Tackling scalability concerns in cryptocurrency systems, Syscoin 3.0 allows the network to theoretically scale to more than 100,000 transactions per second

Fintech is booming, and traditional venture capital is being disrupted by initial coin offerings (ICOs) and crowdfunding. As more blockchain-based offerings are introduced, funded with millions of dollars, it becomes difficult to discern between innovative projects, unscalable solutions and complete scams.

Enter Syscoin. Unlike most cryptocurrency projects, it has consistently delivered on its promises. Syscoin has developed a working blockchain protocol of its own, and is constantly perfecting it. It is not an Ethereum-based token like most projects today – it is its own unique protocol, originally based on bitcoin, which adds major improvements, enhancements and capabilities.

Syscoin’s launch brought the birth of the world’s first decentralised marketplace, an open alternative to giants such as Amazon and eBay. Using Syscoin’s “hardened smart contracts”, the marketplace is one of many use-cases possible with Syscoin. Blockchain Foundry, which is focused on blockchain products and services, has already developed Blockmarket Desktop using the Syscoin protocol, with an app that includes the Syscoin marketplace; and Blockmarket Web will soon follow as a user-friendly internet version.

Identity and ease of use

With a public key (your bitcoin address) containing up to 35 random characters, blockchain is far from user-friendly. But Syscoin tackles this issue head-on by conferring users with an Identity – an alias, similar to an internet username. As Syscoin evolved, identities became central to its services, providing much more than just ease-of-use. Identities can be fully KYC/AML compliant, facilitating the sale of securities on the blockchain, possibly ushering the next cryptocurrency boom as traditional assets move to the blockchain.

A solution to scalability concerns

Blockchain technology has its limitations, and scalability is of urgent concern. Ethereum made cryptocurrency ICOs popular and provides the building blocks for blockchain applications – hundreds of projects aim to do more than crowdfunding with their tokens. One project, CryptoKitties (a simple virtual kitten-trading platform), halted the Ethereum network, accounting for 10pc of its traffic. When one simple real-world use project can disrupt the Ethereum ecosystem, hundreds of applications could be catastrophic.

Syscoin 3.0, scheduled to launch on April 30, tackles scalability concerns with improvements, allowing the network to theoretically scale to more than 100,000 transactions per second (TPS). In comparison, Visa’s network can handle 24,000 TPS.

Jagdeep Sidhu, Syscoin core developer, reinvented how the blockchain verifies transactions, introducing Z-DAG (Zero-confirmation transactions) – ultimately disrupting an already disruptive technology. Syscoin Masternodes help with scalability concerns by providing a higher throughput for transactions to pass.

A masternode is a bonded validator that allows Syscoin token holders to contribute to network security. Holders “stake” a minimum of 100,000 Syscoin, hosting a masternode and receive Syscoin rewards accordingly. With seniority bonuses, it is expected that most of the available Syscoin will be locked up in masternodes, diminishing the amount of Syscoin available for market purchase.

In demand: Jagdeep Sidhu, Syscoin Core Developer and Blockchain Foundry CTO Credit: Brian DeSimone

Hardened smart contracts: opening the door for developers

Experienced blockchain developers are highly in demand. Ethereum wrote proprietary software development language (Solidity) for its smart contracts. But a new language creates a learning curve for existing developers as it can only specifically be used for Ethereum smart contracts.

Syscoin introduced “hardened smart contracts”, and the Syscoin API Server empowers developers with the tools a company would require to use Syscoin’s blockchain-based smart contracts.

“Software development is complicated as it is,” says Sebastien DiMichele, co-founder of Syscoin. “We want developers to easily integrate blockchain-based services to their software. We built the highway with our hardened smart-contracts – no need to reinvent the wheel.”

Syscoin history and why you should buy some

Individuals joined forces to build Syscoin, an open project, geared towards “business on the blockchain”. In 2017, a few team members created Blockchain Foundry, now one of Canada’s leading blockchain start-ups. Blockchain Foundry provides blockchain software development, consultancy services and blockchain-based solutions, powered by Syscoin.

The company is concluding a reverse takeover (RTO) of Tiller Resources, and hopes to be listed soon on a Canadian stock exchange.

Syscoin token holders expect that the Blockchain Foundry's stock will do extremely well on the Canadian market and believe its listing and product releases will bring mass attention (and volume) to the Syscoin currency.

Syscoin was recently added to Binance, the world's largest cryptocurrency exchange. It can be purchased on Bittrex, Poloniex, Upbit and Changelly. You can also purchase Syscoin using 32 cryptocurrencies directly with Blockmarket Desktop.

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For more information, visit syscoin.org

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