Syscoin

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Discover Syscoin's fundamentals and latest news.

This content was generated by Whalee (BETA), an AI crypto assitant that analyses cryptocurrencies. Informations can be incomplete and/or erroneous. Please always double check and DYOR.

What is Syscoin?

Syscoin (SYS) is a modular, Proof-of-Work (PoW) blockchain that is merge-mined with Bitcoin, providing a scalable data availability layer for rollups and other scaling solutions. It offers fast and low-cost transactions, assets, and NFTs, leveraging Bitcoin's censorship resistance and hashrate. Syscoin's architecture includes a dual-chain Layer 1, comprising a native UTXO blockchain and an Ethereum Virtual Machine (EVM) chain called NEVM, which supports smart contracts and decentralized applications.

How is Syscoin used?

Syscoin (SYS) is used in various ways within the Syscoin ecosystem. Here are some key use cases:

  • Gas and Transaction Fees: SYS is used to pay for transaction fees within the Syscoin network, including the minting and transferring of Syscoin Platform Tokens (SPTs) and NFTs.
  • Masternodes: Users with 100,000 SYS can host masternodes, which support the network infrastructure and provide services. Masternodes receive rewards and seniority bonuses for their participation.
  • Governance: SYS is needed to make governance proposals, with 250 SYS burned for each proposal.
  • Token and NFT Creation: SYS is burned when creating tokens or NFTs on the platform.
  • Incentivizing Bitcoin Miners: SYS incentivizes Bitcoin miners to support Syscoin through merged mining, providing an additional reward beyond diminishing BTC rewards.
  • Smart Contracts: SYS will be used to pay for gas on smart contracts, similar to Ethereum.
  • Node Operations: SYS is required to run nodes on the network, ensuring the decentralized and secure operation of the blockchain.

These use cases highlight the utility-focused nature of SYS, which plays a crucial role in maintaining and utilizing the Syscoin ecosystem.

How do I store Syscoin?

To store Syscoin (SYS) tokens, you can use a digital wallet specifically designed for Syscoin. Here are the steps:

  1. Choose a Wallet:

    • Klever Wallet: This is a popular option that allows you to manage your Syscoin tokens securely. It offers features like seamless transactions, asset management, and advanced security protocols.
    • Electrum-SYS: This is a third-party wallet that supports Syscoin and can be used with Trezor devices.
  2. Set Up Your Wallet:

    • Klever Wallet: Download and install the Klever Wallet app. Create an account and follow the setup process to create a new wallet or import an existing one.
    • Electrum-SYS: Download and install Electrum-SYS. Follow the setup process to create a new wallet or import an existing one.
  3. Add Syscoin to Your Wallet:

  • Klever Wallet: Once your wallet is set up, you can add Syscoin tokens by buying or transferring them to your wallet address.
  • Electrum-SYS: Use Electrum-SYS to interact with your Syscoin tokens and manage your wallet.
  1. Secure Your Wallet:
    • Klever Wallet: Klever Wallet incorporates advanced security measures, including KleverSafe, to ensure your Syscoin tokens are stored safely.
    • Electrum-SYS: Make sure to follow best practices for securing your Electrum-SYS wallet, such as using strong passwords and keeping your private keys safe.

By following these steps, you can securely store your Syscoin tokens in a digital wallet.

How to buy Syscoin?

To buy Syscoin (SYS) tokens, you can follow these steps:

  1. Create an account: Sign up with a reputable cryptocurrency exchange such as Kriptomat, Binance, or KuCoin. Verify your email, phone number, and identity to unlock the full potential of the platform.

  2. Add funds: Deposit money into your account using a bank transfer, credit card, or debit card. This will allow you to purchase Syscoin and other cryptocurrencies.

  3. Select Syscoin: Navigate to the exchange's platform and select Syscoin (SYS) from the list of available cryptocurrencies. Enter the amount you want to purchase and preview the transaction details.

  1. Confirm purchase: Confirm your purchase and wait for the transaction to complete. Once the transaction is successful, you will own Syscoin tokens.

Additionally, you can also consider purchasing a stablecoin like USDT first and then use it to buy Syscoin for better coin compatibility.

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History of Syscoin

Syscoin (SYS) was first designed in 2013 and initially released in 2014. It was founded by Sebastian Schepis, a notable figure in the tech world with a background in creating enterprise solutions. The original Syscoin 1.0 was a scrypt algorithm altcoin based on Litecoin and was announced on April 16, 2014. It aimed to provide a decentralized marketplace, smart contracts, and other decentralized services, although some of these services were only accessible through a command-line interface at the time.

Syscoin 2.0 was released on May 1, 2016, which switched the algorithm to SHA-256 and made it merge-mineable with Bitcoin. This change increased the hashing power and resistance to 51% attacks. The total number of coins mineable was set at 888 million.

Syscoin 4.0 was implemented via a hardfork and introduced significant improvements, including a streamlined SHA256 merge-mined blockchain focused on scalability, assets, throughput, security, and cross-chain interoperability. It also introduced an enhanced Z-DAG Protocol with improved performance characteristics and parallel signature verification.

