Name: SYSCOIN - Business On The Blockchain
Ticker: - SYS
Price Info: - https://www.coinmarketcap/currencies/syscoin
Their grand vision: create a decentralized marketplace owned by no-one, with low fees and no middleman. SYS started in 2014 with a mission to create the first decentralized marketplace owned by no one, with no middleman fees.
The world was introduced to Syscoin (SYS) in mid-2014 by the company Blockchain Foundry with the creation of the world’s first decentralized marketplace (via console on the block chain). Syscoin enables you to trade any kind of asset, currency or digital good on the Syscoin blockchain.
These features along with a market place which is built into their wallet, gives Syscoin enough features to become competitive amongst other successful cryptocurrencies.
syscoin has six core staff (which has since expanded): Brad Hammerstron, Jagdeep Sidhu, Willy Ko, Chris Marsh, Sebastien Dimichele, and CEO Dan Wasyluk, who has worked on strategy at many big tech companies. Sebastian Schepis is the creator.
A masternode is a bonded validator system. The Syscoin blockchain requires the owner of the masternode to lock up 100,000 Syscoins. These nodes help secure the network. The master node owners receive a percentage of rewards per each block being mined.
One major aspect of having a master node system integrated into a coin is that it locks up a large amount of coins in wallets. This means that these coins are directly taken out of the supply, since it’s in the master node owner’s interest to keep the node running and obtaining the rewards. For example if 1000 master nodes are running on Syscoin it means that 100 million coins are taken out of the supply, and this affects the token price.
Syscoin masternodes get 75% of the block reward; the rest goes to the miners (25%).
The rebranding includes a new website and was slated for end of December 2017. The beginning of rebranding was commenced by an internal rebranding that started with Blockchain Foundry (resulting in a chance of logo very recently). Rebranding will be in phases, however, the company had to change the company that they dealt with which caused considerable delays.
The team of Syscoin is tackling one major problem when it comes to mainstream users purchasing Bitcoin as well as other alt coins: Allowing users to be involved with cryptocurrencies without having to invest in it directly. Syscoin, in turn, will allow new users to easily be paid directly in crypto.
Their idea is to give the end-user new means to obtain cryptocurrencies without having to rely on exchanges or fiat to crypto conversions.
Users of Syscoin’s Blockmarket can take pictures of items they own and want to sell and use their platform to get paid in crypto. This allows creators and resellers an easy way to get into the crypto market. Think about Syscoin being a decentralized Amazon. People can sell their items directly in crypto instead of having to deal with exchanges and long waiting times.
The team claims that once Blockmarket Web is released it becomes the perfect “training-wheels” coin.
Customers can effortlessly join using a simple interface; you just need a username and password, and you’re ready to start selling items to a global market in exchange for crypto. This completely does away with big exchanges like Coinbase or Kraken, and minimizes the interference one might experience while using these exchanges.
If you compare Syscoin with Amazon or eBay will help you understand the potentials of the blockmarket. Both marketplaces are charging its users around 15% fees whenever they sell products on their platforms, and if the customer decides to pay using PayPal another 3% money mover fee can be charged.
Syscoin’s Blockmarket eliminates these fees, which makes it a great deal more profitable for sellers. This has turned Syscoin into an attractive option for e-commerce merchants.
The release of masternodes will transform Syscoin from a marketplace to an entire utilitarian coin.
This system will increase transaction speed to make it competitive to the speed of Visa and Mastercard, create decentralized databases, data storage as well as allowing side chains. Syscoin increases its accessibility by ofiering an easy to use API, allowing any developer to create blockchain applications on its platform.
Syscoin has come quite far since the making of Blockmarket, the company is focusing on enabling existing businesses and developers to implement the power of the blockchain into their own projects, all built on the Syscoin blockchain.
Syscoin hit a peak in its price not long after they launched Blockmarket v1.2, their decentralized marketplace platform.
Looking forward, Syscoin is expected to release Syscoin 3.0 at the end of April. This is a significant release, as it will add masternodes and token issuance to the platform.
A masternode is an important, incentivized way to run a decentralized network. And in order to run a masternode, you need to hold a set amount of the tokens (100,000 for Syscoin), which locks up supply.
Token issuance enables the creation of custom asset tokens on the network. It opens the door to services such as hosting and running loyalty programs, ICOs, or simple reward applications.
Lastly, Syscoin plans on releasing Blockmarket Web in 2018. This is the mobile version of Blockmarket and it will open up Syscoin to even more users.
In February 2018, Syscoin will release their Blockmarket Web 1.0 and Desktop mainnet with Masternodes 1.0
Syscoin recently released the latest update of Blockmarket Desktop. With the new version you can now easily swap and store 32 cryptocurrencies.
In other news, Blockchain Foundry, the company behind Syscoin, announced it raised $3.3 million in a private placement. The funds will be used to hire more people and accelerate the development of Syscoin.
And ﬁnally, Blockchain Foundry is working with marketing agency Ballistic Arts on a major rebranding of all Blockchain Foundry products, including Syscoin, and the website. The work will take place over the ﬁrst quarter and be unveiled in Q2.
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