Article Summary, Automatically Generated By AI
About Syscoin
Founders and Team
- Sebastian Schepis (co-founder)
- Jagdeep Sidhu (Foundation President and Lead developer)
- Michiel Näring (Syscoin Foundation Vice President)
Unique Features
- Combines Bitcoin and Ethereum features on a single platform
- Layer 1 consensus based on Bitcoin’s SHA-256 PoW model
- Merged mining with Bitcoin
- Decentralized finality on top of Nakamoto consensus
- Modular layer 1 supporting optimistic rollups and ZK rollups
- Low-cost data
About Syscoin: Pioneering the Future of Blockchain
The Visionaries Behind Syscoin: Meet the Founders
Syscoin was conceived in 2014 by Sebastian Schepis, a visionary entrepreneur and co-founder of the company behind the Oracle Project Manager, a cutting-edge enterprise management system. Building on the success of Project Manager, Sebastian has leveraged his expertise to consult for an impressive roster of corporate giants, including Lockheed-Martin, Bank of America, General Dynamics, Verizon Wireless, and several others.
Today, Syscoin, an open-source project, is spearheaded by the non-profit Syscoin Foundation, with a board comprising esteemed members, including Jagdeep Sidhu, who serves as both the Foundation’s President and Lead Developer, alongside Michiel Näring, Vice President of the Syscoin Foundation.
SYS Labs, a pioneering enterprise, spearheads the development of flagship applications and systems built upon the Syscoin framework, including Rollux (OPStack L2), SuperDapp, Pegasys DAO (DEX), and Luxy (NFT marketplace).
Unveiling the Unparalleled Attributes of Syscoin
The most distinctive feature of Syscoin lies in its ability to seamlessly integrate the most robust elements of Bitcoin and Ethereum on a single, unified platform. Syscoin’s layer 1 consensus mechanism is rooted in Bitcoin’s SHA-256 PoW model, allowing for merged mining with Bitcoin, thereby enabling miners to simultaneously mine both BTC and SYS without incurring additional costs. A comparison of Syscoin’s hashrate to Bitcoin’s reveals that over 50% of Bitcoin’s hashrate also mines Syscoin, with support from several prominent Bitcoin pools. Furthermore, Syscoin provides decentralized finality on top of Nakamoto consensus, effectively mitigating the risks of 51% attacks typically associated with PoW while retaining the proven Nakamoto consensus beneath. Additionally, Syscoin is a modular layer 1 that supports optimistic rollups and ZK rollups, offering a low-cost, censorship-resistant data availability service called PoDA. The first layer 2 built on Syscoin is Rollux, an EVM-equivalent optimistic rollup that launched on June 28, 2023, developed by SYS Labs. The Rollux ecosystem is Syscoin’s primary target for ecosystem growth, as it provides scalability with a fast and low-cost user experience.
In essence, Syscoin’s cutting-edge technology presently offers what Ethereum aspires to deliver in the future through its modular roadmap, boasting data availability, while concurrently preserving the security and reliability of Bitcoin’s Proof-of-Work consensus mechanism.
The network leverages incentivized full nodes, known as masternodes, to facilitate multi-quorum chainlocks, thereby ensuring finality. For a comprehensive overview of the incentives and requirements for operating a Syscoin masternode, please visit sysnode.info.
Regarding Syscoin’s overarching layer 1 architecture, it employs a dual-chain design with a modular, rollup-centric approach. This architecture comprises two distinct components: the Network Enhanced Virtual Machine (NEVM), an Ethereum-based blockchain launched on December 6, 2021, which ensures seamless compatibility with any Ethereum-built smart contracts or rollups; and Syscoin UTXO, also known as “Syscoin Native,” a Bitcoin-based blockchain that supports taproot, data availability, a token platform accommodating both fungible and non-fungible tokens, as well as a proprietary Directed Acyclic Graph (DAG) protocol called Z-DAG, among other features. This innovative architecture empowers users and developers to harness the strengths of each “gold standard” model (Bitcoin and Ethereum) while fostering novel synergies between them, such as PoDA, where applicable. Notably, both Syscoin blockchains, as well as Rollux, utilize SYS as their native cryptocurrency. As a utility-focused coin built on EIP-1559, SYS enables owners to transfer it seamlessly between these chains via the Syscoin Bridge and the Rollux Portal.
Defining the Circulating Supply of Syscoin (SYS): A Key Metric
Syscoin (SYS) serves as the native token of the Syscoin platform, boasting a tokenomics framework inspired by Ethereum’s EIP-1559 proposal, albeit without a capped maximum supply. The SYS supply is dynamically determined by the protocol’s emission schedule and the deflationary mechanism of burning fees generated from transactions. As of the time of writing, the circulating supply of Syscoin stood at 751,391,717 SYS.
Where to Acquire Syscoin (SYS) Tokens: A Comprehensive Guide
Syscoin is readily available for purchase and trade on a multitude of reputable cryptocurrency exchanges, including prominent trading platforms such as Binance, MEXC Global, KuCoin, Bitmart, Huobi, and Gate.io.
Stay up-to-date with real-time SYS price movements by downloading the CMC mobile app.
Digital Wallets:
Pali Wallet, Syscoin’s proprietary native Web3 wallet, boasts an open-source, self-custodial, and multi-chain architecture. Conveniently, it is accessible as a browser plugin on the Chrome Store and as a mobile application on both Google Play and the Apple App Store.
Syscoin boasts a comprehensive suite of wallets, encompassing a diverse array of mobile, browser, and desktop solutions, as well as hardware wallets. Notably, in addition to Pali, Syscoin is seamlessly supported by esteemed wallet providers, including Metamask, Klever Wallet, and numerous others.
- Syscoin predominantly endorses the Pali Wallet browser extension, owing to its comprehensive support for all Syscoin networks, including UTXO, NEVM, and Rollux, thereby providing a seamless user experience. In contrast, many other wallets are limited in their compatibility, such as Metamask, which only supports Syscoin’s NEVM and Rollux chains.
Associated Resources:
Delve into the world of Polygon (MATIC), a cutting-edge, EVM-compatible blockchain that’s revolutionizing the decentralized landscape.
Delve into the world of Solana (SOL) and Cosmos (ATOM), two prominent smart contract platforms that are redefining the decentralized landscape.
Delve into the realm of decentralized technology and discover the intricacies of smart contracts, expertly explained in our comprehensive educational section.
Reacquaint yourself with the nuances of complex cryptocurrency terminology using our comprehensive glossary.