Syscoin SYS
About
Who Are the Founders of Syscoin?
Syscoin was created in 2014 by Sebastian Schepis — one of the co-founders of the company that created what became the Oracle Project Manager, an enterprise management system. Following the success of Project Manager, Sebastian has gone on to consult for large corporations like Lockheed-Martin, Bank of America, General Dynamics, Verizon Wireless, and several others
Today, Syscoin as an open source project is led by the non-profit Syscoin Foundation with board members including Jagdeep Sidhu (Foundation President and Lead developer) and Michiel Näring, Syscoin Foundation Vice President.
SYS Labs, an enterprise, leads the development of flagship apps and systems built on Syscoin, including Rollux (OPStack L2), SuperDapp, Pegasys DAO (DEX), and Luxy (NFT marketplace).
What Makes Syscoin Unique?
The most unique feature of Syscoin is its ability to combine the strongest elements of Bitcoin and Ethereum on a single platform. Syscoin's layer 1 consensus is based on Bitcoin’s SHA-256 PoW model and allows merged mining with Bitcoin. This means that miners can simultaneously mine both BTC and SYS at no extra cost. Comparing Syscoin's hashrate to Bitcoin's it can be seen that generally over 50% of Bitcoin's hashrate also mines Syscoin and that it is supported by several larger Bitcoin pools. Syscoin also provides decentralized finality on top of Nakamoto consensus which effectively eliminates the risks of 51% attacks normally associated with PoW while also retaining proven Nakamoto consensus from beneath. Moreover, Syscoin is modular layer 1 that supports optimistic rollups and ZK rollups, and provides them a low-cost data availability service that is censorship resistant called PoDA. The first layer 2 built on Syscoin is a fork of Optimism called Rollux, an EVM-equivalent optimistic rollup that went live on June 28, 2023, built by SYS Labs. The Rollux ecosystem is Syscoin's primary target for ecosystem growth as it provides scalability with a fast and low-cost user experience.
In sum, Syscoin's technology today effectively provides what Ethereum plans to provide in the future with its modular roadmap, including data availability, while retaining Bitcoin's Proof-of-Work.
The network utilizes incentivized full nodes (masternodes) to serve multi-quorum chainlocks for finality. You can find out more about the incentives and requirements to run a Syscoin masternode at sysnode.info.
As for Syscoin's overall layer 1 architecure, it is dual-chain with a modular (rollup-centric) design. This architecture consists of an Ethereum-based blockchain called Network Enhanced Virtual Machine (NEVM), released December 6, 2021, which is compatible with any smart contracts or rollups built for Ethereum. The other blockchain is called Syscoin UTXO or "Syscoin Native", which is a Bitcoin-based blockchain supporting taproot, data availability, a token platform supporting ordinals and both fungible and non-fungible tokens, a proprietary DAG protocol called Z-DAG, and more. Overall, the architecture enables users and developers to leverage the strengths of each "gold standard" model (Bitcoin and Ethereum) while creating new synergies between them where appropriate, such as PoDA. Both of the Syscoin blockchains, as well as Rollux, utilize SYS as their native coin. SYS is utility-focused coin based on EIP-1559. SYS owners can transfer SYS between these chains via the Syscoin Bridge and the Rollux Portal.
What Is the Circulating Supply of Syscoin (SYS)?
Syscoin (SYS) is the native token of the Syscoin platform. Its tokenomics are based on Ethereum’s EIP-1559 proposal without a capped maximum supply. The supply of SYS is based on the protocol emission and deflationary burning of fees for transactions. At the time of writing, Syscoin’s circulating supply was 751,391,717 SYS.
Where Can You Buy Syscoin (SYS) Tokens?
You can buy and trade Syscoin in numerous cryptocurrency exchanges, including trading platforms like Binance, MEXC Global, KuCoin, Bitmart, Huobi and Gate.io.
Want to keep track of SYS prices live? Download the CMC mobile app.
AI Analysis
What is the Syscoin (SYS) cryptocurrency good for? What are its main use cases?
