Over the past few years, the cryptocurrencies have become a true world trend in the financial industry. For today, there is far more than one variation of the cryptographic type of financial assets. Modern crypto currencies differ among themselves by the principles of mining, emissions, prices, volatility, liquidity, features of work, as well as the level of margin during the sale on the stock exchange.
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Syscoin is one of the rapidly developing crypto-coins, which already today can compete with other very popular cryptocurrencies. In this article, let's talk about: what is a Syscoin, what are the main principles of its work, the level of capitalization, and also a little remember the history of creation.
Characteristic and history
Syscoin combines several functional features: a distributed database for storing information and, at the same time, a decentralized network working with blockchain technology. In fact, Syscoin is not just a unit of account, but a real platform for realization of transactions of purchase and sale of goods for services.
Platform protection system and Syscoin cryptocurrency is the protocol of Proof of Work (like Bitcoin), which has already repeatedly well recommended itself among users. According to the founders of the platform: Syscoin platform with equal success can support not only a decentralized, but also a centralized market, while users can maintain their anonymity and deal with resale.
The same-name investment "Syscoin" project started in 2014. Already a few months after the first coins appeared on the network, the developers decided to sell half of the Syscoin tokens on stock exchanges. This manipulation helped to earn more than 1500 Bitcoins for the development of the platform. In order to popularize the platform among users, as well as make it more convenient, in 2015 Syscoin joined the world network – SuperNet. And in a year, at the beginning of 2016, the company again loudly announced itself by joining the popular Microsoft Azure cloud service. By the end of 2016, an additional platform called Blockmarket was launched to increase the popularity of the crypto-coin, where Syscoin acted as a priority unit of account.
Unfortunately, all the efforts of the developers did not significantly affect the price of Syscoin. And the internal situation in the company coolly undermined the authority of the coin. As you know, even before the launch of Syscoin, the pre-sale Muloch project was registered. The head of Muloch, Ryan Kennedy, after completing the collection of funds to the ICO fund, disappeared along with the money. At the time of 2018, a lawsuit was opened between the owners of Syscoin and Ryan Kennedy. As you know, the company, after the theft, was left out of an insignificant sum of 30 million Syscoin. But even so, the owners are actively developing strategies for further popularization of the cryptocurrency.
Speaking about the principles of work, the main support for the cryptocurrency was the Blockmarket platform. Blockmarket is both a platform and a wallet for storing crypto-coins, where the main unit of account is Syscoin. Here you can make purchases, as well as sell any goods and services.
Another fateful decision for Syscoin was to reduce the crypto-coin emission by half.
Among the characteristics advertised by developers, there are the following:
- Fully decentralized market for buying and selling.
- The calculation, sending, receiving of money occurs using the EASE function.
- All users work in anonymous mode using aliases.
- The possibility of resale.
- Encryption of messages and addresses (Sys-apec).
- Opportunity to involve a third party as guarantor of the transaction.
- The Scrypt algorithm of work.
- The ability to independently "name" your wallet on the platform. Blockmarket 1.1.1 Wallet can be installed on: Windows, MacOS.
- Possibility to create a personal mailbox on the platform for effective communication with buyers, sellers or guarantors of transactions.
The Syscoin platform uses the SYS crypto-currency unit for instant payment for goods and services on the "Blockmarket" platform. The main task that the developers pursued is the elimination of high commission fees, as well as the creation of a global platform for purchases and sales within the company's own trading blockchain network. To start working with the Syscoin cryptocurrency, users need to download a branded application (a wallet called "Blockmarket 1.1.1 Wallet") to their device, where you can store tokens and make money transfers via the Internet.
For today, Syscoin can be used:
- For direct work on the "Blockmarket" platform.
- For resale of services or goods from this platform.
- For the independent activity of a trader on stock exchanges, since Syscoin can be found on almost all world stock exchanges. In large numbers on Bittrex, Poloniex, Live Coin, YoBit, Binance.
The basic principles of the Syscoin network include:
- decentralized management;
- instant sending of crypto-coins without registers and addresses;
- the possibility of automatically charging commissions for the resale of goods on the platform;
- encryption of messages, addresses, files, as well as the anonymity of users (using working aliases);
- authentication of certificates for transfer of securities;
- Integrated exchange of virtual currencies.
As already mentioned above, Syscoin is a cryptocurrency asset that operates on the basis of the process system of the blockchain system and smart-contracts using the Proof of Work algorithms. Most recently, the company announced that the Instant Asset Transfer system is ready for use. And this means that now sending and receiving Syscoin will happen instantly. This innovation in the future can attract coins for calculations in online casinos, and also become a tool for paying for services in Internet games.
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As you can see, developers come up with and implement many moves to promote the coin. And although the bright jumps of the course is not yet visible – the stability of the coin has been holding for several years after the reduction of the emitted quantity of coins.
The world-famous Blockchain Foundry company began using Syscoin, and also promotes the implementation of this network in many large corporations, including the famous Microsoft. Like many digital currencies, SYS gained maximum capitalization at the end of 2017, but after stabilizing the market, it sank to $ 195 million. In the short term, analysts expect an increase in demand for this currency, in connection with the implementation of the project of a separate decentralized Internet market.
The chain of blocks of Syscoin network conducts fast and secure transactions with minimal fees, so it has good prospects for working on online casino platforms and shopping in the gaming industry. In 2018, the founders of the platform promise to add the ability to store files in a decentralized database and increase the speed of operations.
Given that the team working on the management of the shell consists of professionals, it is hoped that the Syscoin crypto asset will be able to break into the TOP-50 of the most demanded networks on the market. But so far, unfortunately, the platform has not been appreciated, neither users nor experts.
Editor: Yuliya Soroka