The Syscoin Platform is devoted to achieving maximum ubiquity, and 2022 has been set aside as the year of its quick entry into the DeFi market. Syscoin, a hybrid of Bitcoin and Ethereum, is aware of the value of utilizing a variety of platforms to significantly expand its reach. In the midst of the negative market, Syscoin is forming more and more collaborations. They just revealed that the Syscoin platform’s NFT market place, LUXY, will debut on July 13th.
What is Syscoin platform?
With Syscoin, the best features of Bitcoin and Ethereum will be combined into a single, strong, and safe customizable blockchain development platform. For Proof of Work Security and 100% Ethereum-conformable smart contracts with 96% cheaper transaction fees, Bitcoin and Ethereum were merge-mined. As a public decentralized blockchain, development platform, and token platform that offers high throughput and cross-chain interoperability for tokenized assets, Syscoin Platform (SYS) enables tasks like Ethereum smart contracts for Syscoin Platform Tokens (SPTs) and extensibility solutions for other blockchains and DLTs. Low costs, security through merge mining, simple token production, and a design that reduces network bloat are all goals of the Syscoin Platform.
How does Syscoin network works?
Syscoin has a dual-layer structure at its heart, with a layer constructed of the Ethereum Virtual Machine (EVM) and its primary blockchain. Network-Enhanced Virtual Machine (NEVM), the EVM layer, offers smart contract capability.
· Merged mining with Bitcoin:
A hard fork in Bitcoin led to the creation of Syscoin. Syscoin is a Proof of Work (PoW) network that engages in merged mining with Bitcoin, just like Bitcoin. As a result, users can mine Syscoin and BTC simultaneously for no additional fees.
· A masternode network with ChainLocks:
On Syscoin, there is also a masternode system that offers a scalable service level and more protection via ChainLocks. To improve the security of PoW blockchains, programmers from the Dash blockchain have developed ChainLocks.
The transactions in the ChainLocked block are regarded as confirmed after a valid ChainLock notification is issued. ChainLocks can increase network dependability, stability, and security because they require only a legitimate confirmation from the masternodes to complete a transaction.
· A UTXO Token Platform powered by Z-DAG:
Syscoin also has a UTXO Token Platform of its own. The Z-DAG Protocol powers this extremely scalable payment channel, allowing users to rapidly send and receive tokens for very little cost.
On the Token Platform, users can construct their own Syscoin Platform Tokens (SPTs), featuring NFTs and fractionalized NFTs (F-NFTs). The UTXO (Unspent Transaction Outputs) storage model, a cornerstone of Bitcoin and many other cryptocurrencies, is adopted by SPTs.
The Syscoin Foundation has created the new DAO standard known as DAOSYS. By doing away with centralized treasuries, it seeks to strengthen sovereignty and decentralize DAOs.
A DAO is open to everyone, and ownership of governance tokens is not required. DAOs will have the ability to function more effectively, similar to autonomous market makers (AMMs).
· Layer 2: NEVM:
The Syscoin layer for smart contracts is powered by NEVM, or Network-Enhanced Virtual Machine. It offers EVM smart contract layer-1 support. Users can switch from Ethereum to Syscoin to benefit from its scalability and reduce gas costs by migrating their DeFi projects, NFTs, or DApps. Withdrawal delays can also be fully eliminated when using ZK-Rollups.
Is Syscoin a good investment?
In 2021, Syscoin made significant strides toward developing and delivering new prospects like scalability and EVM compatibility. Despite the bear market of 2022, the team is forming new alliances and striving to increase acceptance as the network is now prepared.
With a Layer 1 blockchain’s market cap at $90 million(July 2022), investing now and holding onto it for a while could result in a healthy profit during the following bull market. Remember to DCA and conduct your own research because this is merely an assumption and not financial advice.
How to buy SYS coin?
The simplest way to acquire Syscoin is through a cryptocurrency exchange. Set up an account and pay using the money transfer method that works best for you. You can now trade your money for Syscoin. This is as simple as typing the quantity you want to buy and clicking buy on simpler exchanges. You can now simply move your Syscoin to your private wallet if you wish. The best pairs can be found on Binance exchange.