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Syscoin: Business on the Blockchain
Syscoin is similar to bitcoin in the sense that it acts as a peer-to-peer, decentralized, payment system. But it’s not just a cryptocurrency, it takes the core technologies of bitcoin and expands them with value added services, creating a financial structure in itself. This allows businesses to have the infrastructure necessary to trade goods, assets, digital certificates and data securely.
Syscoin was first launched in the third quarter of 2014, with it’s 1.0 version, and is currently running on the 2.1.2 version. The intrinsic value of syscoin is derived from the services it provides directly on the blockchain. All services are decentralized, ensuring the security of data, certificates, marketplaces, aliases and other future features. However, Syscoin isn’t the only cryptocurrency that expands on blockchain technology, so, what differentiates it from other cryptocurrencies? Let’s take a look at its features.
It offers multi currency support, currently having 3 payment options that can be used in combination: Syscoin, Zcash and Bitcoin. With regards to mining, Syscoin was forked from the Bitcoin codebase, so it’s merge-mineable with Bitcoin. Because of this, users can enjoy a powerful network preventing double spends and other network related attacks.
Syscoin features the world’s first blockchain based e-commerce platform, the Blockmarket. This decentralized, peer-to-peer, marketplace works as browser-based experience that allows users to securely buy and sell any items. Entire stores can be created directly through the marketplace and it’s user friendly, meaning users don’t need to know anything about blockchain technology in order to use it. It uses a basic feedback rating system, ranging from 1 to 5, to measure the honesty of the merchant, buyer or arbiter.
One of the other big features is the alias identity service. It provides a cryptographically secure mechanism that serves as a link to all the other services of the blockchain. How does it work? Every time you use a service it creates a cryptographic proof that verifies the ownership of an identity, and ensures that the owner of an identity is the only one who can make a specific service, be it related to agreements, offers or certificates. Impersonation is avoided by including the Unsigned Transaction Output (UTXO) of a previous alias transaction. The alias identity service uses domain-name like rules.
Earlier this month, the Syscoin team announced that Syscoin’s Full Node is now certified and available in the Azure Marketplace as part of Microsoft’s Blockchain as a Service initiative, allowing users to deploy a fully-hosted Syscoin node with a few simple clicks.
In conclusion, the blockchain technology offered by syscoin is valuable and can be easily adopted by businesses today, without much hassle. Also, the team behind syscoin is determined to keep improving the network and technology, especially if the network keeps growing. Recently, the Syscoin team has also been focusing on bringing the innovative Bitcoin proposals to the Syscoin cryptocurrency, including SegWit and Lightening Network:
“Syscoin core 2.1.2 includes a new feature that was brought in from the upgrade of Bitcoin Core. It allows “signalling” and participation of segregated witnesses (SegWit) on the network. F2pool which is the largest Syscoin mining pool has pleasantly turned pro-SegWit recently and as soon as they start signalling SegWit blocks our network will be ready to accept them.“ Syscoin team
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