Syscoin aims to provide various tools for business and enterprise clients, for example blockchain-based token creation, fully-encrypted messaging, a built-in decentralized marketplace, on-chain identity verification, certificates and more.
Syscoin started in 2014, the development team boasts a long history of blockchain technology innovations, corporate and grassroots partnerships, and a strong commitment to worldwide cryptocurrency mass adoption.
Z-DAG
Z-DAG (Zero-Confirmation Directed Acyclic Graph) is an instant settlement protocol that functions for assets, offers and certificates. Z-DAG organizes transactions based on dependencies to establish the state of the transaction in a deterministic fashion. Each transaction that occurs depends upon the approval of the previous transaction.
Marketplace
Syscoin Assets a tokenization infrastructure on top of the Syscoin Network. Some use cases include loyalty points, coins supported by physical assets, and service backed currency.
There are two types of tokens, non-divisible and divisible.
Syscoin’s decentralized marketplace allows users to securely and reliably buy or sell anything, to anyone, anywhere on Earth, without middlemen, credit card fees, or interference.
The platform supports currencies such as Syscoin, Bitcoin and ZCash and is capable of accepting assets within the marketplace. A merchant can set their whitelist and how much the markdown will be while the markup is decided by the reseller.
Syscoin Identity
The Syscoin identity uses basic aliases to eliminate the need for long Syscoin addresses, simplifying sending and receiving funds. Building on Syscoin’s Alias service, Syscoin Identities create an improved user experience.
With Syscoin Identities, data is stored off-chain with a blockchain-anchor to minimize blockchain bloat, enabling users to increase the amount of data stored within their Syscoin Identity. Syscoin will also offer services associated with Syscoin Identity, including the issuance of Digital Certificates and escrow services.
Even with the features it offers, the project still has a number of obstacles to overcome in order to attract mainstream adoption. Currently, the leading mainstream marketplaces are extremely well known and it will take a comprehensive and prolonged period of advertising and marketing in order to attract their already committed user bases to the platform.
Syscoin is also competing with platforms such as Shopify, Woocommerce and Magentoo which allow retailers to set up e-commerce sites relatively easily and are also very well known.
Conclusion
Overall, the Sys platform is very solid. The network has nearly 5 years of development behind its back and a very competent team that generally tends to deliver on their promises. The platform contains a range of features that will prove valuable to retailers and is well positioned to make its mark as blockchain technology becomes better known.
