Syscoin (SYS)

The Syscoin blockchain is a cryptocurrency and open-source blockchain development ecosystem. The Syscoin token also offers a number of useful services based on the Bitcoin network and blockchain technology.

Syscoin is a revolutionary cryptocurrency that provides near-zero-cost monetary operations at breakneck speeds. Furthermore, it gives organizations the infrastructure they need to exchange commodities, assets, digital certificates, and data on a consistent basis.

In this article, we discuss the very basics of the Syscoin blockchain and how it works.

Connecting Your Syscoin Blockchain Address to ZenLedger For Your Crypto Tax Forms

  • To import your Syscoin Blockchain transactions into ZenLedger for your crypto tax forms, all we need is your public address.
  • Select the proper blockchain or wallet from the dropdown list.
  • Paste your address into the address field in ZenLedger.
  • Select if the wallet is based in the USA or not.
  • Then hit ADD COIN button

Key Features Of The Syscoin Blockchain

Satoshi Nakamoto’s initial vision of adding a marketplace on the blockchain was realized with Syscoin. What’s more interesting is that they didn’t stop there. Here are some of the striking features offered by the Syscoin blockchain:

  • Unrestricted inventory in the Syscoin blockchain’s decentralized marketplace
  • Using aliases, you may send money to names that are case-insensitive without having to type in long wallet addresses
  • Transactions with a near-zero cost
  • To connect with others on the SYS network, use encrypted messaging with an inbox and outbox similar to email
  • Potential of reselling other people’s items in your business or allowing others to resale your things for a commission
  • Issue, authorize, authenticate, and trade digital assets that include private information such as gift card codes or registration keys using digital certificates.
  • The buyer’s tokens are held in escrow “until the parameters of the sale are satisfied and the buyer authorizes payment to the seller”

How Does The Syscoin Blockchain Work?

The Syscoin blockchain leverages blockchain technology to make collecting items cheaper and more efficient by offering consumers a decentralized marketplace and near-zero cost transactions. The Syscoin network provides a variety of goods and features on its platform, along with the Desktop Wallet, the Blockmarket, and SYS coins, which eliminates the need for middlemen. 

But how does Syscoin do it? Let’s take a look at how the Syscoin blockchain works.

Syscoin was established by Sebastian Schepis in 2014 through a Bitcoin fork. It established itself as a global network of a decentralized ledger, as well as a decentralized database. As mentioned earlier, it also established itself as an e-commerce platform that is based on crypto.

The revised version, Syscoin 2.1, added a mining algorithm to allow it to be mined alongside Bitcoin. Merged mining is the process of concurrently mining two or more cryptos without affecting overall mining efficiency. Miners may employ their processing capacity to mine blocks on many chains at the same time via integrated mining.

In January of this year, Blockmarket Desktop 3.2 was launched.

The Bottom Line

The Syscoin blockchain provides quicker transaction speeds and lower transaction costs than it’s precursors. The Syscoin blockchain has a solid team behind it, and they’re constantly upgrading its system. It also has a fully working product and has been in the sector since 2014, which is pretty long for a blockchain company. With the web-based version of the blockchain, Syscoin presents great potential for the upcoming future.