Syscoin (SYS) is a modular, Proof-of-Work (PoW) blockchain that is merge-mined with Bitcoin, providing a scalable data availability layer for rollups and other scaling solutions. It offers fast and low-cost transactions, assets, and NFTs, leveraging Bitcoin's censorship resistance and hashrate. Syscoin's architecture includes a dual-chain Layer 1, comprising a native UTXO blockchain and an Ethereum Virtual Machine (EVM) chain called NEVM, which supports smart contracts and decentralized applications.
Syscoin (SYS) is used in various ways within the Syscoin ecosystem. Here are some key use cases:
- Gas and Transaction Fees: SYS is used to pay for transaction fees within the Syscoin network, including the minting and transferring of Syscoin Platform Tokens (SPTs) and NFTs.
- Masternodes: Users with 100,000 SYS can host masternodes, which support the network infrastructure and provide services. Masternodes receive rewards and seniority bonuses for their participation.
- Governance: SYS is needed to make governance proposals, with 250 SYS burned for each proposal.
- Token and NFT Creation: SYS is burned when creating tokens or NFTs on the platform.
- Incentivizing Bitcoin Miners: SYS incentivizes Bitcoin miners to support Syscoin through merged mining, providing an additional reward beyond diminishing BTC rewards.
- Smart Contracts: SYS will be used to pay for gas on smart contracts, similar to Ethereum.
- Node Operations: SYS is required to run nodes on the network, ensuring the decentralized and secure operation of the blockchain.
These use cases highlight the utility-focused nature of SYS, which plays a crucial role in maintaining and utilizing the Syscoin ecosystem.
To store Syscoin (SYS) tokens, you can use a digital wallet specifically designed for Syscoin. Here are the steps:
Choose a Wallet:
- Klever Wallet: This is a popular option that allows you to manage your Syscoin tokens securely. It offers features like seamless transactions, asset management, and advanced security protocols.
- Electrum-SYS: This is a third-party wallet that supports Syscoin and can be used with Trezor devices.
Set Up Your Wallet:
- Klever Wallet: Download and install the Klever Wallet app. Create an account and follow the setup process to create a new wallet or import an existing one.
- Electrum-SYS: Download and install Electrum-SYS. Follow the setup process to create a new wallet or import an existing one.
Add Syscoin to Your Wallet:
- Klever Wallet: Once your wallet is set up, you can add Syscoin tokens by buying or transferring them to your wallet address.
- Electrum-SYS: Use Electrum-SYS to interact with your Syscoin tokens and manage your wallet.
- Secure Your Wallet:
- Klever Wallet: Klever Wallet incorporates advanced security measures, including KleverSafe, to ensure your Syscoin tokens are stored safely.
- Electrum-SYS: Make sure to follow best practices for securing your Electrum-SYS wallet, such as using strong passwords and keeping your private keys safe.
By following these steps, you can securely store your Syscoin tokens in a digital wallet.
To buy Syscoin (SYS) tokens, you can follow these steps:
Create an account: Sign up with a reputable cryptocurrency exchange such as Kriptomat, Binance, or KuCoin. Verify your email, phone number, and identity to unlock the full potential of the platform.
Add funds: Deposit money into your account using a bank transfer, credit card, or debit card. This will allow you to purchase Syscoin and other cryptocurrencies.
Select Syscoin: Navigate to the exchange's platform and select Syscoin (SYS) from the list of available cryptocurrencies. Enter the amount you want to purchase and preview the transaction details.
- Confirm purchase: Confirm your purchase and wait for the transaction to complete. Once the transaction is successful, you will own Syscoin tokens.
Additionally, you can also consider purchasing a stablecoin like USDT first and then use it to buy Syscoin for better coin compatibility.
