What Is Syscoin (SYS)?
Syscoin functions as a proof-of-work (PoW) blockchain, and it is merged-mined with Bitcoin (BTC). Syscoin is a dual-layered blockchain at its base, including the Syscoin blockchain itself as the core. The blockchain runs parallel with an Ethereum virtual machine (EVM) called NEVM (Network-Enhanced Virtual Machine). EVM refers to a software platform for developers to create decentralized applications (DApps) on the Ethereum network. NEVM seeks to make the Syscoin network compatible with smart contract protocols. Smart contracts are just like regular contracts; however, instead of being drafted on paper, these contracts run in the form of protocols on the blockchain.
The Syscoin network has four main components:
Syscoin as the base layer blockchain for security,
EVM for enhanced programmability,
Zero-Knowledge Proof (ZKP) system. Zero-Knowledge Proof (ZKP) is a type of protocol that allows data to be verified without needing proof.
Dedicated applications to provide decentralized usability for Web 3.0. Web 3.0 is the internet's next iteration which emphasizes decentralization.
Syscoin is merged-mined with Bitcoin; merged-mining is an auxiliary proof-of-work consensus. Auxiliary PoW implies that blockchain miners are capable of mining multiple blockchains simultaneously. Syscoin merged-mining allows Bitcoin's 20% mining power to be used for mining Syscoin. This process seeks to result in making the Syscoin network more secure. At the same time, Syscoin uses ChainLock technology to eliminate around 51% of malicious miners' attacks to seek to make it even more secure.
ChainLock technology operates by creating Long Living Masternode Quorums (LLMQs). LLMQs are quorums (groups) of hundreds of masternodes. The miners of a blockchain agree on which block is next based on the longest chain rule. The longest chain on the blockchain wins. Apart from ChainLock technology, Syscoin seeks to have a few more notable features:
Z-DAG: An instant settlement protocol for enabling fast Syscoin Platform Token (SPT) transfers.
Masternodes: Masternodes are full nodes that ChainLock technology utilizes to come to a consensus.
Notary Rulesets: Notary rulesets are made to allow SPT creators to apply their own rulesets for facilitating transfers. The creators can accept and deny the transfers by validating or not validating the transactions.
Syscoin Platform Tokens (SPTs) are the native Syscoin blockchain tokens. SPTs are UTXO-based tokens and seek to offer better efficiency to allow SPTs to support new and existing innovations made on Bitcoin. UTXO refers to a type of token that someone has left after processing a cryptocurrency transaction.
History of Syscoin (SYS)
Jagdeep Sidhu and Michiel are the president and vice president of the Syscoin network.
Syscoin tokens have a total token supply of 63,30,43,699 and a maximum total supply of 88,80,00,000.