Syscoin (SYS) is a blockchain platform that combines the benefits of a decentralized cryptocurrency with features traditionally associated with centralized services such as e-commerce. It aims to provide a range of functionalities that can cater to different use cases. Here are some of the main uses of Syscoin:
E-commerce: Syscoin offers a decentralized marketplace that allows users to create and manage online storefronts without the need for intermediaries. This marketplace supports various types of goods and services, enabling secure and efficient transactions.
Tokenization: Syscoin allows users to create and manage digital assets or tokens. This feature is beneficial for businesses looking to create their own tokens for specific use cases, such as loyalty programs, fundraising (via initial coin offerings), or representing physical assets.
Decentralized Identity: Syscoin provides tools for creating decentralized identities, allowing users to manage their own identity and credentials without relying on a central authority. This is particularly important for privacy and data security.
Smart Contracts: The platform supports smart contracts, enabling developers to create self-executing contracts with terms directly written into code. This feature can be used for various applications, including automated agreements in finance, real estate, and more.
Secure Document Storage: Syscoin allows users to store documents and files on the blockchain in a secure and immutable way. This can be used for anything from legal documents to certificates and other important records.
Cross-Chain Compatibility: Syscoin can interact with other blockchains, facilitating easier integration and interoperability. This is useful for projects that require cross-chain capabilities and access to different blockchain ecosystems.
Merchant Services: With Syscoin, businesses can accept cryptocurrency payments easily, enabling merchants to broaden their payment options and reach a global customer base more effectively.
Cost Efficiency: Syscoin's architecture is designed to be cost-effective for transactions, making it a practical choice for microtransactions and applications that require low transaction fees.
Overall, Syscoin aims to provide a comprehensive suite of tools and services that leverage blockchain technology for various practical applications, particularly in the areas of commerce, finance, and identity management.
What blockchain does Syscoin use? Is it its own blockchain or built on top of another?
Syscoin operates on its own blockchain. Originally, Syscoin was built on the Bitcoin blockchain using the Bitcoin protocol, but it has since evolved. As of the introduction of Syscoin 4.0, the platform has integrated features from Ethereum, utilizing a dual-layer architecture that provides both a blockchain and a smart contract platform. This allows Syscoin to support decentralized applications (dApps) and facilitate various types of transactions, combining the security of Bitcoin with the flexibility of Ethereum.
Is Syscoin programmable? Does it support smart contracts or decentralized applications?
Yes, Syscoin is programmable and supports smart contracts and decentralized applications (dApps). Syscoin utilizes a unique combination of features from both blockchain technology and traditional databases, allowing it to offer services such as decentralized marketplaces, identity verification, and more.
Syscoin's architecture is designed to enable the development of smart contracts using its Syscoin Contract feature, which allows developers to create dApps and utilize various functionalities associated with smart contracts. Additionally, Syscoin has a focus on interoperability and scalability, facilitating the creation of efficient and robust decentralized applications on its platform.
Overall, Syscoin provides a platform for developers looking to build and deploy dApps and smart contracts while leveraging the underlying features of its blockchain technology.
How fast are Syscoin transactions? What is the typical confirmation time and throughput (transactions per second)?
Syscoin is designed to offer high-performance and efficient transactions. As of my last update, Syscoin can achieve transaction speeds that allow for block times of about 60 seconds, which translates to relatively quick confirmation times. The throughput of Syscoin can vary, but it is designed to handle a substantial number of transactions per second (TPS). Previous reports suggest that Syscoin can handle upwards of thousands of transactions per second when utilizing its scaling solutions.
For the most accurate and up-to-date information, including any advancements or changes in performance metrics, it’s advisable to check Syscoin's official documentation or their latest announcements.
How much data can I store on the Syscoin blockchain? Does it support on-chain data storage?
Syscoin does support on-chain data storage, allowing users to store various types of data, such as documents, metadata, or other information directly on the blockchain. However, the amount of data you can store is influenced by several factors, including block size, transaction size, and network fees.
Each Syscoin block has a size limit (typically around 1MB), and individual transactions also have size limits. The amount of data you can store per transaction may vary, but generally, it is advisable to keep data storage efficient to reduce costs and optimize performance. Moreover, excessive on-chain data storage can lead to higher fees and slower transactions.
For specific data storage capabilities and recommendations, it's best to consult the latest Syscoin documentation, as protocols and best practices may evolve over time.
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