syscoin

Syscoin – A decentralized marketplace

Came to reality in 2014, Syscoin is a blockchain platform that provides an e-commerce platform called BlockMarket, and a data storage platform called BigchainDB.

Through BlockMarket people can sell and buy anything. As of now, the BlockMarket is hard to use as it only has command line interface. The web interface would be available in 2018 making it the decentralized competitor for the marketplaces like Amazon and E-Bay.

The currency of the platform is also called as Syscoin (SYS). It has a current supply of 527 million with the supply cap of 888 million. And for every 60 seconds, a new block is found.

Syscoin uses proof of work mining mechanism with the SHA-256 hashing algorithm. Previously it was using Scrypt algorithm same as that of Litecoin but changed the algorithm through a hard fork. And nobody is follwing or mainatining the old chain.

Moreover, it can be merge-mined, in simple terms you can mine Syscoin along with Bitcoin or any other Cryptocurrency that uses SHA-256. Just like hitting two targets with one shot.

Wallets

The official wallets are available for Windows and Mac Os, and you can download them from Syscoin.org.

Exchange wallets are available at Livecoin and Bittylicious.

Walletgenerator.net provides paper wallets.

Mobile wallets – Coinomi

How to get Syscoin?

Mining is the best option if you are mining any other SHA-256 currencies like Bitcoin. The current block reward is around 16 Syscoins along with the transaction fees.

The popular exchanges Poloniex and Bittrex are trading the SYS tokens. And you can easily purchase it with other Cryptocurrencies you may have in hand.

The market value of Syscoin (SYS) is just under a quarter of a dollar. But, it is trying to lock horns with behemoths like Amazon, if it gets lucky the value may rise to the heights of Mount Everest. Who might expect?

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1 Comment

  1. Nice article !

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