Coin of the Week - Syscoin (SYS) in Klever

Established in 2014, Syscoin (SYS) has continuously evolved to fit the needs of institutions and enterprises far beyond the scope of what is offered by other major blockchains in the crypto space.

Bitcoin is not only the first, but without question the most secure blockchain in existence given its mass adoption and dedication to proof-of-work mining, which spans the globe. 

Syscoin takes advantage of this security model via merge-mining, which effectively piggybacks off of resources already being dedicated to securing Bitcoin’s network. If it isn’t broken, then why fix it? This relationship enables Syscoin to not only enjoy the second highest hashrate of any crypto, but also do so without wasting any additional energy.

Syscoin remains true to the original intentions of Satoshi Nakamoto, offering cheap, secure transactions in a decentralized manner. However, its vision now reaches into the untapped realms of what is possible on the precipice of Web 3.0, effectively building the infrastructure that will be required for businesses to onboard into blockchain en masse.


This infrastructure’s limits will only be the imagination of the coder thanks to the giant leap forward being pioneered within their Network-Enhanced-Virtual-Machine or NEVM. Designed to facilitate smart contracts similar to Ethereum, Syscoin’s NEVM will do so via Bitcoin’s proof-of-work security model, effectively combining the best features of each. This evolutionary approach is also being built with regulation in mind. 

The Syscoin blockchain base layer will always remain decentralized, but those who choose to build on top of it have the freedom to institute regulatory controls, thereby offering centralization for those who need it and the freedom not to for those who don’t.


Although the initial version of the NEVM will offer Bitcoin-secured smart contracts at comparable speed to the Ethereum network, the groundwork is being built to eventually allow speeds that scale up to 4 million transactions per second.

All of this may seem grandiose, and indeed it is. Despite that, the basics have not been forgotten. Even on a global scale, serving millions of transactions per second, none of them will exceed a fraction of a cent to execute. 

Such savings are not only good for corporations, they are life-changing for small businesses operating on low margins who can save on credit card processing fees, or remittance fees that could be better used in the hands of their recipients in a far away land, let alone the social media-savvy NFT trader.


Syscoin has been designed from the base level up to keep transaction fees low and allow users to participate in the ecosystem without any financial constraints. 

To reiterate, Syscoin offers a fusion between the best of Bitcoin’s security and Ethereum’s enterprise aspirations, all at a much lower cost and exponentially higher speeds. Their blockchain and NEVM has been chosen by numerous partners to develop their own products and services to meet a variety of needs and wants in this burgeoning atmosphere, and in our desire to continuously service our customers far into the future it is no question why Klever has chosen the Syscoin Platform in order to do the same.

Partnership with Klever

To strengthen it further in April 2021, Syscoin partnered with Klever, a multi-coin mobile cryptocurrency wallet to become a primary mobile wallet for its ecosystem.

Under this partnership, Klever has become the primary mobile wallet for SYS and Syscoin Platform Tokens (SPTs) after LUX mainnet launches.

Klever ecosystem will also tap into many of Syscoin’s features including Z-DAG, AuxFees, and Notary, whereas Klever’s users will gain access to the value and capabilities of Syscoin. 

SYS is looking to build bridges between blockchains, continents and regions, and enable every person around the world to self-bank by using the Klever Wallet.

Apart from Klever, Syscoin has official partnerships with Blockchain Foundry, Binance, TrustToken, Komodo, Decentralized Identity Foundation (DIF), Microsoft Azure, International Token Standardization Association (ITSA) and more.

In January 2020, Syscoin activated a new bridge protocol with the Ethereum blockchains. The first of a kind protocol uses cryptographic proofs between blockchains to enable a trustless bridge for token interoperability. 

After this, existing Ethereum projects can take advantage of Syscoin’s fast, low cost transactions to help projects scale beyond what the Ethereum network is currently capable of. Syscoin and Syscoin Platform Tokens will also be able to leverage the bridge, enabling Syscoin projects to use Ethereum’s smart contracting capabilities and wallet ecosystem.


Merge mining

Syscoin uses a merge mining program. With this, SYS gives an option to earn extra coins while mining on more than one blockchain with the same mining algorithm at the same time. That means Bitcoin miners can recycle the energy that they use for Bitcoin mining and apply it to Syscoin and potentially earn Syscoin. 

Due to this, large numbers of BTC miners were committed to SYS. As miners did not have to dedicate hashing power just to SYS, and could share the mining they were already doing with BTC. 

Hashrate

Syscoin’s hashrate is currently around 3333.137 PH/s, which is roughly one-quarter of Bitcoin’s hashrate. The major advantage of merge mining is that it allows low-hash cryptocurrencies to dramatically increase their network hashing capacity by bootstrapping onto more widely mined currencies.

Token issuance

Syscoin added a token issuance feature on its platform that allows users to create token-based loyalty programs, reward point systems, or even run their own initial coin offerings (ICOs) on the Syscoin blockchain. 

Tokens minted on the Syscoin blockchain can be colored or signed with unique additional data. This allows Syscoin users to integrate SYS directly with their business branding, or even use SYS tokens as an avatar in virtual environments.

Instant asset transfer

Syscoin also has an instant asset transfer functionality, which has some strong real-world use cases that could be highly disruptive. Instant asset transfer could allow prediction market platform users to cash in and out of online casinos without waiting for long confirmation times or traditional fiat bank transfers, or allows users to use SYS for instant in-game purchases such as loot boxes or power ups.

Syscoin’s strong product developments have managed to create a cryptocurrency that is robust and wide-ranging in terms of the potential applications. 

The same way, Klever has been at the forefront offering a wide range of services, one being a highly secured self-custody crypto wallet, supporting the world’s major blockchains. 

With over 3 million users, Klever's emerging platforms Klever Blockchain, Klever Exchange, and Klever Hardware Wallet are set to disrupt the sector over the coming months and years. 

Choose the Klever way!

Jagdish Kumar
Klever Writer

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