- 21 Mar, 23
Syscoin (SYS) 101: The Ultimate Solution for E-commerce
The unmatched and centralised digital platforms of Web2 now have decentralised competitors. Projects working on the Web3 vision and operating on blockchain are currently trying to gain a foothold in the field. Some even suggest that decentralised social media platforms like Mastodon could replace Twitter. However, this transformation is not only limited to social media. Undoubtedly, e-commerce will also be affected by the development of Web3 and Syscoin is stepping in.
Essentially, Syscoin (SYS) offers users a decentralised trading platform and near-zero transaction costs. Through blockchain technology, it makes buying goods and services cheaper and more efficient. Therefore, it aims to replace Amazon with a Web3-compliant, decentralised, and completely user-focused structure. The platform, which develops a range of products and services, also incorporates cryptocurrencies and DeFi elements.
Table of Contents
What is Syscoin (SYS) and How Does It Work?
Syscoin, first released in 2014 by Sebastian Schepis, was created through a Bitcoin fork. The blockchain defines itself as a “global network, distributed ledger, and decentralised database,” providing e-commerce, NFT, and blockchain solutions. It also allows investors to earn returns through its own local altcoin asset, SYS. The platform serves as infrastructure for developing Web3 applications and includes decentralised services in areas such as DeFi.
In 2019, the project began to be managed by the Syscoin Foundation. In the same year, the team made the Blockmarket application accessible to computers. The ecosystem currently has two main features: merged mining with Bitcoin and a layer-2 network architecture. Accordingly, the network provides the security of Bitcoin while also supporting Ethereum’s smart contract technology. The team aims to create a scalable, secure, and decentralised blockchain with these features, allowing for fast and cheap transactions.
Blockmarket is the project’s most significant and influential product to date. It allows users to buy and sell everything from computers to clothes and furniture for near-zero transaction fees. In other words, Blockmarket is a global e-commerce platform. Businesses can set up virtual stores on Blockmarket to sell their products, and it is also possible to sell other stores’ products for a commission. Customers can pay for the products they are interested in both in fiat currency and in crypto.
Currently, Blockmarket supports cryptocurrencies such as SYS, ZCash, and Bitcoin. Users need to download the Blockmarket Desktop Wallet to access Blockmarket. With the wallet application released in September 2017, users can trade more than 32 cryptocurrencies through wallet-to-wallet exchanges such as Changelly and Flypme. In addition, Syscoin also has an escrow system and email system to make trading secure.
What is SYS? Is It a Good Investment?
SYS is a cryptocurrency that can be used by everyone from Dapp developers to Blockmarket customers. This altcoin functions as the native cryptocurrency of the Syscoin ecosystem. Users can use the altcoin to make purchases on Blockmarket with transaction fees close to zero. Meanwhile, Dapp developers can run the smart contracts they need by paying with SYS coin. There are many other things you can do with SYS coin in the ecosystem that supports NFT and Web3 Dapps.
SYS coin has a maximum supply of 888 million tokens, of which 753.5 million are currently in circulation. The project has a market cap of $141.8 million and is ranked as the 192nd largest cryptocurrency according to CoinMarketCap data. The asset’s trading volume has increased by 404% in the last 24 hours, reaching $8.2 million. Additionally, the unit price of the altcoin was also on the rise. SYS is currently trading at $0.188, up 12.73%. This is more than 90% below the cryptocurrency’s highest level. SYS coin reached its highest level at $1.19 in January 2022.
However, the current downturn is not due to problems with the Syscoin project. Currently, many assets in the crypto market have a similar price history. Macro-economic crises are the cause of this. The platform has signed significant partnerships with companies such as Microsoft, Polygon Network, and Corion Foundation. This indicates that it could experience significant growth when the market returns to normal. However, investors need to conduct thorough research before investing in SYS coin and should be aware that the market can change quickly.