of the most secure and stable networks available.
The platform features the world's first decentralized marketplace, directly in the wallet. The decentralized market allows for near-real-time payment upon purchase, negligible fees, and no downtime. SysCoin and Bitcoin can both be used as payment methods in the marketplace. Other features of the platform include Escrow services, price pegging, encrypted messaging and digital certificates.
SysCoin’s Blockmarket is a web-based and downloadable application, usable on mobile, stand-alone, or as a web-portal. The SysCoin development Team consists of Jag Sidhu, Dan Wasyluk, Sebastien DiMichele, Brad Hammerstron and Sebastien Schepis.
The development of Syscoin started in March 2014, but it was not publicly announced until April 16th, 2014 on Bitcointalk. Presale began on July 19, 2014, at 0.00000465 BTC/SYS. ICO price was .00000518 BTC/SYS. The ICO raised around 1000 BTC of which 25% was used for “buy support”. A scammer called Ryan Kennedy also known as “Alex Green” stole the remaining 750 BTC from the project’s funds. The Syscoin team has been in litigation against Kennedy since October 2014 because of the theft.
SysCoin’s value arises from the services it provides on the Blockchain. Blockchain technology underlies all of the services provided by the platform. SysCoin uses the SYS symbol in online exchanges. As of January 2018, there is a circulating supply of 530, 118, 941 SYS from the Max Supply of 2 billion SYS. SysCoins can be mined through several pools like syscoin.me, sys.coin-miners.info, and syscoin.cryptopools.com.
Among its features, SysCoin offers:
Proof-of-Work algorithm: SysCoin runs on the SHA256 algorithm and is merge-mineable with Bitcoin.
Multipool Protection: SysCoin retargets difficulty on each block mined by using KGW. The service employs small minimum and maximum values as algorithmic inputs, effectively allowing a much more rapid and accurate change of difficulty in comparison with other environments that also use KGW.
A reward of 128 SysCoin per block mined as well as regenerated network services fees (rewards will decrease on a fixed schedule and remain stable at 32 SysCoins until 2 billion coins are mined. After this point, rewards will be based only on network and service fees).
SysCoin supports various marketplaces, from fully decentralized marketplaces to centralized ones. Users can sell anything directly on the platform, or they can also build a site for their business that will use SysCoin’s infrastructure to manage transactions. SysCoin can act as a decentralized channel for selling goods and services that allows price pegging to many important currencies including CNY, EUR, BTC, and USD.
The Blockmarket wallet allows you to send and receive SysCoins, keeps your transaction logs in order, lets you buy, sell, and resell items, send encrypted messages between users, and more. Blockmarket wallet is the first and only wallet of its kind. Transaction services will always be available with no downtime.
SysCoin’s features and Smart Contracts provide secure solutions for different decentralized services straight on the Blockchain. Some of the great applications possible from the merging of SysCoin´s many features are:
Aliases & identity system
30+ payment options
Anon payment options
The SysCoin Blockmarket was launched at 1:23 (SPT) on September 12th, 2017.