What Is Syscoin and How to Exchange SYS on Swapzone?
Following the explosion of blockchain technology in recent years, a lot of cryptocurrencies have demonstrated remarkable growth over time. Syscoin hasn’t been left behind either, with its value rising significantly over the past years. In 2014 during its debut, the launch price of Syscoin was a mere $0.002 which remained relatively low until early 2017. In January 2018, Syscoin value was worth $0.91 per coin. Since then, it has stabilized within the $0.20 to $0.50 range.
Let’s take a deep dive into Syscoin and how it works.
What is Syscoin?
Syscoin is a platform that offers fast and low-cost tokens, assets, and NFTs secured by Bitcoin’s censorship resistance and hashrate. Syscoin is a proof-of-work blockchain with a hashrate second only to Bitcoin. It is merge-mined with Bitcoin to offer unrivalled security, with multi-quorum chainlocks for greater resistance to 51% attacks
Backed by 2500 independent full nodes which participate in Syscoin’s decentralized network at present, all of which archive and validate. Together they form the high-throughput relay network used by Syscoin’s Z-DAG Protocol.
The platform offers the option of a permissioned L2 smart contract feature, Syscoin Notary, which is useful for regulatory compliance at scale, and much more.
Its ambitious roadmap aims at defining the next generation of decentralized ledger tech, leveraging Zero-Knowledge Proofs to provide the best characteristics of Bitcoin and Ethereum in a coordinated and scalable Web 3.0 platform.
Syscoin has official partnerships with Binance, Blockchain Foundry, Klever, TrustToken, Komodo, Decentralized Identity Foundation (DIF), Microsoft Azure, International Token Standardization Association (ITSA) and more
The Syscoin is used as gas, to create Syscoin platform tokens, to mint NFTs and to run Masternodes. Additionally, Syscoin can be mined, just like Bitcoin, and has a limited supply of 888 million coins. The system uses a hybrid consensus mechanism with both a PoW model and a PoS model. Both these models work together to verify transactions and prevent double-spending.
Difference between Syscoin and Bitcoin
Let’s compare Syscoin to BTC. The table below represents some of the major differences between these currencies.
|Country of Origin||International||Netherlands|
|Current Price (USD)||$48,108.90||$0.2355|
|All-time-high (USD)||$64,863||$0.9815 75.43|
|24-hour trading volume||$27,876,730,700||$4,154,106|
|Transaction Speed/Block Time||7||60,000|
|Mining Profitability||Extremely low||Low|
Why is Swapzone the best place to convert SYS?
Swapzone is the best Syscoin exchange in the market. It offers a number of exchange deals where you can simply choose the one that you want. Most importantly it does this for free providing you with an easy to use interface. However, if you are still finding difficulty understanding how to do it, here’s a step-by-step procedure:
Step 1. Head on over to the Swapzone website.
Step 2. Locate the “Select pair” tab and choose the type of crypto and amount that you wish to exchange. For instance, if you trying to swap Syscoin to BTC, you’ll first have to enter Syscoin as the type of crypto you want along with the amount you wish to exchange.
Step 3. Going by our earlier example, in the “Get Up To” section, you will select BTC. Or if you are trying to purchase Syscoin with Bitcoin, you will enter SYS.
Step 4. You will now be able to see all the different exchange offers being displayed on Swapzone. All you have to do is go through them and pick the one that you want.
Step 5. Once you find an offer that you fancy, simply pick the offer and click on “exchange”.
Step 6. Enter your wallet details and click on “proceed to exchange” to start the transaction.
Step 7. The platform will start to process your transaction. Just wait for the process to finalize.
Step 8. Once the process is through, your deposit will be processed and you will receive your tokens in your wallet. Simply rate and review the exchange partner and that’s it. You are done.