Syscoin debuted in 2014 as a fork of the Litecoin network. Its goal is to address challenges that have been affecting ERC-20 networks, including issues like expensive gas and limited transaction capacity. Since its initial launch, Syscoin has shipped multiple upgrades, with the latest release being Syscoin 4.

Syscoin is a dual-layer, smart-contract-ready blockchain. The foundation is the Syscoin blockchain, which works alongside an EVM-compatible layer called NEVM (Network-Enhanced Virtual Machine). It also operates under Proof-of-Work and is merged-mined with Bitcoin.

SYS is the native token of the ecosystem. It serves as a utility asset used with the platform’s services.

What are Syscoin’s key features and how does it work?

The Syscoin network includes several standout capabilities, notably its NEVM integration that supports its smart contract layer. 

The NEVM design aims to improve scalability while keeping smart-contract functionality and interoperability. It brings together key strengths from both Bitcoin and Ethereum into a single environment for financial computation-pairing Bitcoin’s security approach with Ethereum’s processing power. NEVM also emphasizes decentralized cost handling to help lower gas fees, and it is described as fault-tolerant with interactive data features.

Masternodes play an important role in the Syscoin ecosystem. They are full nodes that receive incentives to stay online and running continuously. They handle two major responsibilities while also supporting the platform’s decentralization. First, masternodes enhance chain security through the use of ChainLocks, which the project says provides stronger protection than standard Proof-of-Work blockchains. To operate a masternode, 100,000 Syscoin is required as collateral, and rewards are distributed for providing the service.

Second, masternodes help enable the Z-DAG payment protocol. Z-DAG is its own blockchain and includes an instant settlement mechanism. This supports very quick Syscoin Platform Token (SPT) transfers. The Z-DAG approach is based on Satoshi’s “snack machine” idea and is intended to enable peer-to-peer electronic cash. Its operation depends on mempool awareness and relay topology across a network of nodes. Nodes verify transactions and then proceed based on the trusted process.

Developers can tailor Z-DAG by choosing the speed versus security trade-off that fits their needs. For instance, applications handling smaller transaction sizes may opt for faster processing even at the risk of double-spending. Meanwhile, use cases involving major cross-border transfers may select a higher number of confirmations, leading to slower transactions but stronger security.

What is noteworthy about Syscoin?

Syscoin mining supports Auxiliary Proof-of-Work, letting miners work on multiple blockchains at once. As a result, miners already mining Bitcoin can also mine for Syscoin because 20% of the hash power can be directed with no additional cost. This merged-mining approach is also intended to help reduce exposure to potential 51% attack threats.

Where can you buy SYS?

SYS can be traded on the CEXs and DEXs shown below. Among the most widely used venues with the highest liquidity are Binance, Gate.io, and Bittrex.

The SYS price can shift depending on the exchange you choose and broader market conditions. For current and historical SYS market information, consult the price charts on this page.