I know you all like to be informed about new and upcoming digital currencies, and we aim to please you all in that regard. SysCoin is currently in its pre-announcement stage, so let’s see what is going on over there!
SysCoin is looking to be so much more than just a digital currency. By also being a value-added service and financial structure integrated directly into its blockchain, there is some serious potential for SysCoin down the road.
But how is the team planning to fulfill this potential? First of all, a decentralized markets will be integrated into the blockchain. Sell anything you wish on the blockchain, or build a website which uses SysCoin’s infrastructure to conclude transactions.
On top of that, as we have seen a few other coins developing this feature, SysCoin will offer secure data storage on the blockchain. It will be possible to both send and receive data, so it basically boils down to a form of cloud storage.
“The Syscoin network itself acts as the third party, guaranteeing cryptographically-verifiable authenticity. Syscoin provides a foundation for the creation of provably fair arbitration systems which cannot be corrupted.”
Up next are certificates on the SysCoin blockchain. Anyone can register as a certificate issuer and issue provably-unique certificates which can in turn be authenticated by SysCoin’s cryptographic proof of work. As a result, we will see a free exchange of digital assets.
The best always comes at the end, as SysCoin will be merge-mineable with each and every Scrypt coin in existence. This ensures democratic coin distribution, as well as a strong network health thanks to Scrypt ASICs.
‘Syscoin directly recycles transaction fees by regenerating them and redistributing them to network miners. The regeneration of service fees is the key incentive for miners to continue to mine Syscoin once all base coins are mined, and thus enable and guarantee its services into the future.’
The only downside I can find when it comes to SysCoin is their 8% pre-mine. Sure, most of it will be used for the pre-sale, a portion goes to the developers, and the rest will be used for bounties and rewards. Still, 8% of 2 billion coins is a whole lot, so make of that what you will.
SysCoin technical specifications :
Proof-of-work algorithm: SCRYPT (merge mineable with any SCRYPT coin)
Multipool protection: SysCoin uses KGW to retarget difficulty every block. SysCoin uses extremely small minimum and maximum values as algorithmic inputs, which effectively allows Syscoin’s difficulty to re-target much more rapidly and accurately than other cryptocurrencies that use KGW.
Block reward (updated): 1024 SysCoin and regenerated network services fees (block reward halves on fixed schedule until rewards fixate at 128 Syscoin + network and service fees).
Total SysCoins: 2,000,000,000 (2.0 billion)
Launch date: TBD depending on time to fully fund Presale.
Premine: 8% [5% Presale, 2% Devs, 1% Bounties and Rewards]
An update in regards to the mining reward schedule has been posted here.
The SysCoin pre-sale starts July 19th at 12:00 PM PST. This pre-sale will be conducted via Escrow , with 0% fees for investors. You can find more information about this Escrow service announcement by clicking here.
You can find out more about SysCoin by using the following sources :
SysCoin on BitcoinTalk : https://bitcointalk.org/index.php?topic=587080.0
SysCoin on Twitter : https://twitter.com/syscoin
DISCLAIMER : By writing this article, I am not telling you whether to invest or not in SysCoin. Do your own homework, I just provide our readers with information.