What is Syscoin (SYS)?
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 (SYS): History
Syscoin was initially described in a 2014 draft whitepaper that envisioned Decentralized Marketplace Creation, Decentralized Smart Contracts and Documents, Decentralized Certificate Issuance and Transfer, and Decentralized Data Storage and Retrieval, as among the services that it will offer upon its release. The early Syscoin wallet was superseded by the release of Block market Desktop 1.0 on September 16, 2017. The Syscoin codebase is publicly available on GitHub. Syscoin’s first iteration, Syscoin 1.0, was a scrypt algorithm, proof-of-work altcoin based on Litecoin that built additional features on the blockchain, including a completely distributed marketplace. Development work on Syscoin 1.0 started in March 2014, but it was only publicly announced on 16 April 2014 PST on Bitcointalk. Presale began on 19 July 19, 2014, at 0.00000465 BTC/SYS, with Moolah.io as escrow agent.
How does Syscoin (SYS) work?
Syscoin aliases replace long complicated coin address with an easy-to-remember string of characters. These aliases can be used across all of Syscoin’s services and make it much easier to send and receive Syscoin. With Syscoin anyone can issue provably-unique certificates with text or ascii content to one or multiple parties on the Syscoin blockchain. These certificates can be authenticated by anyone via Syscoin’s cryptographic proof of work.
This allows for the creation and free exchange of any digital assets such as ownership certificates, warranties, receipts, tickets, certifications, diplomas, software licenses and more. Syscoin has integrated messaging features that offer a higher level of privacy compared to eBay’s messaging system.
How to buy Syscoin (SYS)?
The users can purchase Syscoin directly with USD at Changelly.com. In European countries, you can buy SYS directly with GBP or EURO at Bittylicious.com and in Canada, you can purchase Syscoin directly with CAD at www.ezbtc.ca. If these are not suitable for this service is not offered in your location, you may have to acquire Bitcoin (BTC) first, then exchange them for SYS at an exchange. But before all this, you have to get a wallet to keep your coin safe and have to create a password for it which should not be forgotten. The Syscoin Block market wallet is the first and only wallet of its kind.