The Syscoin platform wants to establish a decentralised trading centre for all types of goods. Similar to Ebay and Amazon, but completely independent, because the middlemen fail and inexpensive, because there are hardly any fees.
Syscoin – What is this crypto currency?
Who is the crypto currency?
Syscoin pros and cons
Syscoin Coin Course – Development – Forecast
Create Syscoin Wallet
Where can I buy the Syscoin?
Based on the blockchain technology, a global network is to be created, which also functions as a decentralized database. The syscoin crypto currency will be one of the possible means of payment on the blockchain. The Syscoin development is not yet finished, but there is already some potential.
Syscoin – What is this crypto currency?
The crypto currency is another digital means of payment and is most similar in function to bitcoin. However, the Sys coin was specially developed for the platform of the same name, where it is exchanged as a token for services and products. The platform is the focus of Syscoin development. This is a public marketplace that can be reached via the Sys coin Wallet. All users should be able to trade products, assets, digital certificates and data on the marketplace. Besides the own crypto currency, Bitcoin and Zcash are also accepted on the platform.
The Syscoin Wallet provides Bitcoin Code
The Syscoin Wallet provides the user interface to access the platform. You can also browse through the offers via the Wallet. The marketplace is called “Blockmarket”, after the Blockchain technology on which the platform is based. Traders can create their own Bitcoin Code shops here and sell their products, or the products of others for a commission. Funds are transferred via the Wallet to buy or sell the products or to store digital certificates. The Wallet can also be used to send encrypted messages. If you want more security in the transactions, arbitrated escrows can be used. This is a kind of escrow service in which a third party deposits the goods while the goods are on their way.
To ensure that transactions can also be concluded quickly and efficiently, the developers use Smart Contracts. Smart Contracts are digital contracts that automatically handle the contents of the contract when certain conditions occur. For Sys coin this means that dealers only have to offer their goods for sale. The sale itself is fully automatic as soon as the buyers have sent the requested amount.
To ensure anonymity, finally one of the original concerns behind the development of crypto currencies, the buyers and sellers hide behind Aliasse. This also serves the usability, because the users only have to deal with the alias, behind which not only the full name but also the address of the wallet is hidden. The Sys coin Blockmarket Wallet wants to be very user-friendly and score with a tidy and clear interface. At the same time, the blockchain uses TOR for user interaction to effectively anonymize buyers and sellers. If you want even more security, you can use Zcash exclusively for transfers, a crypto currency that offers even more data protection.
Syscoin – Who is behind the crypto currency?
The “Blockchain Foundry”, led by Dan Wasyluk, is largely responsible for the development. Blockchain Foundry is a software company specializing in block chains. Dan Wasyluk has more than 15 years of experience in developing complex systems that are easy to use and understand. This is also the reason for the effort to make the use of the sys/coin crypto currency so easy that “even your grandmother can use it”. The Sys coin development has been running since 2014, the blockchain of the crypto currency was created after a hard fork by Bitcoin. Hard Fork is a spin-off from the block chain to its own chain.
Blockchain Foundry was able to enter into a partnership with Microsoft. Blockmarket will be offered on the Azure Blockchain by Microsoft as a service platform.
Syscoin – advantages and disadvantages
Syscoin will not be the only blockchain that wants to build a decentralized shop. There is some competition, but some of these blockchains focus on specialized products and could exist peacefully alongside the sys coin crypto currency. The focus on user-friendliness could be a big advantage of the coin; the platform would rather attract normal people who are not familiar with the coin.