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What Is Syscoin and How to Buy SYS?

2023-09-28 10:03:56
Syscoin (SYS)

Syscoin (SYS) is a blockchain network created in 2014 as a fork of Bitcoin, it is a full-stack modular Proof-of-Work blockchain solution merge-mined with the Bitcoin blockchain. 

In this article, we will discuss Syscoin, Syscoin NEVM Chain, the SYS coin, its tokenomics, the features of the Syscoin platform, and how to purchase SYS coins.

What Is Syscoin and How Does It Work?

Syscoin is a blockchain network that combines Bitcoin's security with Ethereum's smart contract capabilities, designed for various applications and offering its version of the Ethereum Virtual Machine (NEVM). 

Syscoin's primary objective is to facilitate financial inclusivity on a global scale while optimizing environmental and financial efficiencies. It envisions a world where individuals and businesses enjoy the freedom to leverage the potential of Web3 and beyond. Syscoin aims to achieve this by amalgamating the original vision of Bitcoin by Satoshi Nakamoto with the functionality of Ethereum, thereby creating fresh opportunities for a decentralized, data-driven world.

Syscoin stands out as an open-source project, protocol, and network committed to empowering individuals with ownership over their digital assets. It provides the necessary tools and infrastructure for people to acquire, use, and grow digital value in a decentralized way. Syscoin's modular architecture offers developers maximum flexibility and addresses the blockchain trilemma efficiently, minimizing trade-offs. Its dual-chain Layer 1 combines the strengths of both primary blockchain paradigms, UTXO (Unspent Transaction Output) and EVM (Ethereum Virtual Machine), while achieving scalability through Layer 2 solutions.

A distinguishing feature of Syscoin is its merge-mining with Bitcoin, ensuring robust security without additional energy consumption. Multi-quorum Chainlocks enhance security further, safeguarding against threats like selfish mining. Miners and master node operators are incentivized with rewards for contributing real-world services to the network.

Syscoin's modular architecture is designed to scale seamlessly to accommodate global mass adoption, providing ultra-efficiency and minimal data footprint for all blockchain activities. This leads to increased capacity, improved throughput, and reduced costs across the board, even at Layer 1 data availability.

Syscoin offers a suite of tools that enable lightning-fast asset and smart contract functionality at minimal costs while benefiting from the security of Bitcoin mining in the background. 

In addition, Syscoin's NEVM chain inherits the robust security of Bitcoin merge-mining and complete byte-for-byte compatibility with the Ethereum Virtual Machine (EVM). This compatibility allows developers to seamlessly integrate their projects, enhance security, and leverage the Rollux Layer 2 rollups suite and ecosystem for their benefit.

What Is Syscoin NEVM Chain (EVM)?

Syscoin NEVM Chain is a blockchain platform designed to offer smart contracts and interoperability capabilities with a focus on scalability, cost-effectiveness, and security. It achieves robust decentralized settlements through merged mining, leveraging Bitcoin's proof-of-work security model. This approach ensures proven security, which is increasingly vital as experimental security models face growing risks.

NEVM combines the strengths of Bitcoin (security, merged-mining potential, UTXO efficiency) and Ethereum (generalized computation) into a single decentralized financial computation platform. It enhances these aspects further. For instance, it addresses Bitcoin's "selfish mining" vulnerability with chain locks, providing network hardening against reorganizations. On the NEVM side, zero-knowledge proofs are implemented to enable scalability and trustless interoperability for Turing-complete smart contracts.

Chainlocks offer finality guarantees, similar to the effect of sharding and proof-of-stake in Ethereum 2.0. This finality enables more efficient roll-up designs, such as optimistic roll-ups, with significantly shorter waiting periods compared to Ethereum. In Syscoin, contracts might only need to wait for hours, and the use of zero-knowledge proofs in zkRollups can eliminate withdrawal delays entirely. Overall, Syscoin NEVM aims to provide a secure, scalable, and efficient platform for decentralized financial computations and smart contracts.

What Is a SYS Token?

Syscoin (SYS) serves as the native token for the Syscoin platform, offering various functionalities, including:

  1. Transaction payments within the Syscoin network.
  2. Staking for participation in the consensus mechanism.
  3. Voting on governance proposals.
  4. Asset and data security via ZK-Rollup technology.
  5. Trading on cryptocurrency exchanges.

