Coin Analysis: Syscoin


This coin analysis series aims to give readers appraisals and knowledge of cryptocurrencies and platforms that are likely to succeed long-term by delivering real intrinsic value to those who partake in their economy. The author does not own any Syscoin, and this is an unsolicited review.

Syscoin entered the cryptocurrency scene in mid 2014 with the creation of the world’s first decentralized marketplace built inside a wallet application. The Syscoin platform provides an infrastructure to businesses and individuals to trade goods, assets, digital certificates and data directly in a secure and reliable manner. These trades are facilitated through hard-coded smart contracts - or automated executable programs - built into the Syscoin blockchain itself. The Syscoin team enjoyed an impressive start to 2017 when it formed a working partnership with Microsoft Azure to make Syscoin’s offerings available on the Azure cloud platform.

Syscoin and the ecosystem it powers are developed by an incorporated company called Blockchain Foundry. The team is led by Dan Wasyluk, a developer with more than 15 years experience making complicated systems and processes more-easily operable by employing clean and simple interface design. Waslyuk’s experience is reflected in Blockchain Foundry’s focus to make their software “so easy that even your grandmother could use it”, a design philosophy rooted in an understanding that the simpler Syscoin is for end-users and corporations to work with, the more users the platform will gain.

The Syscoin team are currently working on a new flagship product called “Blockmarket” that will bring an even easier-to-use smart contract functionality to decentralized marketplaces. With Blockmarket, all a user will need to interact with the Syscoin network is a web-browser and an alias (username) and password, rather than a litany of third party applications.

Syscoin tokens have historically been fairly stable, enjoying the occasional leap in value with minor corrections over time - though current market price should be considered of little significance for a project with a long-term vision. The success of Blockmarket’s simplification of value transfer using smart-contracts, and the continued closed and open source developments by Blockchain Foundry Inc will only further boost the value of the Syscoin network. Syscoin is one of the few crypto-assets where delivering value to the token is preferred to creating hyperbole as a tradable gambling asset on exchanges, and this makes Syscoin one of my favorite picks for a long-term investment.  

Author: Timothy Goggin

Timothy Goggin is an economic analyst with an interest in the application of moral philosophy and decentralized systems. He studied economics at the Business School at Victoria University of Wellington, New Zealand. His area of research is the consequential and moral dimensions of implementing digital currencies and the resulting synergies for consumers in the trading environment.

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