Brand new cryptocurrency projects are consistently in the news, whether it be for their high-valued ICOs or innovative and exciting products. While there is no question that these projects are likely the most intriguing for investors, there are a number of older projects that have taken the slow-and-steady approach to building value and position in the market.

One project that definitely fits this description is Syscoin, a cryptocurrency which features the world’s first decentralized marketplace directly in the wallet. The decentralized market allows for near-instant payment-upon-purchase, near zero fees and zero downtime, while offering users the ability to pay for products in either Syscoin, Bitcoin or ZCash for privacy. The backbone of Syscoin is an alias identity system that enables a number of services, including encrypted messaging, digital certificates transfers, and secure escrow. Ultimately, Syscoin aims to seamlessly integrate real-world cryptocurrency usage and storage into a single platform.

Interested in Syscoin? Here’s a quick rundown of the project:

Platform & Development

In short, Syscoin is a blockchain-based cryptocurrency built on top of the Bitcoin core protocol with a set of smart contracts that enable a number of decentralized services. The team actively works to keep Syscoin up to date with the latest Bitcoin core technology and has expanded with a number of features, including blockchain pruning, or efficient pruning of expired service data to minimize blockchain bloat for full notes and improve scalability.

The central component of the Syscoin project is its wallet, called Blockmarket, which functions as a sort of blockchain merchant operating system. The Blockmarket wallet allows users to send and receive Syscoin, keep transaction logs in order, buy and sell items, resell others items through a decentralized marketplace, send encrypted messages and more.

Integral to the Blockmarket wallet is an alias identity system, which works to simplify long alphanumeric wallet addresses to a simple name. These aliases are unique, portable, and support multi-signature transactions. What’s more, aliases now include a private field which is visible only to the owner of the alias, allowing for private data storage on the blockchain.

Ultimately, these aliases allow for a much more intuitive marketplace experience, allowing users to securely conduct transactions with verified counterparties. This marketplace, which is being pegged as a decentralized alternative to eBay and Amazon, supports a number of additional features, including multi-coin payment options (BTC and ZCash) and arbitrated escrows.

Syscoin (SYS) leverages the SHA256 mining algorithm and is merge-mineable with any SHA256 coin. including Bitcoin. They have also rolled out a masternode system, which works to improve transaction speed and privacy, as well as allow for better project governance. Currently, Syscoin masternodes require 100,000 SYS as collateral and 75% of all block rewards are paid out to these nodes.

The Syscoin roadmap, while out of date, shows a number of 2018 R&D plans, including a significantly bolstered masternode system and Turing complete smart contracts.

Team

The Syscoin team has a heavy developer focus, with 8+ devs working across the stack. To support their development, they also have a marketing group and a number of community managers across languages. The project is a product of Blockchain Foundry.

Token Financials

Syscoin (SYS) currently has a market cap of ~$150 million with a circulating supply of 532,207,861 SYS and a total supply of 888,000,000 SYS.

Final Take

Syscoin has been in the game for a long time and has taken a very controlled approach to develop their platform. Given the recent release of their wallet, and the expanding number of features enabling greater utility of this platform, Syscoin could very well see accelerated value creation through 2018.

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Disclaimer: The author(s) of this article may have a position in one or more of the cryptocurrencies mentioned above. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.