CC#020 -Whitepaper In Focus: Syscoin (SYS).

September 2021.

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Syscoin (SYS) launched in 2014 as a fork of Litecoin. Following a successful initial coin offering (ICO) which raised $750,000 (at the time, 1500 BTC), 750 BTC were allegedly stolen by the company responsible for managing the token launch (Moolah). These funds have never been recovered.

Following this, the Syscoin team began from scratch on Syscoin 2.0, which launched in May 2016. The upgrade included a new graphical user interface and wallet, rather than a purely command line, as had been with Syscoin 1. In addition, Syscoin 2.0 was launched via a new legal entity called Blockchain Foundry, run by the team behind Syscoin, to ensure the launch was successful.

Syscoin 3 was launched in May 2018 and was one of the first blockchains to integrate Non-Fungible Tokens (NFTs) capability.

Syscoin 4, launched in June 2019, introduced the capabilities of Bitcoin and Ethereum bridges with these networks. These updates make Syscoin 99% cheaper and more secure than either Bitcoin or Ethereum (see figure 1). Not only this, but the bridge ensures that the Syscoin network is interoperable with any Ethereum token (technically called an ERC-20 token), which includes most stablecoins and over 2000 other tokens, all of which can, in theory, operate via the syscoin network.

Figure 1: A comparison of Ethereum and Syscoin transaction costs.