SYS Syscoin
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Frequently Asked Questions
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Overview of Syscoin
Syscoin is a versatile blockchain platform that offers a range of functionalities beyond basic peer-to-peer digital transactions. It provides a comprehensive set of features and solutions for various sectors, including decentralized marketplaces, custom tokens, and more.
Key Features and Use Cases
- Decentralized Marketplace: Syscoin allows users to transact directly on the blockchain, eliminating the need for intermediaries. This marketplace leverages the blockchain’s security and transparency, providing a trustless environment for peer-to-peer transactions.
- Custom Token Creation: Users can create and manage custom tokens on the Syscoin blockchain. This feature allows businesses and individuals to leverage blockchain technology for various purposes such as loyalty programs, tokenized assets, and crowdfunding campaigns.
- Ethereum Virtual Machine (EVM) Compatibility: Syscoin incorporates the EVM, enabling developers to execute smart contracts and build decentralized applications (dApps) on the Syscoin network. This fosters innovation and scalability.
- Zero Confirmation Directed Acyclic Graph (Z-DAG) Technology: Z-DAG allows for near-instant transaction confirmations without waiting for block confirmations, significantly reducing transaction times.
- Merged Mining with Bitcoin: Syscoin is merged mined with Bitcoin, which means miners can simultaneously mine both cryptocurrencies at the same time, enhancing security and efficiency.
- Sentry Nodes and ChainLocks: Syscoin uses a masternode network (Sentry nodes) and the ChainLocks mechanism to enhance the security of Bitcoin’s Proof of Work (PoW) consensus mechanism and mitigate the risk of 51% attacks.
- UTXO Asset Platform: Syscoin’s UTXO chain incorporates Z-DAG, enabling high-speed, low-cost token transfers. This platform allows users to create their own Syscoin Platform Tokens (SPTs), which can represent various assets, including NFTs and fractionalized NFTs (F-NFTs).
- Layer 2 Components: Syscoin’s Network-Enhanced Virtual Machine (NEVM) and Rollux provide additional scalability and interoperability features, making it a robust platform for decentralized applications and digital commerce.
Industry Applications
- Digital Assets: Syscoin supports the creation and exchange of digital assets such as certifications, ownership documents, receipts, event tickets, software licenses, and warranties.
- E-commerce: The platform offers a fully decentralized marketplace with features like encrypted messaging, wallet addresses linked to names, and digital certificates.
- Gaming and Digital Art: Syscoin can be used for gaming and digital art applications, offering scalability, divisibility, and notary capabilities.
- Physical Assets: The platform allows for the tokenization of physical assets, enabling fractional ownership and secure transactions.
Tokenomics
- SYS Token: The SYS token is used for transaction fees within the Syscoin network and follows a dynamic fee structure based on the EIP-1559 proposal, creating deflationary pressure and potentially increasing the token’s value over time.
Last Updated: 12/5/2024 02:29 UTC -
Pros of Syscoin
- Scalability and Speed: Syscoin offers high transaction speeds, with the ability to process over 61,000 transactions per second, making it highly scalable for various applications.
- Security: Syscoin is merged-mined with Bitcoin, leveraging the security of the Bitcoin network and making it resistant to 51% attacks. It also uses ChainLocks to further secure the blockchain.
- Low Transaction Fees: Syscoin provides low transaction fees compared to other smart-contract chains like Ethereum, making it cost-effective for users.
- Decentralized Marketplace: Syscoin features a fully decentralized marketplace that allows for direct peer-to-peer transactions without intermediaries, enhancing privacy and security.
- Interoperability: Syscoin enables seamless interaction with other blockchain networks through bridges, facilitating cross-chain transactions and expanding its utility.
- Custom Token Creation: Syscoin allows users to create and manage custom tokens, which can be used for various purposes such as loyalty programs and tokenized assets.
- EVM Compatibility: Syscoin is compatible with the Ethereum Virtual Machine (EVM), enabling the execution of smart contracts and decentralized applications.
Cons of Syscoin
- Market Competition: Syscoin faces competition from well-established platforms like Shopify and WooCommerce, which are widely recognized and used.
- Adoption Challenges: Syscoin needs significant marketing and adoption efforts to attract mainstream users and businesses.
- Underappreciated Value: The cost of Syscoin is often lower than its potential value, partly due to the crowded cryptocurrency market.
- Developer Control: While Syscoin aims for decentralization, there is still a level of developer control that ensures high quality and security but may limit user freedom.
Last Updated: 12/5/2024 02:29 UTC -
Founders of Syscoin
- Jagdeep Sidhu: The founder of Syscoin, known for his foresight in the crypto industry.
- Dan Wasyluk: Co-Founder of Syscoin and CEO of Blockchain Foundry, contributing to the development and strategic direction of Syscoin.
Last Updated: 12/5/2024 02:29 UTC -
Investors in Syscoin
The specific investors in Syscoin are not detailed in the available information. However, the fundraising statistics for Syscoin include:
- Funds Raised: $782,205.00
- Trade Launch Date: 20 August 2014
For more detailed insights into Syscoin's fundraising journey, including rounds and statistics, you can visit the DropsTab website.
Additional Information
- Market Cap: $79.66 M
- Circulating Supply: 798.89 M
- Total Supply: 798.89 M
- Max Supply: ∞
Performance
- 1h: 0.14%
- 24h: 0.89%
- 7d: 2.79%
- 1m: -2.93%
- 3m: 35.8%
- 1y: -7.87%
Last Updated: 12/5/2024 02:29 UTC -
Halal Status of Syscoin
- Halal Status: Yes
- Reason: Syscoin is considered halal because it has been evaluated against Islamic finance principles and found to comply with Shariah guidelines. It has been assessed for its project legitimacy, token evaluation, and reward systems, and has been rated as "Comfortable" by Practical Islamic Finance.
Last Updated: 12/5/2024 02:30 UTC
Description
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Syscoin is a blockchain protocol that combines the best of Bitcoin and Ethereum, offering fast, low-cost transactions and Ethereum-compatible smart contracts. It aims to provide a scalable infrastructure for businesses and developers to build decentralized applications and services.
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