Education FAQ

What Is Syscoin?

Many blockchain and cryptocurrency projects attempt to make a unique mark on the industry. Syscoin is putting up a valiant effort in this regard, as it aims to put any business on the blockchain. Its crucial core features allow anyone to build secure and low-cost applications which can cater to millions of users.

The Syscoin Vision Explained

Every blockchain platform has to stand out from the competition in one way or another.  Syscoin focuses on key aspects to provide enterprises and organizations an ideal blockchain and distributed ledger platform, and to on-board developers into this new field.  Low-cost application deployment and maintenance, a strong focus on security, and the availability of developer tools makes this project evidently worth keeping an eye on. Anything that can benefit from blockchain or distributed ledger technology can be built on top – the only limitation is your imagination.

Under the Hood of the Platform

The core features of Syscoin deserve to be highlighted. It is a decentralized network providing unprecedented throughput.  Its unique Z-DAG, a layer 1 consensus technology, enables up to 60,158 transactions per second as recently revealed by Whiteblock, the third-party commissioned to analyze Z-DAG performance characteristics within realistic network conditions. This represents a significant improvement over Bitcoin, Ethereum, Qtum, and many others. For developers and organizations looking to build blockchain-based solutions, it can sustain most if not all conceivable performance demands right now and scale into the future. This is a key selling point of this project.

Syscoin provides “zero confirmation” transactions. What this really means is anyone who transfers funds or ownership through Z-DAG protocol will benefit from near instant transaction confirmations and truly instant redeemability in a secure, decentralized way, and benefit from finality akin to that of Bitcoin.  This is great news for the retail industry, as very few projects and solutions effectively provide secure instant transfers today. Any innovation which benefits core business and the bottom line needs to be explored, particularly those in the blockchain and distributed ledger technology industry providing balanced solutions to the “trilemma”.

Another crucial aspect is Syscoin’s effective and unique interoperability with other blockchains.  Having hundreds of isolated protocols existing as islands unto themselves limits the degree to which the world can benefit from blockchain tech. Through the native Syscoin Bridge feature, any application can interact with multiple blockchains, and do so without involving intermediaries nor counterparties. The benefit of this kind of interoperability – enabling a single application to take advantage of a robust ecosystem on demand and readily harness the strengths of multiple protocols – is a big boon. To top it off, Syscoin Bridge opens Z-DAG network to the entire ecosystem.  The industry needs this kind of solution.

The low fees provided by this network also make the native tokens and assets useful in diverse ways.  Anyone looking to build a point-of-sale system will benefit from the low fees and high transaction throughput the system provides right now.  While excelling as a point-of-sale solution, it also extends well beyond traditional business models; powering microtransactions, stock and supply chain management, asset exchange, and even e-commerce. There are numerous options and uses to explore, both within and outside of traditional finance.

Microsoft and Syscoin Join to Define Decentralized Identity Standards

The need for decentralized identity management becomes increasingly apparent as the world moves quickly towards a new decentralized economy.  The team behind Syscoin realized this early-on. In 2017, they joined forces with Microsoft through the Decentralized Identity Foundation to help define future DID standards.  As part of this effort, Syscoin Platform aims to serve users and organizations with a flexible identity service model that can easily adapt to evolving standards, driving the project towards breakthroughs in off-chain/on-chain aggregation. Microsoft is just one of many Syscoin Platform partners.  Blocknet, Komodo, Blocknorth, among others, work with Syscoin on a variety of initiatives.

Accessible To Developers

Getting involved with Syscoin is rather easy.  It provides open source API tools and a community of avid developers. Developers of all kinds can explore Syscoin in a convenient manner with minimal learning-curve and get the support they need, whether through the community, or by consulting with Blockchain Foundry, a consultant and solutions business well-versed in all aspects of Syscoin Platform.  

Real-World Examples are Abundant

Several organizations and service providers make use of what Syscoin has to offer. Blockchain Foundry has built multiple in-house products and aids external organizations to achieve their blockchain goals. Peer Mountain uses the platform to build its decentralized identity and compliance ecosystem. Lode is harnessing the capabilities of the platform to serve its rapidly growing silver-backed stablecoin ecosystem.  Organizations and companies are increasingly experimenting with what the platform has to offer, and realizing how it can improve their current and future business and operations models.

Disclaimer: This is not trading or investment advice. The above article is for entertainment and education purposes only. Please do your own research before purchasing or investing into any cryptocurrency or digital currency.

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