Cryptocurrency Syscoin is a Bitcoin rival backed by Blockchain Foundry, which just received more than C$3.3m (£1.9m) in funding to catalyse its growth in 2018

What is Syscoin?

Syscoin is a Bitcoin rival with transaction speeds 10 times faster than Bitcoin and a blockchain infrastructure that aims to make accessing the blockchain’s value easy for both businesses and consumers.

In development since early 2014, Syscoin provides a powerful suite of decentralised services to enable blockchain-based application development.

Syscoin’s blockchain services can be applied to a host of uses including digital rights management, inventory and supply chain tracking, the world’s first decentralised marketplace, encrypted messaging, trustless multiparty agreements, retailer/wholesaler relationship management, escrow, KYC (know your customer)-compliant identities and much more.

These capabilities are achieved through a series of smart contracts implemented by the Blockchain Foundry team specifically for the Syscoin protocol. Syscoin’s core code is fully open source, allowing anyone to both audit the code and participate in development.

What is happening in 2018?

Fuelled by a fresh funding round, Blockchain Foundry has announced a host of development milestones for the Syscoin protocol over the coming year. Some of the planned improvements include new releases of the Blockchain Foundry product Blockmarket, which currently exists as a desktop application. Blockmarket allows users to buy and sell anything to anyone, anywhere in the world with near-zero fees, using a cryptocurrency.

The team has also announced a web version of Blockmarket that will be available later in 2018. Blockmarket Web will allow users to access Syscoin’s features from any web-enabled device, including mobile devices.

In tandem with the new Blockmarket release, the Blockchain Foundry team has announced plans to improve the Syscoin protocol itself via a hard fork and snapshot later this year. The planned protocol improvements include master nodes for predictable and scalable decentralised services, anonymous transactions, instant transactions, scalability and speed improvements.

Another new feature planned in the release are Syscoin Assets and Syscoin Tokens. Through Syscoin Assets, organisations will be able to use the Syscoin network for crowdfunding and ICOs (initial coin offerings), similar to erc20 tokens on Ethereum – a blockchain-based, distributed platform.

What’s the price of Syscoin and how do you buy it?

At the time of writing, Syscoin is trading at £0.42 ($0.58) per unit.

Syscoin has been rising quickly in value. In December 2017 alone, its trading price has more than tripled.

The official Syscoin website lists a number of reputable exchanges such as Bittrex, Poloniex, Upbit and more, where you can purchase the digital currency.

Users can also convert more than 30 cryptocurrencies to Syscoin directly within the free Blockmarket Desktop product, via the recently announced in-wallet exchanges Changelly and Flyp.me.

To find out more information about Syscoin and to download the latest version of Blockmarket Desktop, please visit http://syscoin.org

This article was originally produced and published by Business Reporter. View the original article at business-reporter.co.uk