Discover the Syscoin project ($SYS)

 Syscoin is an ancestor in the crypto world, a “coin dinosaur”, having been around since 2014. The promises are great: bringing together the best of Bitcoin and Ethereum on the same open source blockchain decentralized. Syscoin is therefore a pair of level 1 blockchains, scalable via Ethereum’s virtual machine technology (EVM).

The validation of the blocks is done on the same principle as for Bitcoin, via proof-of-work (Syscoin is also a fork). With the difference that Syscoin announces its consumed energy is negligible via “merge-minning”, a technique which allows several blockchains to be mined at the same time (BTC and SYS here) without spending additional energy. Syscoin therefore combines the security and decentralization of Bitcoin with Ethereum smart-contract technology, the mining operations carried out by the first chain are used to secure the transactions of the second.

2022 and 2023 are likely to be pivotal years for the project. Already because they should soon integrate the ZK-Rollups technology (a layer 2 scaling solution that will allow up to 210,000 transactions per second). And in a second phase (end of 2022) it will be Validium’s turn to be implemented. If I understood correctly, it will make it possible to store the information of the various off-chain contracts and therefore further increase the number of possible transactions each second (it’s about 4 million).

Syscoin should therefore be scalable, transaction fees are expected to remain low (even with high network usage) and the decentralization aspect is based on a network of 2500 masternodes at present. Security, scalability and decentralization, the famous blockchain trilemma.

The SYS token

The $SYS is the native token of the blockchain. It allows you to pay for all operations on the 2 channels of the network. For those who will mine Syscoin on the “BTC layer”, it will be the token obtained as a reward, for those who want to use it through decentralized applications of the “ETH layer”, it will be the token that will be used to pay the smart contract fees. And you can switch from one layer to another easily via a gateway (Syscoin Bridge).

For those who want to offer their own node on the network (masternode), it will be necessary to block 100,000 $SYS as collateral.

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It’s up to you to see what you do next, either keep your tokens on online marketplaces or store them via a browser extension like Metamask or Pali Wallet. The mobile wallet option is also possible (Klever is recommended by the team) or, even better, the hardware wallet solution (Ledger, Trezor, etc.). As always I’d recommend these if you’re aiming for the long haul, but you’re smart enough to make up your mind 😉

Why Syscoin is an interesting project?

Tokens come and go, it’s the cycle of life in the crypto market. And if Syscoin was entitled to its 15 minutes of fame 5-6 years ago (around the Top 20 of the most important cryptos), it then fell back into a certain anonymity for many years. Which is sometimes a good thing, especially when the team continues to work seriously on its project (which seems to show the activity on Github, the influx of punctual news…). Working away from the showbiz spotlight helps avoid distraction and focus on the fundamentals.

In the months to come, the ecosystem will undoubtedly evolve. The Pegasys.Finance exchange has only just arrived and various NFT projects are announced. Moreover, if the blockchain has experienced a resurgence of interest lately, it is undoubtedly partly due to the large number of new partnerships it has forged: Ankr, Komodo, Microsoft Azure, Polygon, ApeSwap or even a presence in the Bloktopia metaverse.

But that’s not all since interoperability is also on the agenda. For example with the arrival of Apex (project on the Avalanche blockchain) which will bring an additional decentralized finance component to Syscoin as well as gateways to other ecosystems. Nord Finance (on Ethereum) will offer a series of DeFi tools such as staking and savings. Flux Protocol will deploy its oracles there (similar to Chainlink).

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In short, Syscoin is expanding its ramifications and forging alliances in several corners of the crypto world. Enough to be entitled to his return to grace?

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SAKHRI Mohamed
SAKHRI Mohamed

The blog of a computer enthusiast who shares news, tutorials, tips, online tools and software for Windows, macOS, Linux, Web designer and Video games.

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