Review on Syscoin by Jerry Siegel

Name: Syscoin
Item: Syscoin
Rating: 4

August 13, 2020

Syscoin (SYS)

Syscoin is aimed at providing a convenient process for exchanging goods on a decentralized marketplaces. 
Idea:
The creators of Syscoin intend to fulfill Satoshi Nakamoto's vision of creating and developing decentralized online stores on the blockchain. On Syscoin platform you can build many things. But the very first and most stand-out use case is decentralized marketplaces. The project offers its own decentralized Blockmarket, where users can create their own online shops and sell goods for cryptocurrency, completely decentralized, without the participation of third parties.
Coin:
SYS coin is based on Litecoin source code with some modifications. SYS is a Proof-of-Work coin using a difficulty algorithm called Dark Gravity Wave v3 (DGW). Maximum supply: SYS 880,000,000.
Community:
Syscoin community is pretty much active and really cares about the project. Twitter feed is always full of project updates, posts is getting lots of attention. Chats are very active and people seem to be involved in the life of the project.
Partnerships:
Syscoin is actually one of the oldest projects (created in 2014) and as the time went by, team have established significant and strategic relationships  with many crypto-related companies, like Binance, Komodo and others. Latest example is the partnership with Binance: Binance USD (BUSD) stablecoin is now available the Syscoin Network. 
Overall impression:
Syscoin is a decent project, with its own unique features and innovations for the world of cryptocurrencies. At the moment, the idea of ​​decentralized marketplaces is very relevant, and the importance this will only grow in the future.
It is possible that the Syscoin project is the new Amazon in the initial stages, when no one noticed its potential yet. The project has a rather busy roadmap, with a lot of features being developed, which will help this project cope with the potential huge number of users on the marketplace.
﻿

Pros

Ethereum two-way bridge: this is done by a permissionless burn/mint process that moves a quantity of ERC20 tokens into a corresponding Syscoin Platform Token (SPT). This feature opens a possibility of cross-platform integration, forward-compatibility, diversity and interoperability across the cryptosphere.
Token minting system: Syscoin Platform Tokens (SPT) is a unique protocol that makes it possible to create tokens backed by physical assets support, include loyalty points, and ultimately create service-backed assets. Good example of SPT-token is LODE, token that is backed by physical silver.
High transaction throughput (speed): transcations is very fast and cheap.
Low transaction fees: another advantage is the lowest transaction costs. However, you need to understand that with an increase in demand and an increase in transaction volumes on Syscoin system, the price of transactions can also increase.

Cons

In 2018 there was an incident with Syscoin on Binance: Syscoin was hit by an unusual hack that has manipulated the coin’s total supply. The attackers then sent the fraudulently generated coins to Binance and sold them, pushing the price of 1 Syscoin $SYS as high as $750,000 (then 96 BTC). This happened because of a simultaneous hack of Binance API keys. However this particular issue with Syscoin Blockchain since then have been solved.