Syscoin
Syscoin is a fork of the Bitcoin protocol that is merge-mined with Bitcoin, providing us with one of the most secure, reliable, and scalable networks ever created
Syscoin is a permissionless blockchain-based cryptocurrency with a set of smart contracts that have been rigorously tested and implemented on the Bitcoin scripting system utilizing OP1 to OP16 standard script op-codes, representing colored coin transactions, governed by a hardened layer of distributed consensus logic for each smart contract (Syscoin service) while keeping backward compatibility with the Bitcoin protocol.
These contracts can be integrated to create the foundation for blockchain-based e-commerce platforms. Syscoin's hardened smart contracts are different from Turing-complete smart contracts, which, by meaning, are not hardened because the underlying scripting language is open-ended.
This cryptocurrency was created by Sebastian Schepis in 2014. The first version of the project (the Syscoin 1.0 cryptocurrency network) utilized the proof-of-work (PoW) algorithm, with Litecoin as its foundation. Syscoin joined the SuperNet network in 2015, and the Microsoft Azure cloud service the following year. The anonymous Blockmarket platform and the Syscoin 2.0 network were both introduced in the same year. This version contains a graphical user interface and a number of exciting additional features for organizing a decentralized market. Some of the most fascinating extra options include the pricing option, encrypted messages, and others.
Today, scaling is a problem for most smart contract platforms like Ethereum. To meet the high demand, they sometimes have to give up on the security and decentralization of the blockchain to speed up transactions.
Syscoin provides great scalability and smart contract features via a customized version of the Ethereum Virtual Machine (EVM). On Syscoin, users can develop extremely scalable Web 3 decentralized apps (dApps) for almost no cost.
DAOSYS: The Syscoin Foundation has created a new DAO standard called DAOSYS. It aspires to strengthen sovereignty and decentralize DAOs by eliminating centralized treasuries.
DAOSYS serves as a treasury management system by utilizing Autonomous Service Engine (ASE) technology. Anyone can join a DAO without owning governance tokens. DAOs will be able to function more efficiently, similar to automated market makers (AMMs).
LAYER 2: NEVM: The smart contract layer of Syscoin is powered by Network-Enhanced Virtual Machine (NEVM). It provides layer-1 EVM smart contract support. Users can move their Ethereum DeFi projects, NFTs, or dApps to Syscoin to benefit from its scalability and save on gas fees.
NEVM is a modified version of the Ethereum Virtual Machine (EVM) that runs on the Syscoin network. It is made to support smart contracts and interoperability that can be used on a large scale and at a low cost. With NEVM, Syscoin can validate transactions in parallel using zero-knowledge proofs and handle up to 210,000 transactions per second (TPS).
SYS is used to pay transaction fees within the Syscoin network, such as minting and transferring SPTs. Most of the time, you only need one SYS to fund thousands of SPT transfers. SYS holders with 100,000 SYS can additionally host masternodes to participate in network governance and earn increased SYS rewards by providing services for the blockchain.
| DATE | NEWS/EVENTS | IMPACT |
| 18/05/2021 | China closes financial, payment, and cryptocurrency trading institutions | -45% Decrease
|
| 23/07/2020 | Binance will use the Syscoin-Ethereum Bridge to move BUSD from one blockchain to another | +22% Increase
|
| 28/04/2017 | Syscoin becomes the first cryptocurrency to make its debut on the Main net Lightning Network | +26% Increase |
Syscoin implements its own advanced technologies, such as NEVM and DAOSYS, by combining the strengths of Bitcoin and Ethereum. With these new tools and a strong dual-layer structure, Syscoin could be a good option for people who want to build and interact with Web 3 applications and projects.
