The platform is a global network, distributed ledger, decentralized database, and blockchain. In addition to all this, it has an internal cryptocurrency – the SYS token.
The authors of the project compare their idea with a Swiss army knife since it is also a complex set. It includes a variety of functions that can be used to provide solutions for a wide range of decentralized services.
One of the main goals of the team is to remove intermediaries from the relationship between e-commerce market participants and return control over the situation to the hands of retailers and consumers. In addition, it is planned to eliminate the problem of excessive commission, which has now become an integral part of leading e-commerce platforms.
Description of platform features
Syscoin originated from the Bitcoin hard fork in 2014 and has an algorithm that allows it to be combined with the Bitcoin blockchain. This allows miners to use cryptocurrencies based on the same algorithm at the same time. The platform is capable of leveraging the ability to merge with Bitcoin and other digital money based on the SHA-256 algorithm. This provides it with a very reliable and stable network that acts as a solid base for the platform.
Along with providing a completely decentralized market, the project provides for the implementation of several key functions aimed at increasing the efficiency of the entire field of e-commerce. For example, users are given access to unlimited resources, while retailers can resell other users’ products and authorize the reselling of their products by rewarding their assistants with a share of the sale.
Market prices can be pegged to fiat currencies such as USD, EUR, and GBP or BTC price. The marketplace also includes an arbitrage escrow feature that holds the tokens until the terms of the sale are met and the funds go to the seller’s wallet.
The platform has implemented message encryption functionality, wallet addresses associated with usernames, and digital certificates that allow service members to issue and exchange private digital assets such as registration keys and gift card codes.
On top of all this, Siskoin offers almost zero transaction fees. To unlock access to low commission users, you need to make payments in SYS tokens. In addition, it is possible to make payments in Bitcoin and Zcash.
How viable is the project?
Syscoin has a lot of room to grow in terms of developing a user base and generating significant revenues. The project works in direct opposition to centralized business markets and allows users to sell products directly through the blockchain or create a site that uses its infrastructure to process transactions.
The project team has developed a fully functional product and implemented several features that make the platform a truly viable alternative to traditional sites like Amazon and eBay.
The Syscoin blockchain is capable of supporting up to 750 transactions per second (TPS). In the future, the speed is planned to increase to 300,000 TPS after the release of MasterStone. The SYS token is currently one of the most affordable digital coins and is second only to coins like NANO and NEO in terms of transaction fees.
Significantly, the platform provides for distributed certificate management and uses cryptographic techniques that allow users to issue and exchange a range of digital certificates.
These certificates can be authenticated using a proof of work (PoW) algorithm. This opens the door to the widespread distribution and exchange of digital assets such as certificates, title deeds, receipts, event tickets, software licenses, and warranties.
Syscoin uses advanced smart contracts that have been modernized to protect against attempted compromise, just like Ethereum smart contracts. This makes the platform a solid and reliable option for insurance, healthcare, and gaming organizations. In addition, it allows you to sell a range of products and services on sites that outperform most centralized markets.
Benefits of Syscoin
The list of strengths of the project includes the following characteristics:
Decentralization. The platform wallet is provided with access to a fully decentralized marketplace where you can buy, sell and resell other people’s goods. It resembles eBay or Amazon a bit but surpasses them in many parameters of possibilities.
Ease of sending and receiving funds. The Syscoin money transfer feature ensures that funds are sent or received flawlessly securely and reliably.
Nickname. The days when it was required to type a long and complex set of wallet symbols to send or receive money are gone. Aliases simplify the process by allowing you to come up with and use an easy-to-remember address such as “JoesAddress”
Control of goods. Now, any user can easily resell any product on the platform’s internal market in their store or allow them to resell their products to other users.
Secure messaging system. The ability to send and receive encrypted messages through a simple and secure service for communicating with other users on the Siskoin network using aliases or SYS addresses.
No market downtime. Unlike some peer-to-peer (P2P) projects, items in the Siskoin market are always available. It doesn’t matter if the user’s wallet is open or closed, his goods are always available.
Arbitration Agreement. Allows buyers to have confidence that their funds are protected by the platform’s arbitration service. Buyers can choose a third party when making a purchase, in agreement with the seller, to withhold funds while the goods are transported to the buyer.
Digital certificates. Certificates can be used to store and transfer small documents within the blockchain with additional encryption.
