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Launched by Sebastian Schepis, Syscoin merges Bitcoin’s security with Ethereum’s functionality through a dual-chain architecture. It utilizes merged mining and masternodes to secure the network while supporting scalable rollups like Rollux. The native SYS token follows an EIP-1559 model without a capped supply, currently circulating at 751,391,717 SYS.
Sebastian Schepis launched Syscoin in 2014. He previously co-founded the firm behind the Oracle Project Manager, an enterprise management platform. After that project succeeded, Schepis provided consulting services to major entities such as Bank of America, Lockheed-Martin, General Dynamics, and Verizon Wireless, among others.
Currently, the non-profit Syscoin Foundation oversees the open-source initiative. Its board features Jagdeep Sidhu, who serves as Foundation President and Lead developer, alongside Michiel Näring, the Syscoin Foundation Vice President.
Corporate entity SYS Labs directs the creation of key applications and infrastructure on the network. These include Rollux (OPStack L2), SuperDapp, Pegasys DAO (DEX), and Luxy (NFT marketplace).
Syscoin stands out by merging key features of Bitcoin and Ethereum into one platform. Its layer 1 consensus relies on Bitcoin’s SHA-256 Proof-of-Work (PoW) model, enabling merged mining with Bitcoin. This allows miners to mine both BTC and SYS simultaneously without additional costs. Data indicates that generally over 50% of Bitcoin's hashrate also secures Syscoin, with support from several major Bitcoin pools. The network adds decentralized finality atop Nakamoto consensus, which aims to remove the 51% attack risks typical of PoW while keeping the underlying proven consensus mechanism.
As a modular layer 1, Syscoin supports optimistic and ZK rollups, offering them a censorship-resistant, low-cost data availability service known as PoDA. Rollux, an EVM-equivalent optimistic rollup and a fork of Optimism built by SYS Labs, launched on June 28, 2023, as the first layer 2 on Syscoin. The Rollux ecosystem is the primary focus for growth, aiming to deliver scalability through a fast, low-cost user experience.
In essence, Syscoin’s current technology offers what Ethereum’s modular roadmap plans to provide in the future, including data availability, while maintaining Bitcoin’s PoW security.
The network uses incentivized full nodes, called masternodes, to provide multi-quorum chainlocks for finality. Details on incentives and requirements for running a Syscoin masternode are available at sysnode.info.
Syscoin’s layer 1 architecture is dual-chain and modular (rollup-centric). It includes:
This design lets users and developers utilize the strengths of both Bitcoin and Ethereum models, creating synergies like PoDA. SYS serves as the native coin for both Syscoin blockchains and Rollux. It is a utility-focused token based on EIP-1559. Holders can move SYS between these chains using the Syscoin Bridge and the Rollux Portal.
Syscoin (SYS) serves as the native token for the Syscoin platform. Its economic model follows Ethereum’s EIP-1559 proposal and does not have a capped maximum supply. The total amount of SYS in circulation is determined by protocol emissions combined with the deflationary burning of transaction fees. As of the time of writing, the circulating supply stood at 751,391,717 SYS.
Syscoin (SYS) tokens are available for purchase and trading on a variety of cryptocurrency exchanges, such as Binance, MEXC Global, KuCoin, Bitmart, Huobi, and Gate.io.
Regarding storage options:
SYS is live for trading
2014-04-30
BlockchainDan
Sébastien DiMichele
João Fernandes
Angel Versetti