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What Is Syscoin?

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Nov 24, 2022
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4 min read
what-is-syscoin

This blog post will cover:

  • What is Syscoin (SYS)?
  • Where did Syscoin (SYS) come from?
  • What are the advantages of Syscoin (SYS)?
  • What are the disadvantages of Syscoin (SYS)?
  • How to buy Syscoin (SYS) on SimpleSwap?

What is Syscoin (SYS)?

Syscoin is a decentralized digital currency of a block-platform. It facilitates transactions with extremely low cost but is primarily focused on creating the infrastructure necessary to attract businesses to the blockchain. The main platform of the coin is based on the Script technology, and the coin itself is a classic mining currency, which allows you to earn it in parallel with other altcoins. One of the most interesting parts of the platform is the "Blockmarket" - a combined wallet and Syscoin marketplace. The Blockmarket wallet provides users with the tools they need for both buying and selling, as well as for sending and receiving cryptocurrency or encrypted messages.

Where did Syscoin (SYS) come from?

This cryptocurrency originated in 2014. Its official creator is Sebastian Schepis. The first version of the project (Syscoin 1.0 cryptocurrency network) was based on the proof-of-work (PoW) algorithm, with Litecoin as the basis. In 2015 Syscoin joined the SuperNet network, and in 2016 — the Microsoft Azure cloud service. In the same year developers launched the anonymous Blockmarket platform and created the Syscoin 2.0 network. This version has a graphical interface and a lot of interesting additional features to organize a decentralized market. Among the most interesting extra options are the pricing option, encrypted messages, and others. If you compare Syscoin with other projects, you can see the similarity with eBay and Amazon. In fact, this is a market, but only a decentralized one. Users who get on it can make purchases, sell and buy products.

What are the advantages of Syscoin (SYS)?

  • Interesting design
    
    Many tokens try to stand out. But if some people can do it, others can't. In this case, everything worked out: the coin has an interesting and recognizable appearance.
  • Easily adapt
    
    The platform is designed for several types of digital currencies.
  • Extensive functionality
    
    It is thanks to the excellent tools that users choose the platform. So far, there are no similar platforms for trading on the cryptocurrency market.
  • Quality support
    
    Experienced specialists will always help you solve problems.

What are the disadvantages of Syscoin (SYS)?

  • Unappreciated coins
    
    The cost of SYS is clearly less than the coin deserves. This is due to the market being overloaded with coins.
  • The control of the developers
    
    Cryptocurrency was created with the idea of complete anonymity and users’ freedom. However, there is a developer control that ensures high quality and security.

How to buy Syscoin (SYS) on SimpleSwap?

If you want to buy Syscoin and become its owner, we recommend you to read the instructions below, which will help you buy a coin quickly and easily:

  • For example, you want to swap BTC for SYS. Select the currency you want to exchange (e.g. BTC) in the first drop-downlist. Then enter the amount you want to swap.
  • Select SYS in the second drop-down list. You’ll see the estimated amount that you’ll get after the exchange.
  • Click the Exchange button.
  • Enter the Recipient's Address. SYS will be sent. Be careful and make sure you use the correct address.
  • Create the exchange.
  • You will see the Bitcoin deposit address. You need to transfer the necessary amount of BTC to this address to start the BTC to SYS exchange.

SimpleSwap reminds you that this article is provided for informational purposes only and does not provide investment advice. All purchases and cryptocurrency investments are your own responsibility.

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