What is Syscoin (SYS)?

Syscoin or SYS (SYS/USDT- Trade it here) is a modular blockchain built to support a Web3 ecosystem at scale for global adoption. It maintains extremely low fees by sharing Bitcoin’s security and an EVM-compliant chain on its dual Layer 1. Syscoin runs efficiently by relegating its base security to its foundation first Layers. It also scales smart contracts on its EVM side through innovations in rollups and its unique data availability solution. Then, it optimizes it to best support the technologies of the future including DeFi, the Metaverse, IoT, smart cities, and even an interplanetary human civilization. Basic information for their token is available on the MEXC Digital asset introduction page.

Syscoin or SYS (SYS/USDT- Trade it here) is a modular blockchain built to support a Web3 ecosystem at scale for global adoption. It maintains extremely low fees by sharing Bitcoin’s security and an EVM-compliant chain on its dual Layer 1. Syscoin runs efficiently by relegating its base security to its foundation first Layers. It also scales smart contracts on its EVM side through innovations in rollups and its unique data availability solution. Then, it optimizes it to best support the technologies of the future including DeFi, the Metaverse, IoT, smart cities, and even an interplanetary human civilization. Basic information for their token is available on the MEXC Digital asset introduction page.

UTXO Chain

Syscoin shares Bitcoin’s PoW security through a process called merged mining. This allows Bitcoin miners to share the security they earn for Bitcoin with a secondary network. This takes place on Syscoin’s Core or UTXO chain, which is the original Layer 1 chain of the Syscoin network. This chain supports NFTs, fungible tokens, taproot, and also hosts proprietary breakthroughs like ZDAG and opt-in regulatory compliance. ZDAG (Zero-confirmation Directed Acyclic Graph) is layered atop the Core chain to accommodate PoW transactions at blistering speeds of 45k to 145k TPS for instantaneous transactions and short confirmation times of up to ten seconds. At this point, they are locked through a tertiary function of the Syscoin Masternode’s network via chainlocks, which prevent rollbacks.

Opt-in regulatory compliance allows for transactions taking place on Syscoin to allow users to remain within the confines of their varying legal obligations without sacrificing custodianship. Through another mechanism, this feature is also destined for smart contracts running on Syscoin’s NEVM (Network-Enhanced Virtual Machine), the second EVM-compliant Layer 1 chain running in tandem with the Core chain.

Syscoin Masternodes also run on the Core side and allows users to offer additional security and network features by locking 100k SYS as collateral. Similar to staking, Maternode operators are rewarded Syscoin’s freshly minted native token, SYS. The reward increases through seniority achieved after one year and topping out after two and a half years. Collateralized SYS is only locked while the node is operating, but users can sacrifice their seniority and move their 100k SYS whenever they choose. Apart from offering protection from 51% and MEV attacks, additional features, and rewards, Masternodes also serve as Syscoin’s decentralized form of governance in which one node equals one vote. Currently, more than 40% of SYS’ total supply is locked in masternodes.

NEVM Chain

Syscoin is aiming to be the first holistic blockchain ecosystem to provide economies of scale. It is all thanks to the innovations taking place on its parallel Layer 1 NEVM chain, including Optimistic & ZK-Rollups, Proof-of-Data Availability, Validium, and DAOSYS. The NEVM chain went live on December 6, 2021. It is programmed in the Solidity language and is 100% compatible with smart contracts and rollups built for Ethereum. This provides an open invitation for Ethereum-based dApps to easily port to Syscoin. In return, it gains the benefits of Bitcoin’s PoW security and greater decentralization. Increased speeds and cheaper transactions also generate high scalability.

Syscoin’s major breakthroughs that make it the readiest platform to support mass scale come from a combination of rollups and its own PoDA solution. Rollups scale transactions by essentially compressing a multitude of transactions together and treating them as though they were just one. Meanwhile, there must be a way to verify each transaction within the rollup contains all the relaying data without sacrificing decentralization. Interestingly enough, although many projects are singing the praises of rollups, few mention their plan for how to address proving data availability. 

Currently, Ethereum is the only other project to have proposed a solution via proto-danksharding. It has striking similarities to Syscoin’s straightforwardly named, Proof-of-Data Availability. However, proto-danksharding is at least a year away, whereas PoDA, alongside rollups, is already on testnet and set to debut on the mainnet of Syscoin’s NEVM Layer 2, called Rollux, in Q1 of 2023.

Summary

SYS shares the same supply across its dualchain Layer 1, based on EIP-1559, and can be freely transferred across the permissionless Syscoin Bridge, which uses a two-way peg mechanism. With this in mind, it is important to understand which version, UTXO or NEVM, one is transferring when moving across wallets and exchanges.

Syscoin’s holistic approach has made it one of, if not the most complete blockchain projects in existence. It aims to solve a broad scope of the hurdles in the industry and clear the way toward mass adoption. Syscoin essentially seeks to offer the best of Bitcoin and Ethereum together in one place while making many of its own improvements. Through its commitment to Bitcoin’s PoW security, the flexibility of Ethereum, and what is currently slated to be the world’s first blockchain ecosystem with rollups and Proof-of-Data Availability. Now, Syscoin can onboard the entire world into the Web3 space.

Recent Price & Performance of Syscoin (SYS)

Currently, their market price is $0.1064 per unit. It has a market cap of $79,793,619 and a fully diluted market cap of $79,819,175. It also has a 24-hour trading volume of $2,359,813. You can check the live price of their token right here!

How to buy Syscoin (SYS)

You can buy Syscoin (SYS) on MEXC by following the steps:

  1. Log in to your MEXC account and click [Trade]. Click on [Spot].
  2. Search “SYS” using the search bar to see the available trading pairs. Take SYS/USDT as an example.
  3. Scroll down and go to the [Spot] box. Enter the amount of SYS you want to buy. You can choose from opening a Limit order, a Market order, or a Stop-limit order. Take Market order as an example. Click [Buy SYS] to confirm your order. You will find the purchased SYS in your Spot Wallet.

You can find a detailed guide on how to buy SYS token here.

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