Syscoin is created by its parent company Blockchain Foundry, which provides technology based services, projects and products with the aim to disrupt different markets with blockchain technology. Blockchain Foundry’s goal is to change the way software is made and data served. Blockchain Foundry focuses on implementing different kind of blockchain technologies within enterprises. (1)
Syscoin says it’s a cryptocurrency that offers near zero cost financial transactions and provides businesses the infrastructure to trade goods, assets, digital certificates and data in a securely manner. Syscoin’s intrinsic value seems to be derived from the decentralized services it provides, directly on the blockchain. (2)
Current key features of Syscoin are; Decentralized marketplaces, Distributed certificate management, and Name aliases.
Syscoin supports a wide variety of marketplaces, ranging from fully decentralized marketplaces to centralized business markets. They seem to have created a platform which brings sellers and buyers in a decentralized manner together, these parties can be individuals or businesses buying and selling products and services among other things. Just like in real life, without meddling from intermediaries.
Distributed certificate management
Syscoin offers the users to issue, authorize and exchange digital certificates of any kind, on the blockchain, goods or services, within the marketplace ecosystem. With this method, proof of ownership within its blockchain network can be authenticated by different parties on their blockchain. This will make it easier for traders to exchange ownership of assets, on their blockchain.
Name Alias, is a service feature within the Syscoin ecosystem to make use of the various services which can be found. For example, once someone has created a Name Alias, they can start making use of services like, placing a buy/sell order on whatever service/product etc. they want. Through linking this ID-system into the ecosystem, it could be better accepted in real-life scenarios. By having known actors making a transaction or having an agreement, this ID-system will be better accepted in real-world cases.
Compare it to creating a profile for your address, with a simple name, instead of being a traditional address, you can save someone’s alias under a recognizable name alias. This alias can be purchased for a small price.
Syscoin is a blockchain protocol with its own built smart-contract system. These smart contracts are used as building blocks for blockchain based e-commerce solutions. This could, in combination with the name aliases, provide customers with a better and more simple way of interchanging goods and services on the blockchain.
The first sets of product releases from Blockchain Foundry on top of the Syscoin infrastructure is the Blockmarket Desktop product. This is a decentralized marketplace, which can be compared to Ebay or Amazon. A digital decentralized marketplace where businesses or individuals can sell, buy or trade goods, services and other assets on the Syscoin blockchain, without the necessity for a middleman, i.e. Amazon / Ebay itself. In combination with an integrated wallet, the Blockmarket, is the go-to all-in-one decentralized market. This allows for decentralized global commerce.
Blockchain Foundry is the parent-company / development company behind Syscoin. During 2017 Syscoin had run out of resources, and development of Syscoin stagnated. Blockchain Foundry acquired a capital-venture investment of $3,3M and allocated some of its resources to Syscoin. (3) Syscoin (& Blockchain Foundry) have entered a partnership with Microsoft Azure, last March 2017, to launch three blockchain product; Full Syscoin Node through Azure, Configuring customized exchange rates, via Syscoin’s Price Peg server, and Access Syscoin’s smart contracts & entire line-up of blockchain based services through Syscoin’s API. Syscoin is now an accredited and certified partner of Microsoft Azure’s portfolio for Blockchain as a Service (BaaS). (4)
Team and advisors
CTO: Jagdeep Sidhu, he has a history of working with electrical and electronic manufacturing industry. He graduated from British Columbia Institute of Technology with a Bachelor of Technology. (6)
The most important features and developments on the to-do-list of Syscoin, are the Masternodes and its benefits. After that Instant transactions are also on the table to be developed and integrated into the Blockmarket and wallet, they mentioned 300k transactions per second. (VISA handles on average around 2,000 transactions per second) (7) KYC/AML notaries are being worked on to make Syscoin more transparent for users and regulators. (8)
Aside from developing key-features, Syscoin and Blockchain Foundry start a rebranding process in partnership with Ballistic Arts. This new direction both companies are taking is aimed to attract third parties to join Syscoin’s blockchain protocol and create blockchain based services for that third party. (9)