Syscoin's tokenomics align with Ethereum's EIP-1559, featuring a fee-burning mechanism that decreases the supply of SYS tokens, making it deflationary and potentially increasing its value.

The tokenomics aim to encourage SYS usage and retention. Benefits for SYS holders include reduced transaction fees, discounts on platform purchases, and access to exclusive features. Staking rewards are also provided, with higher SYS holdings resulting in greater rewards.

Syscoin promotes community-driven governance, allowing SYS holders to propose and vote on protocol changes transparently. The platform includes a decentralized marketplace for peer-to-peer buying and selling, protected by smart contracts and escrow services. SYS coin serves as the utility token used for trading in Syscoin marketplace. Additionally, Syscoin features a token bridge that facilitates asset transfers between Syscoin and other blockchain networks, enhancing interoperability.

SYS Statistics (September 2023)

SYS Statistics

Features of Syscoin

  1. Financial Inclusivity: Syscoin aims to promote financial inclusivity on a global scale while optimizing environmental and financial efficiencies. It envisions a world where individuals and businesses can leverage Web3 and beyond.
  2. Modular Architecture: Syscoin's modular architecture provides developers with flexibility and addresses the blockchain trilemma efficiently, minimizing trade-offs. It combines UTXO and EVM paradigms for true scalability through Layer 2 solutions.
  3. Merge-Mining with Bitcoin: Syscoin ensures robust security through merge-mining with Bitcoin, without additional energy consumption. Multi-quorum Chainlocks enhance security further.
  4. Scalability: Syscoin's modular architecture is designed for global mass adoption, offering increased capacity, improved throughput, and reduced costs, even at Layer 1 data availability.
  5. NEVM Chain: Syscoin's NEVM chain inherits Bitcoin merge-mining security and Ethereum Virtual Machine (EVM) compatibility, allowing developers to seamlessly integrate projects and benefit from the Rollux Layer 2 suite.

History of Syscoin

Syscoin was developed in 2013, the project was driven by a grand vision to significantly enhance the capabilities of Bitcoin and blockchain technology. It officially debuted in 2014. Syscoin commenced by increasing the scope of Satoshi Nakamoto's original vision through the implementation of merged mining. Building upon this foundation, Syscoin has consistently led the way in pioneering new innovations while incorporating the most notable progress in decentralization, scalability, and functionality. 

SYS Token Value

The current Syscoin (SYS) price is $0.086 as of September 11, 2023, the value of SYS coin is influenced by supply and demand, technology, adoption, and market sentiment. Factors affecting SYS's future value include increased adoption by businesses and individuals, the development of attractive features, and overall cryptocurrency market sentiment. However, it's essential to note the inherent volatility of cryptocurrencies and conduct thorough research before investing. Syscoin is a promising blockchain platform known for its hybrid design, security, scalability, DeFi ecosystem, and growing adoption, which contribute to the value of its native SYS coin.

How to Buy SYS Coins?

CoinEx is a global cryptocurrency exchange, trusted by 5+ millions of users worldwide with 100% reserve. With its 700+ tokens supported, including SYS, users can now trade easily and seamlessly. To purchase SYS coins on CoinEx, follow the steps below.

  1. Create an Account: Start by signing up for a CoinEx account.
  2. Deposit Funds: After logging in, deposit funds into your CoinEx account using any supported cryptocurrencies or deposit methods available on the exchange. Having funds in your account enables you to execute trades seamlessly.
  3. Navigate to SYS Trading Page: Once your account is funded, go to the dedicated SYS trading page on CoinEx. Here, you can find various trading pairs involving SYS tokens.
  4. Choose a Trading Pair: Select the desired trading pair that matches SYS with another cryptocurrency. For instance, you may choose SYS/USDT if you wish to trade SYS against USDT (Tether).
  5. Specify the Purchase Amount: Determine the quantity of SYS tokens you want to purchase. Input the amount in the trading interface, which will calculate the corresponding cost based on the current market price.
  6. Execute the Trade: With the specified amount, proceed to execute the trade. Confirm the details, and if you are satisfied, submit the order. 

By following these comprehensive steps, you can easily trade SYS tokens on CoinEx, taking advantage of the available trading pairs.

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