Over time, the Syscoin platform has evolved to provide a decentralized scalable blockchain for enterprise use, offering high throughput and scalability, low fees, and a unique form of decentralized cross-chain asset interoperability. It has also developed a modular EVM execution layer, enabling Bitcoin to support a wide range of decentralized applications.

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How Syscoin works

Syscoin (SYS) is a dual-layer blockchain solution that combines the security of Bitcoin's Proof of Work (PoW) with the functionality of the Ethereum Virtual Machine (EVM). This unique architecture allows Syscoin to provide high scalability while maintaining robust security and decentralization.

Layer 1: The Syscoin Blockchain

The core of Syscoin is its main blockchain, which uses a UTXO (Unspent Transaction Output) token platform powered by the Z-DAG protocol. This layer provides high transaction throughput with low fees, making it suitable for instant token transfers. Users can create their own Syscoin Platform Tokens (SPTs) on this platform, including NFTs and fractionalized NFTs.

Layer 2: Network-Enhanced Virtual Machine (NEVM)

On top of the main blockchain, Syscoin has an EVM layer called NEVM. This layer provides smart contract functionality, allowing users to build and interact with decentralized applications (dApps) similar to those on Ethereum. NEVM is designed to support rollups, which are scaling solutions that can be built on top of Syscoin's data availability layer.

Merged Mining and ChainLocks

Syscoin is merge-mined with Bitcoin, meaning that a majority of Bitcoin's hashrate is used to secure the Syscoin network. This provides an additional layer of security and prevents 51% attacks. ChainLocks, a consensus mechanism used by Syscoin, ensures that transactions are confirmed quickly and securely by requiring cryptographic signatures from a network of masternodes.

zkDA and Trustless Interoperability

Syscoin is developing zkDA, a solution that will enable trustless interoperability between different blockchain ecosystems. This will allow other blockchains to tap into Syscoin's data availability and ultimately Bitcoin's PoW security, enhancing their own security and scalability.

Rollups and Data Availability

Syscoin provides a data availability protocol that scales, making it ideal for supporting rollups. Rollux, an EVM-equivalent rollup built on Syscoin, offers 2-second block times and negligible fees. Other rollups, such as Cartesi, can also be built on top of Syscoin, leveraging its data availability and security.

Governance and Incentives

The native coin, SYS, is used for transaction fees, incentivizing Bitcoin miners to support Syscoin, and for hosting masternodes that participate in the governance of the network. This ensures that the network remains decentralized and secure.

Modular Design and Scalability

Syscoin's modular design allows it to support multiple layers, each optimized for specific purposes. This approach enables exceptional scalability, as different layers can be added or integrated to meet specific needs. The unique data availability protocol on Layer 1 makes Syscoin an attractive option for projects seeking a settlement layer for their rollups.

In summary, Syscoin combines the strengths of Bitcoin and Ethereum to provide a highly scalable and secure blockchain solution. Its modular design, merged mining with Bitcoin, and innovative technologies like zkDA and ChainLocks make it an attractive alternative for users looking to develop and interact with Web 3 applications and projects.

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Syscoin's strengths

Syscoin (SYS) has several strengths that make it an attractive option for users and developers:

  1. Scalability: Syscoin is designed to be highly scalable, with a unique modular architecture that supports various scaling layers. This allows it to handle a high volume of transactions efficiently and at a low cost.

  2. Security: Syscoin leverages the security of Bitcoin's Proof of Work (PoW) network through merge-mining, which provides robust security against 51% attacks and selfish mining. Additionally, it uses ChainLocks, a consensus mechanism that ensures the integrity of transactions.

  3. Flexibility: Syscoin supports both UTXO and account-based representations of tokens, allowing it to be compatible with different networks and use cases. It can exist as Syscoin Platform Tokens (SPTs) and ERC tokens, providing users with flexibility in how they use the coin.

  1. Low Transaction Fees: Syscoin is known for its extremely low transaction fees, making it an economical choice for users who need to perform frequent transactions.

  2. Decentralization: The network is decentralized, with over 2,700 independently owned and operated Sentry nodes that work together to provide a secure and reliable finality mechanism.

  3. Modularity: Syscoin's modular design allows it to integrate different technologies and solutions seamlessly, making it a versatile platform for various use cases.

  1. Support for Smart Contracts: Syscoin's Network-Enhanced Virtual Machine (NEVM) layer provides smart contract functionality, making it compatible with Ethereum-based smart contracts and allowing users to create and interact with decentralized applications.

These strengths make Syscoin an attractive option for users and developers looking for a scalable, secure, and flexible blockchain platform.

Syscoin's risks

Syscoin (SYS) is considered a high-risk investment, with a risk gauge rank indicating that it is currently a high-risk investment. This assessment is based on factors such as the amount of money required to shift its price over a 24-hour period, recent changes in volume and market capitalization, and the potential for price manipulation.

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Did Syscoin raise funds?

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Syscoin’s team

  • Sebastien DiMichele: Co-Founder of Syscoin.
  • Brad Hammerstron: Employee at Syscoin.
  • Ashton Addison: Employee at Syscoin.
  • Ian Moore: Employee at Syscoin.
  • Fernando: Core Developer for Syscoin, Rollux, and SYS Labs, based in Lima, Peru.
  • Dylan Stewart: Digital Marketer and Communications Specialist, key player in the Syscoin community.

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