How To Buy Syscoin (SYS)?
A common question you often see on social media from crypto beginners is “Where can I buy Syscoin?” Well, you’ll be happy to hear it is actually quite a simple and straightforward process.
Step 1: Create an account on an exchange that supports Syscoin (SYS)
First, you will need to open an account on a cryptocurrency exchange that supports Syscoin (SYS).
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In order to sign up, you will need to enter some basic information, such as your email address, password, full name and, in some cases, you might also be asked for a phone number or address.
Note: On specific exchanges, you might need to complete a Know Your Customer (KYC) procedure in order to be able to purchase cryptocurrency. This is most commonly the case with licensed and regulated exchanges.
Step 2: Deposit funds into your account
Many cryptocurrency exchanges will allow you to purchase Syscoin (SYS) with fiat currencies, such as EUR, USD, AUD and others. Furthermore, they will also provide you with multiple deposit methods through which you can fund your fiat account, such as credit and debit cards, ewallets or direct bank transfers.
Note: Some payment methods will have higher fees than others, such as credit card payments. Before funding your fiat account on your chosen exchange, make sure to do your due diligence to find out the fees involved with each payment method to avoid unnecessary costs.
Step 3: Buy Syscoin (SYS)
This process is similar across almost every cryptocurrency exchange. All you have to do is find a navigation bar or a search bar, and search for Syscoin (SYS) or Syscoin (SYS) trading pairs. Look for the section that will allow you to buy Syscoin (SYS), and enter the amount of the cryptocurrency that you want to spend for Syscoin (SYS) or the amount of fiat currency that you want to spend towards buying Syscoin (SYS). The exchange will then calculate the equivalent amount of Syscoin (SYS) based on the current market rate.
Note: Make sure to always double-check your transaction details, such as the amount of Syscoin (SYS) you will be buying as well as the total cost of the purchase before you end up confirming the transaction. Furthermore, many cryptocurrency exchanges will offer you their own proprietary software wallet where you will be storing your cryptocurrencies; however, you can create your own individual software wallet, or purchase a hardware wallet for the highest level of protection.
For more in-depth instructions, our ‘Absolute Beginner’s Guide To Cryptocurrency Investing‘ will take you through the process step-by step. In addition to providing instructions for sending and receiving your cryptocurrency.
And if you’re completely new to crypto our beginner, intermediate and advanced level articles will get you up to speed with everything you need to know about the cryptocurrency space starting out.
What Is Syscoin (SYS)?
Syscoin Platform (SYS) provides a public decentralized blockchain, a development platform, and a token platform offering high throughput with cross-chain interoperability for tokenized assets, enabling things like Ethereum smart contracts for Syscoin Platform Tokens (SPTs) and scalability solutions for other blockchains and DLTs. Syscoin Platform strives to offer low fees, security through merge mining, easy token creation, and a design that minimizes blockchain bloat.
The purpose of the Syscoin Platform is to provide today’s enterprises and organizations a platform to benefit from blockchain and distributed ledger technology (DLT) with high security and availability, reduced infrastructure and transaction costs, and a variety of enterprise-level features. Syscoin Platform consists primarily of original source code and maintains an up-to-date base of Bitcoin Core, complying with Bitcoin’s proven security model.
The project was initially created as a blockchain protocol that expanded on the concepts of Bitcoin to include additional services, like smart contracts, to enable the creation of a decentralized marketplace. The project launched in 2014 as a fork of the Litecoin network. Soon after it completed its token sale and mainnet launch, its funds were allegedly stolen by the operators of Moolah, the exchange selected to custody the proceeds of the sale. Over the next two years, the team worked to build Syscoin 2.0, which it eventually launched in May 2016.
The launch of the 2.0 network included a new graphical interface and wallet, replacing the previous command line interface. In Aug. 2017, the Syscoin team created Blockchain Foundry as a separate entity to help realize its goal of creating a marketplace platform. In Sept. 2017, Blockchain Foundry released its first product Blockmarket, a blockchain-based e-commerce solution. Following the successful launch of Blockmarket, Blockchain Foundry raised $3.3 million to fund its operations, which included research and development for various blockchain innovations outside of Syscoin.
On April 30, 2018, Syscoin released another upgrade to the network (3.0), which includes the ability to create unique fungible and non-fungible tokens on top of the blockchain. Syscoin 4.0, its latest upgrade, involves a number of changes including: Z-DAG – a decentralized DAG for assets which features global sorting of DAG consensus and near-instant transactions, with SHA256 finality also achieved in background and Bridge – cross-chain asset interoperability without requiring atomic swap nor intermediaries, that offers scalability to Ethereum and other platforms, giving ERC20’s, etc, the option to utilize Z-DAG for simple value transfers/micro-transactions.
