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Introduction to Syscoin – The Amazon of Cryptoworld

Introduction to Syscoin

Syscoin’s Version 1 was released on April 2014. It can be termed as world’s first decentralized marketplace. Recently Syscoin 2.0 was also launched on May 2016 with additional features like the graphical interface and distributed ledger. Syscoin supports certificates, aliases and decentralized markets in Blockchain. In layman’s language, you can describe Syscoin as an altcoin running its own blockchain and decentralized database on a fork of the Bitcoin protocol with the SYS token.

Syscoin is an infrastructure on which decentralized markets can be constructed. This network allows the customers to create and customize their own markets. The market can vary from huge enterprise markets such as eBay to small super specialized trading podiums. The whole market is built on the concept of cryptocurrency. An instance of the decentralized implementation of the trading platform based on Syscoin is Blockmarket. This is open source project which is available on Github. You can go through all the steps to deploy a trading platform for buying and selling goods within Syscoin network.

Syscoin implementation needs the issue of certificates. You can register as a publisher on the website and then generate distinctive and genuine cryptography certificates. With the help of certificates, you can allow multiple parties to leverage the benefits of exchanging stocks, goods, software license, tickets, warranties and many more assets. Syscoin works towards removing corruption by creating opportunities to create demonstrably fair arbitration systems. Users can share their data directly in blockchain without any third party authentication because that work is already done by Syscoin when users register themselves. Syscoin Network, performs the function of a third party, guaranteeing a cryptographically verifiable verification. Syscoin has numerous benefits one being almost zero transactions cost, second, it provides phenomenal speed and third it gives infrastructure to trade goods, assets, digital certificates and data securely.

Syscoin is nicknamed as Swiss Army Knife of cryptocurrency platforms. It has a huge collection of smart contracts which are used to give solutions to thousands of different decentralized service use-cases directly on the blockchain with no compromise. All these benefits can only be garnered from Syscoin. No other blockchain project can come par with Syscoin if talk about the impeccable features. Syscoin launched in 2014 and is currently sitting at $0.10 a coin with 888 million coins total in circulation and a $55 million dollar market cap. It is mainly traded on Poloniex under the SYS/BTC trading pair. It is predicted that when they release the new public version next product Blockmarket in a short time, Syscoin has the potential to rise as much as 10x in price, so do your research on this hidden gem. The cryptocurrency market works closely with Bitcoin, Syscoin and Zcash. In this market, you can easily do the business be it buying or selling. You can create a whole labeled store or you can sell to other people and get a commission. This makes the wholesaler-retailer possibilities quite greater in cryptocurrency market. Syscoin has achieved this trust in last two years and hence is becoming a growing favorite among users.

One of the most useful features of Syscoin is aliases. You need not to type a person’s complicated wallet address when you are sending or receiving money. Aliases are decentralized account management construct similar to bitcoin accounts but on the blockchain. This means you can access alias coins without a wallet which builds up to zero knowledge authentication by having client-side sign account transaction inputs without requiring a wallet. The certificates on Syscoin are used in storing documents which are encrypted on the blockchain. You can even buy these digital certificates on Syscoin. It can be transferred to the buyer for purchase. So basically the cryptocurrency market also works for non-traditional products. You can also auction on Syscoin 2.2. Basically offers on Blockmarket can be converted to auctions by providing countdown time, minimum bid and initial price. You have many types offers here like regular offers, timed auctions and timed auctions with “Buy Now” option.

Syscoin is the next big thing after Bitcoin. It has better features and reliability. It makes use of cryptocurrency platforms in a much diverse way providing its users more comfort to do business. Their improved interface has the ability to attract users and welcome the concept of cryptocurrency in their worlds.

Featured Image:- Snip from Syscoin’s Twitter account.

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Written by Shalini Shikha

I am a passionate and creative content writer. I believe that a good research, constructive flow, and impeccable grammar make an article shine out. Hence I follow all three sutras while writing. I am a Software Developer by profession but my heart lies in writing. It gives me immense happiness to bake the words properly so as to present a crisp content.


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