Syscoin Future of e-Commerce/Online Shopping | Technical Analysis | Get Ready for Re-branding
Sometimes, you don't actually pay attention to something, which can create a revolution. This has happened to me with Syscoin. I knew about this coin but didn't pay any attention towards it.
About a week ago i saw this coin pumping up and started my research on this. I was just curious to know, why this coin was getting so much increase in terms of market cap. based on my research with Syscoin, I can see this wonderful technology going up very soon to be main stream adoption.
What is Syscoin?
Syscoin is Decentralized peer-to-peer e-Commerce platform. A market place based on blockchain. Quite similar to eBay and Amazon, where sellers and buyers gets connected for online shopping. You can check their website syscoin.org, very well explained and extremely simple to browse.
Syscoin Specifications
Consensus: PoW (Proof-of-Work)
Algorithm: Scrypt
Block Reward: 80 SYS
Block Time: 1 Minute
Total Coins: 2 Billion
Pre-mined: 18%
Circulating Supply: 529.8 Million
Mining Difficulty: 54.5917
Syscoin to take over eBay & Amazon
eCommerce or Online Shopping is a huge industry but monopolized by Giants like eBay and Amazon. I am not saying these are bad options but considering the listing fee, transaction fee, commission on selling & other fees with these giants is very high. If you have done any business with them, i think you can co-relate with me.
On the other hand Syscoin is proving the freedom to list and sell products directly on blockchain network. Resulting cheaper transaction fee, no downtime and cheaper products (as seller fees are very little to none).
Live Market Place
Image Credit
Syscoin already has a market place in their desktop wallet. which is currently live but bit buggy. However you can buy some steam keys by paying in Syscoin for now, In December update they have also announced to accept BTC and zCash as payment methods. Which will open the doors for a lot of possibilities.
Current Status
Although SYS has not yet broken it's previous high of July 2017, It's has started increasing again. Of course, one of the factors may count as Total Crypto Market Cap has gained a significant increase. But This is also something that i found out that they had already announced their BlockMarket wallet i.e. eCommerce platform for real time usage. Interestingly i also found out on various websites that Syscoin is getting re-branding on December 31 but i cannot confirm this as there are no official updates from Syscoin.
I think bringing eCommerce to blockchain is a wonderful concept as well as controversial. As this would have some level of anonymity, which may lead to a possibility of another "SilkRoad". But i don't believe Syscoin developers would let this happen, they might have thought this through as it has a very strong team.
Disclaimer: I am not a professional Trader or Inventment advisor. I always encourage everyone to do your own research before investing in any crypto currency.
If you haven't signed up on Binance Exchange, It is highly recommended, my ref link: https://www.binance.com/?ref=10782921
is it online shopping?
@roykie17 Yes just like eBay and Amazon, buy/sell products on blockchain instead with no downtime and cheaper transactions :)
great... have u tried it ?
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Very informative post buddy. It has exceeded my curiosity about this coin. I have always found your articles very useful. Good post man.
I'm curious where you got the data on block time and block reward. Is there a site that shows that kind of data for all cryptocurrency?
@sinbad989 i get to do research on various websites and collect required data to make the post :)
Thanks. I thought there is a site like coinmarketcap that posts such data, coingecko, or newcryptoscape.
@sinbad989 i do take references from these sites as well, include bitcointalk.org and reddit :)
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@zainuddinibrahim thank you for your appreciation, This always encourage me to do more :)
What are your thoughts about the competition of this market like Bitbay for instance. They are both similar if not identical projects. Please upvote this so we can get a discussion going. I think weighing out the options could help better evaluate our investments. There are also plenty of exchanges such as cryptopia that are already implementing a marketplace. What are your thoughts of Bitbay vs. Syscoin ?
@daneshbaetabrizi thank you for your valuable mention, i believe there is enough space for similar technologies in blockchain to evolve similar to how ebay and amazon two companies are dominating the market.
How ever Syscoin is coming up with an addtional feature to accept transactions with Bitcoin & zCash which bitbay lacks... Let me know your thoughts... :)
That would be a great upper hand for Syscoin! Honestly, the more marketplaces the better.. this triggers competitive advancement and would be in the best interest of the over all community. I would love to start selling products on the side and have a decentralized online business.
Thanks for pointing me to this gem. E-commerce market his huge.I have the predictions for this coin from a top crypto analyst called Haejin which you can see below.1.21 looks like by the end of this year itself.
@saadithya i am hold this coin at least for Jan 2018... Waiting for their updates :)
Thank you for your input mate, i really appreciate this...
Great post, I actaully made a post about Sphere. It is a new cyrtocurrency. I would love it if you guys check it out and comment what I can do better. That was my first post.
https://steemit.com/steem/@rajesh-fashek/sphere
@rajesh-fashek thank you for update mate, will definitely check it out... :)
Thank you really appreciate it
Thanks for the shared insight!
@will12 :)
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