Syscoin

Contacts

Syscoin is a 2.0 cryptocurrency that plans to enable the trading of any kind of asset, currency or digital good on the Syscoin blockchain.

Syscoin is a proof-of-work coin, which helps it stand out from its nearest competitor, NXT, which is proof-of-stake. Syscoin uses the Scrypt algorithm, which is the same algorithm used by Litecoin, Dogecoin and several other popular altcoins. Merged mining with any other Scrypt coin is supported by Syscoin, which should help the coin's security.

What makes Syscoin unique from other Scrypt coins is the cryptocurrency 2.0 features that let it do much more than simply send Syscoins from user to user. Users can send any asset through the Syscoin network, including other digital currencies or assets in its decentralized marketplace.

The crown jewel of Syscoin is the alias or certificate system. The Syscoin certificate system allows anyone to issue certificates on the blockchain that can then be used to prove reliability, ownership, receipts, or qualifications. Anyone can issue certificates that are cryptographically verifiable. For an example, if I ran a reputation company on the Syscoin system, I could issue a certificate saying a vendor can be trusted and that certificate could state the level of guarantee I am willing to give that vendor.

Syscoin has another feature that is more limited in its early stages, but has the potential to be a game changer. Syscoin allows for distributed data storage on the blockchain. Only 250KB can be stored at anytime, which is where the system's limitations come in. However, larger files can be split among multiple packages and the data is guaranteed to be stored in the blockchain for as long as the Syscoin network is running.

This has substantial political and cultural implications. Software already has a big element of redundancy on the internet. Once a piece of software is released on the internet, it can be hard to erase. But, with a system like the data storage feature found in Syscoin, it wouldn't just be infeasible, it would be impossible.

Like many new coins, Syscoin has enabled merged mining, allowing it to be mined along with any other Scrypt based coin, including Litecoin and Dogecoin.