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What is Syscoin (SYS)?
Syscoin basic info
What is Syscoin (SYS)?
Syscoin (SYS) was developed as a fork of Bitcoin in 2014. It combines the best features of Bitcoin (BTC) and Ethereum (ETH). The blockchain network uses Bitcoin's Proof of Work (PoW) consensus algorithm for security and immutability and Ethereum Virtual Machine (EVM) for smart contract functionality. Syscoin is designed to support the future of smart contracts within Metaverse, IoT, Smart Cities, and future interplanetary economies. Its roadmap includes implementation of ZK-Rollups, Optimistic Rollups, Validium, and DAOSYS, which is a new kind of DAO that aims to provide governance-free treasury management and self-sovereignty for all participants. Syscoin envisions societies with extraordinary levels of financial inclusion and worlds in which every person and business has freedom to benefit from Web3 and beyond. It aims to bring the capabilities of Ethereum and Satoshi Nakamoto's initial concept for Bitcoin to Syscoin to open up new possibilities for a decentralized future.
Who are the Founders of Syscoin (SYS)?
Sebastian Schepis, who co-founded the company that developed the Oracle Project Manager, created Syscoin back in 2014. After the success of the Project Manager, Sebastian has consulted for several large corporations including Bank of America, General Dynamics, Verizon Wireless, and Lockheed-Martin.
The Syscoin project is now being led by a team of experts in the blockchain field, with Jagdeep Sidhu serving as the Foundation President and Lead Developer, and Michiel Näring as the Syscoin Foundation Vice President.
How does Syscoin (SYS) Work?
It's interesting to note that Syscoin has its own version of EVM called the Network Enhanced Virtual Machine (NEVM). This NEVM enables support for Ethereum-compatible smart contracts and rollups on the Syscoin network, giving developers the flexibility to deploy secure and decentralized Web3 apps on Syscoin. Additionally, Syscoin also offers other layer-2 solutions like Z-DAG and the Syscoin Bridge, which help to improve scalability, interoperability, and overall performance.
What makes Syscoin (SYS) Unique?
Syscoin is a unique cryptocurrency that combines the best features of Bitcoin and Ethereum on a single platform. The protocol is based on Bitcoin's PoW model and allows merged mining with Bitcoin, which means that miners can mine both BTC and Syscoin simultaneously at no extra cost. This makes Syscoin's DeFi safer and eliminates the risks of 51% attacks and long-range miner extractable value attacks that Ethereum is susceptible to. Syscoin also retains proven Nakamoto consensus and Proof of Work.
Additionally, the network utilizes a network of masternodes as a scalable service layer through ChainLocks. Syscoin's UTXO Token Platform is a scalable payment channel that allows users to send and receive tokens with low fees instantly, powered by the Z-DAG Protocol.
Syscoin is a dual-chain architecture with a rollup-centric design. It consists of an Ethereum-based blockchain called Network Enhanced Virtual Machine (NEVM) and a Bitcoin-based blockchain called Syscoin Core. Syscoin Core has an asset layer supporting both fungible and non-fungible tokens, taproot, a proprietary DAG protocol called Z-DAG, and more. Both blockchains utilize the same supply of the native coin SYS, which is based on EIP-1559. SYS owners can transfer SYS between both chains via the trustless and permissionless Syscoin Bridge, which uses a 2-way peg mechanism.
For compliance, Syscoin provides Notary, an opt-in solution that enables enterprises to utilize Syscoin's public blockchain for their tokens while ensuring regulatory pre-compliance for individual transactions. Asset owners retain self-custody, providing the necessary technical groundwork for a future in which securities and stocks can participate in DeFi on a public blockchain alongside other tokens.
What is the SYS Token?
The Syscoin platform operates using its native token, SYS. Unlike Ethereum, SYS does not have a capped maximum supply and follows the tokenomics of Ethereum's EIP-1559 proposal.
Conclusion
Syscoin offers an unique cryptocurrency that has the potential for a wide range of use cases. Its array of features and benefits make it an appealing choice for those interested in cryptocurrency trading or asset management.
SYS supply and tokenomics
Uniqueness
The most unique feature of Syscoin is its ability to combine the strongest features of Bitcoin and Ethereum on a single platform. The protocol 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 Syscoin at no extra cost. This provides a safer DeFi, effectively eliminating the risks of 51% attacks and long range miner extractable value (MEV attacks) that Ethereum remains susceptible to, while also retaining proven Nakamoto consensus and Proof of Work.
Moreover, the network utilizes a network of masternodes as a scalable service layer through ChainLocks. This is in addition to Syscoin’s own UTXO Token Platform, a scalable payment channel which allows users to send and receive tokens with low fees instantly, powered by the Z-DAG Protocol.
Syscoin is a dual-chain architecture with a rollup-centric design. This 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 Core or Syscoin Main. It is a Bitcoin-based blockchain with an asset layer supporting both fungible and non-fungible tokens , taproot , a proprietary DAG protocol called Z-DAG, and more. The overall design enables users and developers to leverage the strengths of each "gold standard" model and Syscoin creates new synergies between them where appropriate. Both of these blockchains utilize the same supply of the native coin SYS which is based on EIP-1559. SYS owners can transfer SYS between both chains via the trustless and permissionless Syscoin Bridge which uses a 2-way peg mechanism.
For compliance, Syscoin provides Notary, an opt-in solution that enables enterprises to utilize Syscoin's public blockchain for their tokens while ensuring regulatory pre-compliance for individual transactions while asset owners retain self-custody. This provides the necessary technical groundwork for a future in which securities and stocks can participate in Defi on a public blockchain alongside other tokens.
Token utility
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.
SYS has both UTXO and account-based representations of tokens. Depending on the network it’s on, SYS can exist as Syscoin Platform Tokens (SPTs) and ERC tokens. SYS holders can burn their SYS to mint SYSX as SPTs to enjoy the high transaction throughput offered by Z-DAG. They can also use the SYSX to mint an ERC-20 version of SYS via the SYSX Bridge. This ERC-20 SYS will allow users to utilize all the functionalities of NEVM, such as using smart contracts.
SYS is used for paying transaction fees within the Syscoin network, including the minting and transferring of SPTs. Typically, it only takes 1 SYS to fund thousands of SPT transfers. SYS holders with 100,000 SYS can also host masternodes to participate in the governance of the network and provide services for the blockchain to earn extra SYS rewards.
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What is the development prospect and future value of SYS?
The market value of SYS currently stands at $70.43M, and its market ranking is #423. The value of SYS is not widely recognized by the market. When the bull market comes, the market value of SYS may have great growth potential.
As a new type of currency with innovative technology and unique use cases, SYS has broad market potential and significant room for development. The distinctiveness and appeal of SYS may attract the interest of specific groups, thereby driving up its market value.