ELI5 Syscoin (SYS) Cryptocurrency

ELI5 Syscoin (SYS) Cryptocurrency

Mineable? If so how is it mined?

Syscoin (SYS) is a mineable proof of work (PoW) based alternative cryptocurrency. Normally, this coin can only be mined profitably by means of specialized mining hardware (ASICs or Application Specific Integrated Circuit).

Maximum Circulating Coins

The Syscoin has a total maximum supply coin of 888,000,000 wherein there is only a 531,415,000 SYS maximum circulating coins.

History

Originally, the Syscoin was developed in March 2014 and it was publicly announced on April 16, 2014. In fact, it was created over a Bitcoin fork. However, its existing version brings us to Syscoin version 2.1 that utilizes an algorithm known as merge mining.

The main reason why they develop this kind of project is to take along the Nakamoto’s prophecy of a spread out marketplace back into the blockchain. Aside from that, the Syscoin project also aims to offer security to data transfer as well as storage and distinct user pseudonyms that bond their owners to the facilities organized by a certain alias.

What Makes it Different?

The Syscoin offers faster speeds along with other operation fees than its forerunner Bitcoin. In fact, it can support a total of 750 tps as well as 300,000 tps for the upcoming master node release. As of this moment, Syscoin is considered as in one of the most inexpensive cryptocurrencies particularly when it comes to transaction fees.

Moreover, it uses a blockchain cryptography in issuing, exchanging, and authorizing any kinds of digital certificates. When it comes to messaging it uses an asymmetric cryptography in sending data to designated public keys. Or in other words, data and messages that have been sending publicly are all encrypted. Nevertheless, receiving and sending money can be done easily and safely.

On the other hand, the Syscoin funds a wide diversity of marketplaces form centralized business marketplaces to fully decentralized markets.

Who is behind Syscoin (SYS)?

The Member of Syscoin Project Development Team:

  • Sebastian Schepis – Core Developer and Syscoin Co-Creator

  • Dan Wasyluk – Developer and Team Manager

  • Jagdeep Sidhu – Core Developer and Syscoin Co-Creator

  • Chris Marsh – Business Development Manager

  • Bard Hammertson – Marketing Department

  • Willy Ko – Chinese Community manager

  • Sebastien DiMichele – Community Manager

  • Janette Baker – Social Media Marketing

Syscoin is a certified Microsoft Azure Development Platform wherein Microsoft Azure offers Syscoin a cloud platform. It is also a member of the DIF or Decentralized Identity Foundation. However, DIF builds an open-source so as a result, the Syscoin project development is a complete open-source software. Which means you can find its entire codebase at Github. Nevertheless, according to the Proof of Developer which is a website that evaluates, ranks, and verifies developer teams, this mineable cryptocurrency received five stars rating in the year 2014.

Contacts

Official Website: http://syscoin.org/

Announcement Thread Link to BitcoinTalk: https://bitcointalk.org/index.php?topic=1466445.0

Block Explorer Link: https://chainz.cryptoid.info/sys/

Github source code link: https://github.com/syscoin/

See Also

A Simple Buying Guide: How to Buy A Syscoin (SYS) Cryptocurrency?

All You Need To Know About Syscoin Cryptocurrency

What is Syscoin Cryptocurrency?



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