What Is Syscoin (SYS)? Syscoin Guide

Syscoin emerges as a groundbreaking layer-1 and layer-2 blockchain solution, amalgamating Bitcoin’s Proof of Work (PoW) and Ethereum Virtual Machine (EVM) functionalities within a unified network. It promises elevated scalability via its custom EVM and layer-2 solutions atop a secure PoW blockchain.

What Is Syscoin (SYS)?

In the contemporary blockchain landscape, scalability poses a persistent challenge for platforms like Ethereum. The quest to accommodate soaring usage demands often entails compromising blockchain security and decentralization in pursuit of heightened transaction throughput.

Understanding Syscoin (SYS)

Syscoin stands out as a dual-layer blockchain, harnessing the core strengths of Bitcoin (BTC) and Ethereum (ETH) within its framework. Secured by Bitcoin’s Proof of Work (PoW) consensus mechanism, Syscoin offers unparalleled scalability and smart contract capabilities through its modified Ethereum Virtual Machine (EVM), known as the Network-Enhanced Virtual Machine (NEVM). This allows users to craft highly scalable Web 3 decentralized applications (DApps) on Syscoin, featuring minimal transaction fees.

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How Syscoin Operates

Founded in 2014 by Sebastian Schepis, Syscoin operates on a dual-layer architecture comprising its main blockchain and the NEVM layer. The main blockchain, established through a Bitcoin hard fork, supports merged mining with Bitcoin, enhancing security via PoW while enabling miners to simultaneously mine BTC and SYS. Additionally, Syscoin integrates a masternode network bolstered by ChainLocks, a mechanism devised to fortify blockchain security against potential threats.

Syscoin’s Unique Offerings

Syscoin’s UTXO Token Platform, powered by the Z-DAG Protocol, facilitates rapid, low-fee token transfers. Leveraging Zero-Confirmation Directed Acyclic Graph (Z-DAG) technology, Syscoin achieves transaction throughputs ranging from 30,000 to 145,000 transactions per second (TPS), validated by Bitcoin’s PoW miners. Moreover, users can mint Syscoin Platform Tokens (SPTs), including NFTs and fractionalized NFTs (F-NFTs), benefiting from the lightning-fast transaction speeds afforded by Z-DAG.

Introducing DAOSYS

DAOSYS, a novel DAO standard devised by the Syscoin Foundation, aims to decentralize DAOs and foster sovereignty by eliminating centralized treasuries. Operating on the Autonomous Service Engine (ASE) technology, DAOSYS enables efficient treasury management, granting universal participation in DAOs without the need for governance tokens.

Exploring Syscoin’s Layer 2: NEVM

NEVM, Syscoin’s Network-Enhanced Virtual Machine, underpins the platform’s smart contract layer, offering seamless compatibility with Ethereum-based smart contracts. NEVM’s modified EVM, tailored for Syscoin’s blockchain, ensures scalability and interoperability at minimal costs, empowering users to migrate DeFi projects, NFTs, and DApps from Ethereum while capitalizing on Syscoin’s enhanced scalability and reduced gas fees.

The Role of SYS Token

Syscoin’s native token, SYS, serves as the primary currency within the Syscoin ecosystem, facilitating transaction fees, SPT minting, and governance participation. SYS holders can leverage their holdings to host masternodes, contribute to network governance, and earn additional SYS rewards.

In Conclusion

Syscoin emerges as a dynamic blockchain solution, harmonizing Bitcoin’s security prowess with Ethereum’s smart contract capabilities to offer an innovative platform for decentralized applications and tokenized assets. With its dual-layer architecture and commitment to scalability, Syscoin remains at the forefront of blockchain innovation, poised to reshape the digital economy.

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