What Is Syscoin (SYS)?

What is Syscoin (SYS)? A Beginner's Guide - CoinCentral

Developed as a fork of Bitcoin in 2014, Syscoin (SYS) combines the best features of Bitcoin (BTC) and Ethereum (ETH). The blockchain network leverages 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. Syscoin’s 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.

The protocol offers its own version of EVM, known as Network Enhanced Virtual Machine (NEVM). This allows it to support Ethereum-compatible smart contracts and rollups on its network while giving developers the freedom to deploy or migrate secure and decentralized Web3 applications on Syscoin. Furthermore, Syscoin features other layer-2 solutions like Z-DAG and the Syscoin Bridge to enhance scalability, interoperability and performance.

Who Are the Founders of Syscoin?

Syscoin was created in 2014 by Sebastian Schepis — one of the co-founders of the company that created what became the Oracle Project Manager, an enterprise management system. Following the success of Project Manager, Sebastian has gone on to consult for large corporations like Lockheed-Martin, Bank of America, General Dynamics, Verizon Wireless, and several others

Today, the Syscoin project is being led by a team in the blockchain field, including Jagdeep Sidhu (Foundation President and Lead developer) and Michiel Näring, Syscoin Foundation Vice President.

What Makes Syscoin Unique?

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.

What Is the Circulating Supply of Syscoin (SYS)?

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. The supply of SYS is based on the protocol emission and deflationary burning of fees for transactions. At the time of writing, Syscoin’s circulating supply was 751,391,717 SYS.

Where Can You Buy Syscoin (SYS) Yokens?

You can buy and trade Syscoin in numerous cryptocurrency exchanges, including trading platforms like Binance, Bitget, KuCoin, Huobi and Gate.io.

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