Syscoin – The First to Implement Lightening Network

Syscoin being a Cryptocurrency itself offers a platform called Blockmarket. Which has been the decentralized solution to compete against ebay.

Know more about Syscoin basics here.

Lightning Network (LN)

An LN helps in reducing transaction processing time to seconds and even milliseconds without having an actual blockchain entry of the transaction. And it is formed by a group of trusted peers. Thus eliminating a need to have trustedthird-party to handle the funds.

With speed, the transactional costs come down to miniscule fees. Moreover, it makes processing the micropayments very easy.

Syscoin is the debutant of all Cryptocurrencies to adopt the lightning network on the mainnet (the live Blockchain).

Blockmarket

It is an e-commerce marketplace for selling and buying goods; just like E-bay. Consumers can pay using Syscoin , ZCash, and Bitcoin (thoughthe escrow services not yet available for Bitcoin and ZCashdirect payments).

Also, mixed payments will be available soon.

Currently, Blockmarket only available for Windows and Mac OS with the wallet feature. The web version of the Blockmarket will be launched soon.

Asset Tokens

Sooner or later, theSyscoin platform will enable Initial Coin offerings and various other common blockchain use-cases. And you can create custom tokens same as you do on any other blockchain platform like Ethereum.

Syscoin on Microsoft Azure

Blockchain Foundry, the organization behind the Syscoin, has partnered with Microsoft to enable Syscoin Full Node offering on the Azure marketplace.

What does it mean? Well, now running a full node is simple and faster with few clicks on the Azure cloud. And the developers can connect and talk to the Blockchain on the fly. Also, the product is entirely free other than the computational costs charged by Azure.

Another two Azure marketplace products are:

  • Configuring customized exchange rate for the use in Blockmarket via Price peg Server
  • Syscoin API to access the comprehensive blockchain services provided by the platform.

Conclusion

In a world where everyone is budging on blockchain platforms like Ethereum and NEO, Syscoin is building its own blockchain power and partnering with important companies.

Finally, Syscoin has been a very exciting and innovative cryptocurrency and hopefully with time it will have the power to rise above many other cryptocurrencies.

Author:

Raghunath is a Writer and Cryptocurrency Researcher. He is enthusiastic about Bitcoin and its underlying technology, and tries to understand how the future evolves with blockchain tech. He frequently blogs about Cryptocurrency world at ecoin4dummies.com.