About

Syscoin is a blockchain platform that combines the best of Bitcoin's security, Ethereum's smart contract capabilities, and ZK-Rollups for scalability. Syscoin Platform (SYS) provides a public decentralized blockchain, a development platform, and a token platform offering high throughput with cross-chain interoperability for tokenized assets, enabling things like Ethereum smart contracts for Syscoin Platform Tokens (SPTs) and scalability solutions for other blockchains and DLTs.

History

The purpose of the Syscoin Platform is to provide today's enterprises and organizations a platform to benefit from blockchain and distributed ledger technology (DLT) with high security and availability, reduced infrastructure and transaction costs, and a variety of enterprise-level features. Syscoin Platform consists primarily of original source code and maintains an up-to-date base of Bitcoin Core, complying with Bitcoin's proven security model.

The project was initially created as a blockchain protocol that expanded on the concepts of Bitcoin to include additional services, like smart contracts, to enable the creation of a decentralized marketplace. The project launched in 2014 as a fork of the Litecoin network. Soon after it completed its token sale and mainnet launch, its funds were allegedly stolen by the operators of Moolah, the exchange selected to custody the proceeds of the sale. Over the next two years, the team worked to build Syscoin 2.0, which it eventually launched in May 2016.

The launch of the 2.0 network included a new graphical interface and wallet, replacing the previous command line interface. In Aug. 2017, the Syscoin team created Blockchain Foundry as a separate entity to help realize its goal of creating a marketplace platform. In Sept. 2017, Blockchain Foundry released its first product Blockmarket, a blockchain-based e-commerce solution. Following the successful launch of Blockmarket, Blockchain Foundry raised $3.3 million to fund its operations, which included research and development for various blockchain innovations outside of Syscoin.

On April 30, 2018, Syscoin released another upgrade to the network (3.0), which includes the ability to create unique fungible and non-fungible tokens on top of the blockchain.

Syscoin 4 introduces a novel implementation of a UTXO Asset platform with instant, pseudointeractive, zero-confirmation, double-spend protected cryptocurrency transactions (Z-DAG), as well as a 100% Ethereum-compatible EVM. These are two chains using the same SYS native coin, and sharing the same security via Nakamoto Consensus PoW through merged-mining with Bitcoin, via protocol adaptation. Masternodes providing bonded validators with chainlocks help to reduce selfish-mining opportunities as well as provide the network with full node security. The EVM scales on layer 2 with Zero-Knowledge Proofs (ZK-Rollups) and the UTXO Asset platform scales on layer 2 with payment channels.