Who Are the Founders of Syscoin?

Syscoin was created in 2014 by Sebastian Schepis — one of the co-founders of the company that created what became the Oracle Project Manager, an enterprise management system. Following the success of Project Manager, Sebastian has gone on to consult for large corporations like Lockheed-Martin, Bank of America, General Dynamics, Verizon Wireless, and several others

Today, Syscoin as an open source project is led by the non-profit Syscoin Foundation with board members including Jagdeep Sidhu (Foundation President and Lead developer) and Michiel Näring, Syscoin Foundation Vice President.

SYS Labs, an enterprise, leads the development of flagship apps and systems built on Syscoin, including Rollux (OPStack L2), SuperDapp, Pegasys DAO (DEX), and Luxy (NFT marketplace).

What Makes Syscoin Unique?

The most unique feature of Syscoin is its ability to combine the strongest elements of Bitcoin and Ethereum on a single platform. Syscoin's layer 1 consensus is based on Bitcoin’s SHA-256 PoW model and allows merged mining with Bitcoin. This means that miners can simultaneously mine both BTC and SYS at no extra cost. Comparing Syscoin's hashrate to Bitcoin's it can be seen that generally over 50% of Bitcoin's hashrate also mines Syscoin and that it is supported by several larger Bitcoin pools. Syscoin also provides decentralized finality on top of Nakamoto consensus which effectively eliminates the risks of 51% attacks normally associated with PoW while also retaining proven Nakamoto consensus from beneath. Moreover, Syscoin is modular layer 1 that supports optimistic rollups and ZK rollups, and provides them a low-cost data availability service that is censorship resistant called PoDA. The first layer 2 built on Syscoin is a fork of Optimism called Rollux, an EVM-equivalent optimistic rollup that went live on June 28, 2023, built by SYS Labs. The Rollux ecosystem is Syscoin's primary target for ecosystem growth as it provides scalability with a fast and low-cost user experience.

In sum, Syscoin's technology today effectively provides what Ethereum plans to provide in the future with its modular roadmap, including data availability, while retaining Bitcoin's Proof-of-Work.

The network utilizes incentivized full nodes (masternodes) to serve multi-quorum chainlocks for finality. You can find out more about the incentives and requirements to run a Syscoin masternode at sysnode.info.

As for Syscoin's overall layer 1 architecure, it is dual-chain with a modular (rollup-centric) design. This architecture consists of an Ethereum-based blockchain called Network Enhanced Virtual Machine (NEVM), released December 6, 2021, which is compatible with any smart contracts or rollups built for Ethereum. The other blockchain is called Syscoin UTXO or "Syscoin Native", which is a Bitcoin-based blockchain supporting taproot, data availability, a token platform supporting ordinals and both fungible and non-fungible tokens, a proprietary DAG protocol called Z-DAG, and more. Overall, the architecture enables users and developers to leverage the strengths of each "gold standard" model (Bitcoin and Ethereum) while creating new synergies between them where appropriate, such as PoDA. Both of the Syscoin blockchains, as well as Rollux, utilize SYS as their native coin. SYS is utility-focused coin based on EIP-1559. SYS owners can transfer SYS between these chains via the Syscoin Bridge and the Rollux Portal.

Wallets:

Pali Wallet is Syscoin's own native Web3 wallet, and is open source, self-custody and multi-chain. Pali Wallet is available on Chrome Store as a browser plugin, and for mobile devices at Google Play and the Apple App Store.

Syscoin's *full selection of wallets includes a wide range of mobile, browser and desktop offerings, and hardware wallets. Aside from Pali, Syscoin is supported by Metamask, Klever Wallet, and many others.

* Syscoin mainly recommends the Pali Wallet browser extension as it supports all of the Syscoin networks (UTXO, NEVM, and Rollux) and provides an easy user experience. Many other wallets work with a limited selection of Syscoin chains, such as Metamask which only supports Syscoin NEVM and Rollux.

Related Pages:

Read about Polygon (MATIC) — an EVM-compatible blockchain.

Read about Solana (SOL) and Cosmos (ATOM) — other popular smart contract platforms.

What are smart contracts? Keep yourself updated with our educational section.

Refresh your knowledge of complicated crypto terms with our glossary.

What Is the Circulating Supply of Syscoin (SYS)?

Syscoin (SYS) is the native token of the Syscoin platform. Its tokenomics are based on Ethereum’s EIP-1559 proposal without a capped maximum supply. The supply of SYS is based on the protocol emission and deflationary burning of fees for transactions. At the time of writing, Syscoin’s circulating supply was 751,391,717 SYS.

Where Can You Buy Syscoin (SYS) Tokens?

You can buy and trade Syscoin in numerous cryptocurrency exchanges, including trading platforms like Binance, MEXC Global, KuCoin, Bitmart, Huobi and Gate.io.

Want to keep track of SYS prices live? Download the CMC mobile app.