Syscoin (SYS)

Token Utility

Syscoin serves as the "gas" or fee coin needed to use the Syscoin network, including transactions, token and NFT creation, and governance proposals. For example, 1 Syscoin is burned when creating a token or NFT, and 250 are burned to make a governance proposal. Holding 100,000 Syscoin allows running a masternode, which provides rewards and removes those coins from active circulation.

Payments and Transactions

Syscoin enables near-zero-fee payments with very fast transaction speeds (up to 60,000 transactions per second), making it suitable for e-commerce and point-of-sale use cases. Its low fees and scalability make it efficient for sending and receiving funds.

Token and Asset Creation

Users can create custom tokens and digital assets on the Syscoin blockchain with full control over supply and rules. This includes loyalty points, coins backed by physical assets, or currencies backed by services. The platform supports asset tokenization, unlocking new possibilities for ownership and liquidity.

Decentralized Marketplace

Syscoin powers a decentralized marketplace called Blockmarket, where users can buy and sell goods and services securely and transparently. This marketplace benefits from blockchain security and immutability.

Smart Contracts and Applications

Syscoin supports smart contracts and decentralized applications (Dapps), including future plans for scalable Turing-complete smart contracts. Its modular dual-chain EVM and upcoming zk-rollups enhance scalability and security.

Security and Network Features

Syscoin uses a hybrid consensus combining proof-of-work and proof-of-stake, providing strong security. Masternodes and supply locks contribute to network stability and value.

Developer and Business Use

Syscoin offers APIs and tools for businesses to build decentralized services like identity, escrow, certificates, and marketplaces. Its hardened smart contracts are designed to be secure and reliable for various industries such as medical, insurance, and gaming.

Advantages

• Launched in 2014, Syscoin has a long history in the crypto space.
• It uses mining to generate tokens, which is a familiar process for many users.
• Syscoin supports fast, secure, and low-cost applications, making it useful for developers.
• It offers a modular network compatible with Bitcoin, Ethereum, and ZK-Rollups, allowing for scalability and flexibility.
• Syscoin is traded on many markets (86 active markets), providing liquidity and accessibility.

Disadvantages

• The current price is relatively low (around $0.089), which might reflect market perception or volatility.
• The total supply is quite large (over 800 million tokens), which can affect scarcity and value.
• As a specialized blockchain, it may require some technical knowledge to fully utilize its features.

Founders

Syscoin was created in 2014 by Sebastian Schepis, who previously co-founded the company behind the Oracle Project Manager, an enterprise management system.

Leadership

Today, Syscoin is led by the non-profit Syscoin Foundation. Key board members include Jagdeep Sidhu (Foundation President and Lead developer) and Michiel Näring (Vice President).

Development

The enterprise SYS Labs leads development of major apps and systems on Syscoin, such as Rollux (OPStack L2), SuperDapp, Pegasys DAO (DEX), and Luxy (NFT marketplace).

Investors

Syscoin has one institutional investor named Buks Capital.

Project Leadership

Syscoin is led by the non-profit Syscoin Foundation, with key board members including Jagdeep Sidhu (Foundation President and Lead developer) and Michiel Näring (Vice President).

Funding and Development

Syscoin was founded in 2014 and has raised funding from Buks Capital. The project is supported by SYS Labs for development and focuses on combining Bitcoin and Ethereum features into a scalable blockchain platform.

Halal Status

Yes, Syscoin is considered halal.

Reason

Syscoin uses a decentralized mining reward distribution model without ICO or pre-mine, generates revenue through transaction fees and network usage, and its token is used for actual services rendered. This aligns with Islamic principles by avoiding interest (riba), gambling (maysir), and other haram activities.