Syscoin (SYS) is a cryptocurrency of a Syscoin Platform. This platform provides trustless interoperability, token and asset microtransactions that are scalable, and bitcoin-core-compliant security. It can reportedly interoperate today with any Ethereum standard ERC-20 token without requiring second or third-party liquidity providers.
Syscoin Core is a SHA-256 merge-mined Proof of Work blockchain which can be mined using energy already spent mining Bitcoin. Syscoin Platform utilizes a network of Masternodes as a scalable service layer and offers Masternode owners seniority bonuses.
The project was initially created as a blockchain protocol that expanded on the concepts of Bitcoin to include additional services, like smart contracts, to enable the creation of a decentralized marketplace. The project launched in 2014 as a fork of the Litecoin network. Soon after it completed its token sale and mainnet launch, its funds were stolen. Over the next two years, the team worked to build Syscoin 2.0, which it eventually launched in May 2016.
The launch of the 2.0 network included a new graphical interface and wallet, replacing the previous command line interface. In Aug. 2017, the Syscoin team created Blockchain Foundry as a separate entity to help realize its goal of creating a marketplace platform. In Sept. 2017, Blockchain Foundry released its first product Blockmarket, a blockchain-based e-commerce solution. Following the successful launch of Blockmarket, Blockchain Foundry raised $3.3 million to fund its operations, which included research and development for various blockchain innovations outside of Syscoin.
On April 30, 2018, Syscoin released another upgrade to the network (3.0), which includes the ability to create unique fungible and non-fungible tokens on top of the blockchain. Syscoin 4.0, its latest upgrade, involves a number of changes including: Z-DAG - a decentralized DAG for assets which features global sorting of DAG consensus and near-instant transactions, with SHA256 finality also achieved in background and Bridge - cross-chain asset interoperability without requiring atomic swap nor intermediaries, that offers scalability to Ethereum and other platforms, giving ERC20's, etc, the option to utilize Z-DAG for simple value transfers/micro-transactions.
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