Feature: Syscoin, Business on the Blockchain.

Syscoin Business on the Blockchain

Syscoin Business on the Blockchain

Syscoin is a revolutionary Crypto-currency that provides businesses with decentralize infrastructure to trade goods, digital certificates, assets and data in a secure manner. It is both a Crypto-currency and a business platform and just like Bitcoin that is characterized low transaction costs.

Coin/Token Specifications: There are 480,559,228 units of Syscoin issued with the symbol as SYS. Syscoin trades under trade symbol SYS on virtual currency exchanges, including Bittrex and Poloniex.

Team: Syscoin has a sizable team ranging from marketers and developers and has been quite active developing promoting their platform. Their team is lead by Dan Wasyluk and has been has been creating innovative Crypto-currency projects since December 2013. Syscoin is designed by an open-source development team of five. The Syscoin development team has been creating innovative Crypto-currency projects since December 2013. Experienced in various software languages, the team is equipped to ensure Syscoin’s future development and ease-of-use of its services. The team members are as follows:

  • Dan Wasyluk: Team Manager & Developer
  • Jag Sidhu: Core Developer
  • Brad Hammerstron: Marketing
  • Sebastien Dimichele: PR & Community Manager
  • Willy Ko: China Community Manager and Developer

Innovation: Syscoin has a decentralized marketplace built into the blockchain, it’s wallet GUI(Graphical User Interface) provides not only a standard wallet to send and receive, but also full access to the marketplace and many additional features including escrow, aliases, encrypted messaging, certificates, price pegging, Bitcoin as a payment option and much more.

Syscoin ensures that it’s network, data storage and marketplace cannot be taken down by a single point of failure, by allowing its network to be secured via the most powerful mining network in existence. Being merge-mined with all other SHA-256 coins, allows all Bitcoin miners to also mine Syscoin simultaneously, providing existing miners with a small bonus.

Syscoin offers the following services that are decentralized and secured using Bitcoin and Blockchain technology:

  • Decentralized data storage: Syscoin sends and receive data, which is secured through encryption on the Blockchain.
  • Decentralized market on Blockchain: This feature allows business to be conducted on a peer to peer platform without any third party mediating where users can sell anything they want on the Blockchain.
  • Digital certificates and asset: Syscoin can issue, authorize and trade certificates on the Blockchain for example stocks, bonds, assets and ownership certificates. This has huge potential in creating efficiencies in the brokerage business.
  • Miners and Fees: Miners collect fees from transactions on Syscoin as a reward for securing the network. The system had a merged mining  which was a unique fee and coin recycling feature that ensures miners are paid even after all coins had been created.

Syscoin ensures that the data storage or market place cannot be taken down by a single point of failure by allowing its network to be secured through merge mined with all the other scrypt coins.

Syscoin is currently working on solving its Blockchain bloat problem as well as testing to improve scalability of the platform. New features include:

  • Safe Search/Item Moderation (optional, on by default in team-provided wallet).
  • Search Pagination.
  • Default Alias.
  • Message Ordering, Escrow Ordering.
  • Special pruning mechanism for reducing Blockchain bloat.
  • Themeing option.
  • Easy Unlock for Encrypted Wallets.
  • Archive / Hide Sold Out Item.
  • Item Geolocation.
  • Suggested Categories.
  • Category search.
  • Hiding expired and completed escrows.
  • Rating system.
  • Item wishlist.

Syscoin 2.0 has the following features:

  • Sending and receiving Syscoin between wallet addresses.
  • Keeping track of your transaction history.
  • Buying and selling items on the marketplace.
  • Sending encrypted messages and reselling items.

Target Market: Syscoin targets individuals and businesses that would like to trade on a secured Blockchain benefiting from low costs and secure transactions.

Potential: Syscoin recently became a Microsoft Azure partner for its cloud-based Blockchain as a Service (BaaS) platform. Future enhancements will include full featured mobile applications, import/export filters for Ebay, Etsy and other centralized marketplaces, plus web plugins for Prestashop, Magneto and Shopify.

Syscoin References:

This article is adapted from the upcoming eBook published by BitHub Africa titled, The Blockchain Opportunity.

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