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What is Syscoin (SYS)?
Syscoin serves as a cutting-edge smart contract platform, nurturing a sophisticated Web 3.0 environment with minimal transaction fees, decentralized Layer-1 protection, and expansive Layer-2 scalability via Rollups. Designed to accommodate the evolution of smart contracts in the metaverse, IoT, intelligent urban landscapes, and extraterrestrial economies, Syscoin's development plan encompasses the incorporation of ZK-Rollups, Optimistic Rollups, Validium, and DAOSYS. The latter is a distinctive DAO tailored to enable self-governing treasury administration and autonomy for all involved parties.
By securing transactions with Bitcoin's Proof of Work and network of miners through merged-mining, Syscoin enhances smart contracts and Rollups. It also delivers finality via chainlocks, which are maintained by incentivized full node quorums (masternodes). This finality ensures safer DeFi, effectively eliminating risks associated with 51% attacks and long-range miner extractable value (MEV attacks) that Ethereum remains vulnerable to, while still preserving Nakamoto consensus and Proof of Work.
What makes Syscoin Unique?
Syscoin presents a unique dual-chain structure, incorporating a rollup-focused approach that includes an Ethereum-based blockchain known as the Network Enhanced Virtual Machine (NEVM), introduced on December 6, 2021. NEVM is fully compatible with any smart contracts or Rollups designed for the Ethereum network. In contrast, Syscoin Core, the alternative blockchain, is based on Bitcoin technology and includes an asset layer that accommodates both fungible and non-fungible tokens, taproot, a custom DAG protocol known as Z-DAG, and more.
This innovative configuration allows users and developers to tap into the advantages of each leading blockchain model, with Syscoin fostering new collaborations between them as needed. Both blockchains share the same supply of the native currency, SYS, which follows the EIP-1559 standard. SYS holders can seamlessly transfer their SYS between the two chains using the secure and unrestricted Syscoin Bridge, which relies on a two-way peg system.
The project's scope is extensive and offers innovative solutions to numerous industry-wide challenges, including regulatory compliance. Syscoin introduces Notary, an opt-in solution that enables enterprises to use Syscoin's public blockchain for their tokens while ensuring regulatory pre-compliance for individual transactions, with asset owners retaining self-custody. This establishes the necessary technical foundation for a future where securities and stocks can participate in DeFi on a public blockchain alongside other tokens.
Syscoin Pros and Cons
- Ultra-low fees
- Layer-1 security and Layer-2 scalability
- Compatible with Ethereum-based smart contracts and Rollups
- Offers unique solutions to industry-wide challenges
- Regulatory pre-compliance
- Relatively complex dual-chain architecture
- Limited awareness and adoption compared to major platforms like Ethereum
- Mint function is detected
- A hidden owner is preset on the contract
- Contract owners can make changes to user balances
Syscoin is a promising smart contract platform with a unique dual-chain architecture that combines the strengths of Ethereum and Bitcoin. It offers innovative solutions to challenges faced by the industry, such as regulatory compliance, and has the potential to support a wide range of applications in the emerging Web 3.0 ecosystem.
We did a security review on the project and found that the contract seems to have a mint function, which allows owners to mint tokens as they wish, as well as a function on the contract that allows owners of the contract to modify the balance of any user. Both of them can be a risk to the security of the contract itself. A hidden owner is also present in the contract, which is another added risk factor.
While these features can be used maliciously, they also can be used as a security measure. We are giving this information to you so you can make an informed choice if you want to invest in the project or not.
Is Syscoin a Scam?
Syscoin doesn't seem to show signs of it being a scam. The project seems to have a transparent development team and roadmap, and it has been delivering on its promises since its inception.
Syscoin has also provided value by developing innovative solutions to industry-wide challenges and aims to create a more secure, scalable, and accessible ecosystem for Web 3.0 applications.
But as you know, it is important for potential investors and individuals to verify the information personally and double-check the research. Scams in the crypto world are plentiful. Always try to make sure to understand the project's goals, team, and technology before making any decisions.