Syscoin SYS Price $ 0.211

Syscoin was launched in 2014 as a Litecoin network fork. The project aims to combat some of the associated issues that are hindering ERC-20 projects like high gas fees and low transaction throughput. The project has released several upgrades since its original launch, the most recent being Syscoin 4.

Syscoin functions as a dual-layered smart-contract compatible blockchain. At its core lies the Syscoin blockchain that operates in sync with an EVM layer, NEVM (Network-Enhanced Virtual Machine). It also operates as a Proof-of-Work blockchain that is merged-mined with Bitcoin.

SYS is the platform’s native token. It functions as a utility token for use with the platform's services.

What are Syscoin’s key features and how does it work?

The Syscoin platform has some notable features, these include its integration with NEVM that powers its smart contract layer. 

Syscoin NEVM mechanism provides a scaling solution whilst providing smart contract and interoperable functionality. NEVM combines the strongest features of both Bitcoin and Ethereum into one financial computation platform. That is Bitcoin’s security model with Ethereum’s computational ability. Other advantages of NEVM include its decentralized cost model resulting in reduced gas fees, and its status as a fault-tolerant blockchain with interactive data ability.

Masternodes are a key component of the Syscoin platform. They are full nodes that are incentivized to remain online and operate at all hours. They perform two main services, as well as increasing the decentralization of the platform. Firstly, they improve chain security. This is achieved with the use of ChainLocks. They provide better security than typical Proof-of-Work blockchains. In order to run a masternode, 100,000 Syscoin is required as collateral, and rewards are paid in return for service.

The second function of masternodes is facilitating the Z-DAG payment protocol. Z-DAG is a blockchain in itself that features an instant settlement protocol. It allows for incredibly fast Syscoin Platform Token (SPT) transactions. The Z-DAG blockchain is based on the “snack machine” concept by Satoshi and aims to actualize peer-to-peer electronic cash. The technology relies on mempool awareness and relay topology deployed across a network of nodes. The nodes validate a transaction and then trust.

Z-DAG can be customized by developers by defining their required speed/security trade-off in order to suit their project’s particular use case. For example, projects that process small transaction sizes may choose to prioritize faster transaction speeds over the risk of double-spending. Whereas projects facilitating large cross-border transactions may choose to implement a high number of confirmations, thus slower transaction speeds but with increased security.

What is noteworthy about Syscoin?

Syscoin mining is compatible with Auxiliary Proof-of-Work, whereby miners can mine multiple blockchains at the same time. This transcends to the fact that miners who mine Bitcoin can also mine for Syscoin, since 20% of the hash power can be used at no extra cost. This mechanism of merged mining also helps to mitigate against potential threats from 51% of attacks.

Where can you buy SYS?

SYS is available for trading on the following CEXs and DEXs listed here. The most popular platforms with the highest liquidity are Binance, Gate.io, and Bittrex.

The price of SYS will vary depending on the choice of exchange and overall market conditions. For up-to-date and historic data for SYS market price, please view the price charts on this page.