Syscoin is Building a Crypto Economy

Although the idea of using blockchain technology for more than just currency has been around for quite some time, there are still plenty of people out there who view Bitcoin and various altcoins as nothing more than a mirage. The criticism often received by most of these systems is that these systems could not possibly have value because they are not backed by something “real” such as dollars or gold. This is where Syscoin comes into play. This is an alternative cryptocurrency that is building additional features directly on the blockchain, which means the additional uses of this technology will be rather obvious from the start. Here are some of the key features of this new crypto economy. Syscoin also has a partnership with moolah.io, which opens the system up to Moolah’s long list of features for consumers and merchants.

Decentralized Marketplace

One of the key features of Syscoin is that it offers a completely distributed marketplace. Unlike the proposed OpenBazaar project for Bitcoin, this marketplace will allow users to securely trade and exchange anything from assets to goods or services in a decentralized manner on the blockchain. The entire marketplace is built directly into the protocol, which means this could almost be viewed more as a crypto economy rather than a cryptocurrency. Syscoin is about much more than just money, and it could attract the interest of day traders, small-time eBay sellers, large retailers, and more.

Merged Mining and Regenerated Service Fees

In addition to the “Bitcoin 2.0” features built directly into the blockchain, Syscoin also offers some innovative enhancements for miners. The first thing anyone who mines scrypt cryptocurrencies should know is that this altcoin can be merge-mined with any scrypt-based coin. This means anyone who is already mining litecoins or dogecoins can support the Syscoin network rather easily. The regeneration of service fees is also rather important as this feature is what enables the existence of Syscoin in the first place. These service fees are collected by the network and then sent out to all of the miners. These fees are the main reason miners will continue to mine after all the block rewards have been collected, which means they’re also what secures the entire business economy built on Syscoin.

But What About the Premine?

The one thing that people always look at before anything else when it comes to a new cryptocurrency is the premine. Most people don’t like the idea of giving too much of the overall wealth in a new coin to the early adopters or developers, but that’s not something that you have to worry about when it comes to Syscoin. Although the 18% premine number may seem rather scary at first, the reality is that these syscoins are not going to a small group of people. 15% of the coins were purchased by the cryptocurrency community through a crowdsale, while 2% of the coins were given to the developers of the project. The remaining 1% from the premine is held in transparent wallets for various bounties and rewards. This is actually a pretty tame premine in the grand scheme of things, especially when you match it up against the 100% premine seen in projects such as Mastercoin and NXT.