Syscoin is a merge-minable SHA-256 blockchain that provides an array of useful services that leverage the Bitcoin protocol and blockchain technology:
- Hybrid layer 2 PoW/PoS consensus with bonded validator system (masternodes)
- ZDAG technology (patent pending) for point-of-sale speeds and probabilistic confirmations useful for microtransactions
- Trustless sidechain access to Ethereum and back through a custom permissionless/trustless sidechain technology (Syscoin Bridge)
- Decentralized governance (blockchain pays for work via proposals and masternode votes)
- Digital asset creation and management
Syscoin Masternode system
Syscoin Platform utilizes masternodes as a source of bonded validators, a global resource pool, and means of decentralized governance. Syscoin Masternode owners benefit from scheduled seniority bonuses in addition to standard block rewards
Syscoin uses a transaction framework though which users can determine their optimal means of transfer based on the nature of their transaction (micro or macro). This patent-pending technology is called ZDAG (https://syscoin.org/zdag_syscoin_whitepaper.pdf) and it aims to enable ideal microtransactions that provide probabilistic security (99.9999% detection of double-spends) and global consensus for token transfers — though it does entail a security trade-off versus Proof-of-Work (PoW) systems. After a short period of time, ZDAG gives way to PoW to ensure long term settlement assurances. If the tradeoff is undesirable, users transferring high value can also opt to rely exclusively on the Proof of Work base layer, which operates at a block time averaging 60 seconds.
This project also supports interoperability through the Syscoin Bridge. This technology does not involve counterparties nor collateralized custodians holding user funds in an attempt to eliminate the risks and limitations commonly associated with cross-chain interoperability. Integration efforts are currently focused on establishing a bi-directional Bridge with Ethereum by means of dual-contract 2WP (two-way peg). In the case of Ethereum, ERC-20 tokens are enabled to utilize the Syscoin Token Platform with ZDAG for fast, low-cost microtransactions. Additionally, this could help address some of the scalability concerns surrounding the Ethereum network; offloading standard token transfers to Syscoin Network enables Ethereum Network to better-perform its flag-ship functionality, Turing-complete smart contract execution. Likewise, Syscoin Platform Tokens are enabled with Ethereum’s smart contract capabilities and toolkits.
What is the SYS token used for?
SYS holders can use the token in the following ways:
- Create a Syscoin Platform Token (SPT), a custom asset token that uses the Syscoin Token Platform
- Collateralize a masternode, and thereby receive rewards for contributing to network services such as ZDAG, and vote on governance proposals
- Submit governance proposals
- Pay network fees
Official website: https://syscoin.org/
Best cryptocurrency wallet for Syscoin (SYS)
There are plenty of different crypto wallets available. The best one for you depends on your general trading habits and which provides the most security in your situation. There are two main types of wallets: hot storage wallets (digital) and cold storage or hardware wallets (physical). Both have their pros and cons, and there is not necessarily a right or wrong answer when it comes to figuring out which crypto wallet is best for you.
HOW DO I DECIDE WHICH cryptocurrency WALLET TO USE for Syscoin (SYS)?
Deciding which type of wallet to use depends on a variety of factors, including:
- How often you trade. In general, hot wallets are better for more active cryptocurrency traders. Quick login ability means you are only a few clicks and taps away from buying and selling crypto. Cold wallets are better suited for those looking to make less frequent trades.
- What you want to trade. As mentioned earlier, not all wallets support all types of cryptocurrencies. However, some of the best crypto wallets have the power to trade hundreds of different currencies, providing more of a one-size-fits-all experience.
- Your peace of mind. For those worried about hacking, having a physical cold wallet stored in a safe deposit box at the bank or somewhere at home, provides the safest, most secure option. Others might be confident in their ability to keep their hot wallets secure.
- How much it costs. It is important to investigate the costs associated with each wallet. Many hot wallets will be free to set up. Meanwhile, cold wallets, like any piece of hardware, will cost money to purchase.
- What it can do. While the basics of each cryptocurrency wallet are the same, additional features can help set them apart. This is especially true of hot wallets, many of which come with advanced reporting features, insights into the crypto market, the ability to convert cryptocurrencies and more. Security features can also be a good differentiator.
For a more in-depth overview of cryptocurrency wallets visit our “Cryptocurrency Wallets Explained” guide.
Ledger manufactures cold storage wallets designed for users who want increased security. Their wallets are a physical device that connects to your computer. Only when the device is connected can you send your cryptocurrency from it. Ledger offers a variety of products, such as the Ledger Nano S and the Ledger Nano X (a bluetooth connected hardware wallet).
Trezor is a pioneering hardware wallet company. The combination of world-class security with an intuitive interface and compatibility with other desktop wallets, makes it ideal for beginners and experts alike. The company has gained a lot of the Bitcoin community’s respect over the years. Trezor offers two main models – The Trezor One and Trezor Model T (which has a built in touch screen).