Review on Syscoin by Fabrizio Zampieri
We can define the Syscoin project as something as a multi-comprehensive…
We can define the Syscoin project as something as a multi-comprehensive platform containing a collection of features that can be used to provide solutions for a wide range of decentralized services.
The project works in direct opposition to centralized business markets and allows users to sell anything directly on the Syscoin blockchain or build a business site that uses their infrastructure to process transactions. The team has developed a fully functional product and has worked to incorporate a number of features that make the platform a truly viable alternative to sites such as Amazon and Ebay.
The platform also allows for distributed certificate management and utilizes cryptographic techniques that allow users to issue, authorize, and exchange a range of digital certificates.
The project is headed by Sebastian Schepis who is both a creator of Syscoin and a core developer and the project is also well supported by the Blockchain Foundry. Despite being started in 2016, the Blockchain Foundry management team were instrumental in developing the Syscoin protocol in 2014.
Syscoin is an established project having been around since 2014 and still has a lot of room to grow in terms of developing their user base and generating significant revenues.
Pros
- Syscoin had origin from a fork of the Bitcoin protocol in 2014 and has an algorithm that allows for merge-mining with Bitcoin. This allows miners to simultaneously mine cryptocurrencies that are based on the same algorithm, and Syscoin is able to leverage the power of merge-mining with Bitcoin and other SHA-256 coins. This provides Syscoin with a highly secure and stable network that acts as a solid foundation to the platform. In addition to providing a fully decentralized marketplace, the Syscoin platform also incorporates a number of key features aimed at enhancing the entire e-commerce experience (prices in the marketplace can be pegged to fiat currencies such as USD, EUR, and GBP or to the price of BTC. While the marketplace also incorporates an arbitrated escrow feature that holds tokens in escrow until the terms of the sale are met and the funds are released to the seller). Syscoin also makes use of hardened smart contracts that are reinforced and cannot be compromised in the same way as Ethereum smart contracts and this makes the platform a serious option for organisations involved in insurance, medicine, and gaming. Syscoin’s blockchain can support 750 transactions per second (TPS), and this is scheduled to increase to up to 300,000 TPS with a planned masternode release. The SYS token is currently one of the lowest fee cryptocurrencies on the market and only lags behind transaction fee free cryptocurrencies such as NANO and NEO. About quotation, a number of developments should see the project continue to increase in value over the year.
Cons
- The project still has a number of obstacles to overcome in order to attract mainstream adoption. Currently, the leading mainstream marketplaces are extremely well known and it will take a comprehensive and long period of advertising and marketing in order to attract users to the site. Syscoin has also strong competitors (platforms such as Shopify and WordPress-Woocommerce- which allow retailers to set up e-commerce sites relatively easily and are also very well known).
