Syscoin is a blockchain platform that, like Bitcoin, facilitates extremely low cost transactions, but is focused primarily on creating the infrastructure necessary to bring businesses onto the blockchain. Instead of focusing solely on value transfer, Syscoin provides support for both decentralized and centralized marketplaces.
The most interesting element of the Syscoin platform, however, is “Blockmarket”— Syscoin’s combination wallet and marketplace. The Blockmarket wallet provides users with the tools necessary to both buy and sell as well as send and receive currency or encrypted messages.
Syscoin Identities aims to store identity information off-chain with a blockchain anchor, which makes it possible for users to store a greater amount of identity information without slowing down the chain.This process also makes it possible for Syscoin to add features to and evolve the specification of Syscoin Identities without forking the network. Syscoin plans on developing their Identities solution in parallel with specifications outlined by the Decentralized Identity Foundation (DIF).
Some of the most recent features rolled out by Syscoin are the most interesting, however. Late last year Syscoin announced the integration of token issuance functionality into the Syscoin platform. This feature could potentially allow users to create token-based loyalty programs, reward point systems, or even run their own ICOs on the Syscoin blockchain.
Syscoin has also recently announced Instant Asset Transfer functionality, which has some strong real-world use cases that could be highly disruptive. Instant Asset Transfer on the Syscoin network 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 allow users to use SYS for instant in-game purchases such as loot boxes or power ups.