E-Commerce platforms are a huge and profitable business. There are many e-commerce sites but majority of business is ruled by a handful of centralized companies like Amazon, Alibaba, eBay, Shopify etc.
They have a complete monopoly over it and anyone who wants to enter e-commerce has to comply with their unreasonable demands. Syscoin aims to bypass these third party services altogether and provide a decentralized marketplace that can bypass the middlemen and give back the control into the hands of retailers and consumers while substantially eliminating the fees charged by these companies.
Syscoin also aims to provide various tools for business and enterprise clients, for example blockchain-based token creation, fully-encrypted messaging, on-chain identity verification, certificates, Syscoin-bridge, and more.
SYS coin is the native token of Syscoin blockchain platform and is central to the functions of the platform. The maximum supply is 888M SYS and the current circulating supply is 586,477,427 SYS with a Marketcap of $14,454,100 USD. The coin is traded in some of the top exchanges such as Binance, CoinEx, Bittrex, and Upbit, it is also traded in other exchanges like VCC exchange, Sistemkoin, CoinDCX, Livecoin, and others.
The daily traded volume is approximately $560k USD. With almost 2/3rd of total supply in circulation and a Marketcap of just above $14M, SYS coin is extremely undervalued at the moment.
Multiple organisations contribute to the development of Syscoin. The first one is Sycoin Foundation, an objective, non-profit organisation based in The Netherlands that works towards the overall growth of Syscoin. Other entities include the Syscoin Development Team, Syscoin Community & Marketing Team (SCMT), Syscoin Asia Community (SAC), Syscoin Community Developers Society (SCDS), and Blockchain Foundry, Inc.
The development team consists of many experienced members that include lead core developer and Co-founder Jag Sidhu, Dan Wasyluk Co-founder and core developer, Willy Ko core developer, and others who work on the development of Core protocol.
The Syscoin Community & Marketing Team is the official Syscoin marketing team, responsible for all marketing and community-related efforts. There are also community developers forming Syscoin Community Developers Society, who are thoroughly professional and build applications and integrations on Syscoin. They have really strong community support who contributes a lot towards the development of Syscoin. Their Syscoin Asia Community is the official community team for Asian countries, responsible for all marketing and community-related efforts in those regions.
Over the past four years Syscoin has built great strategic partnerships with many blockchains as well as mainstream companies that include Microsoft’s Decentralised Identity Foundation (DIF), Microsoft Azure, Blocknorth, Peer Mountain and Komodo.
Syscoin came into existence as a Bitcoin fork in 2014, it is a merge-minable SHA256 coin and mined along with Bitcoin. It is a hybrid POW/POS model that brings two layers of security against double-spends. There are many core features in Syscoin worth notable.
One of the most important is Z-DAG (Zero Confirmation Directed Acyclic Graph), a layer 1 consensus technology, capable of 60k+ transactions per second tested and documented by a third party company Whiteblock. With Z-DAG Syscoin provides “zero confirmation” transactions.
What it means is anyone who transfers funds or ownership through Z-DAG protocol will benefit from near instant transaction confirmations and truly instant redeemability in a secure, decentralized way, and benefit from finality similar to that of Bitcoin. This is great news for retail where speed and security while transacting is top priority. Add to that low fees provided by this network, it will be really attractive for point-of-sale systems.
Other important features include Syscoin Platform Tokens, Syscoin identities, masternodes and Syscoin-bridge.
Syscoin Platform Tokens (SPT) allow anyone to quickly create their own cryptocurrency token on Syscoin Platform. An example of an SPT is LODE backed AGX token, LODE project is a cryptographic money system backed by physical silver. Other use cases include loyalty points, coins supported by physical assets, and service-backed currency.
Syscoin identities remove the need for long Syscoin addresses and use basic aliases that simplifies sending and receiving funds.
Syscoin masternodes launched in 2018 is based on Dash masternodes and enhances on its features by offering governance issuance, seniority bonuses, and high transactional throughput using Z-DAG. In the governance system, masternode owners vote on proposals by individuals or a group to receive funds from governance funding. As an incentive to keep staking, Masternode owners receive 75% of the rewards dispersed per block. There is a seniority benefit given for long time operators, as a reward, operators receive 35% bonus for running the node more than a year and receive 100% after 2.5 years. The benefit is paid only if the collateral of active masternode is kept locked in the same address. The collateral amount needed to join a masternode is 100,000 SYS.
The latest upgrade in Syscoin is the Syscoin-bridge feature that is first of its kind a two way bridge to Ethereum. This allows Ethereum developers to move ERC20 tokens back and forth between the Ethereum network and Syscoin Platform, where they can make use of the scalability and high transaction speed that Syscoin offers.
Tokens can be moved both ways, that is SPT tokens can be moved to Ethereum platform where they can harness powerful Ethereum features such as Smart Contracts. This way token projects can make the most of both platforms. There are plans to include more platforms and expand the service to other blockchains.