Syscoin (SYS) is a crypto coin running on opensource SYScoin blockchain. It is a mineable coin, based on the original Bitcoin code using SHA256 hash function. The purpose of SYScoin is to fulfill the original vision of Satoshi Nakamoto i.e. marketplace on the blockchain. SYScoin blockchain claims to be better than Bitcoin is many ways because it provides near zero cost transactions using native SYScoin with Z-DAG protocol (Zero-Confirmation-Directed-Acyclic-Graph). The underlying blockchain of SYScoin has two consensus layers. The first layer arranges the transaction in an order before recorded on the blockchain. This layer provides instant settlement of the transaction. The second layer confirms the transaction using the Proof of Work protocol. The next generation SYScoin blockchain integrates “Blockmarket 3.0” which allows the users to buy or sell to anyone in a decentralized manner. Syscoin is presently being used in decentralized marketplace known as Blockmarket and is available to download from their official website.
SYScoin ecosystem offers a number of services apart from sending and receiving the money. These services on the blockchain include Aliases (Eliminated the complex wallet addresses), decentralized marketplace, Encrypted messaging (for the marketplace), Arbitrated Escrow and Digital Certificates (to store and transfer small documents).
Syscoin was created and developed by Sebastian Schepis. He is core developer at SYScoin. The team consists of 9 other members. There are 5 members from community team. Syscoin is based on hybrid consensus algorithms i.e. proof of work and Masternodes. The desktop wallet acts as a node which is limited to sending and receiving the Syscoins. The Masternode requires to hold 100,000 Syscoins. The Masternode is incentivized during block rewards. 67.5% of the reward goes to Masternodes.
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