Cryptocurrency

What You Need To know About Syscoin3 min read

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Syscoin is a global network, a distributed ledger, a decentralized database and a blockchain. It is also a cryptocurrency, an altcoin, a digital currency and a tradeable token.

Syscoin is based on a fork of the Bitcoin protocol and is merge-mined with Bitcoin, giving us one of the most secure, stable and scalable networks to ever exist on the planet.

Syscoin isn’t just about money and trading, it has the ability to attract various business types thanks to its native set of features geared towards business on the blockchain. From eBay traders and High Street shops to Medical applications, Insurance and Gaming, Syscoin’s decentralized network benefits everyone!

Another crucial aspect is Syscoin’s effective and unique interoperability with other blockchains.  Having hundreds of isolated protocols existing as islands unto themselves limits the degree to which the world can benefit from blockchain tech. Through the native Syscoin Bridge feature, any application can interact with multiple blockchains, and do so without involving intermediaries nor counterparties. The benefit of this kind of interoperability – enabling a single application to take advantage of a robust ecosystem on demand and readily harness the strengths of multiple protocols – is a big boon. To top it off, Syscoin Bridge opens Z-DAG network to the entire ecosystem.  The industry needs this kind of solution.

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The low fees provided by this network also make the native tokens and assets useful in diverse ways.  Anyone looking to build a point-of-sale system will benefit from the low fees and high transaction throughput the system provides right now.  While excelling as a point-of-sale solution, it also extends well beyond traditional business models; powering microtransactions, stock and supply chain management, asset exchange, and even e-commerce. There are numerous options and uses to explore, both within and outside of traditional finance.

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HOW TO GET A SYSCOIN WALLET

Syscoin (SYS) is a digital currency that allows low-cost transactions (our fee is per transaction) and provides businesses a safe infrastructure for trading goods, assets, digital certificates, and data.

Syscoin’s value derived from the decentralized services it provides on the blockchain, a decentralized system of record hosted by a series of “nodes” on the Syscoin network.

Syscoin 1.0 was the first decentralized marketplace and a script algorithm altcoin based on Litecoin. The original whitepaper[3] included Decentralized Marketplace Creation, Decentralized Smart Contracts and Documents, Decentralized Certificate Issuance and Transfer and Decentralized Data Storage and Retrieval. Some of these services were available upon launch but only accessible through a command-line interface.

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HOW TO BUY SYSCOIN?

To purchase syscoin, you need to have a wallet to store the coins. The wallets are available on the official syscoin website; then you download the wallet that is compatible with your machine.

You create an account which allows Syscoin exchange, you then deposit funds into your account and you can start to buy and sell syscoin. After the creation of the Block Market desktop wallet, users can use other cryptocurrencies to buy and sell syscoin coins. You can buy syscoin on various exchanges i.e. Bittrex, Poloiniex, BTC38 and TUX exchange.

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