Binance Coin BNB to Syscoin SYS Exchange

Crypto Pair Details: BNB to SYS

Binance Coin BNB

Binance Coin is the cryptocurrency of the Binance platform. It is a trading platform exclusively for cryptocurrencies. The name 'Binance' is a combination of binary and finance. Thus, the startup name shows that only cryptocurrencies can be traded against each other. It is not possible to trade crypto currencies against Fiat. The platform achieved an enormous success within a very short time and is focused on worldwide market with Malta headquarters. The cryptocurrency currently has a daily trading volume of 1.5 billion - 2 billion US dollars and is still increasing. In total, there will only be 200 million BNBs. Binance uses the ERC20 token standard from Ethereum and has distributed it as follow: 50% sold on ICO, 40% to the team and 10% to Angel investors. The coin can be used to pay fees on Binance. These include trading fees, transaction fees, listing fees and others. Binance gives you a huge discount when fees are paid in BNB. The schedule of BNB fees discount is as follow: In the first year, 50% discount on all fees, second year 25% discount, third year 12.5% discount, fourth year 6.75 % discount, and from the fifth year onwards there is no discount. This structure is used to incentivize users to buy BNB and do trades within Binance. Binance announced in a buyback plan that it would buy back up to 100 million BNB in Q1 2018. The coins are then burned. This means that they are devaluated to increase the value of the remaining coins. This benefits investors. In the future, the cryptocurrency will remain an asset on the trading platform and will be used as gas. Other tokens that are issued by exchanges include Bibox Token, OKB, Huobi Token, and more.

Syscoin SYS

Syscoin is “a global network, a distributed ledger, a decentralized database and a blockchain. It is also a cryptocurrency, an altcoin, a digital currency and a tradable token.” Originally launched in late 2014 and created through a Bitcoin fork, the current version brings us to Syscoin 2.1 and has an algorithm that allows it to be merge-mined with Bitcoin. Merge mining is simply the ability for miners to simultaneously mine two different cryptocurrencies based on the same algorithm. The project attempts to remove the middleman and put money directly back into merchants/consumers hands, eliminating hefty fees currently charged by big corporations like Amazon and eBay. To facilitate near-zero fee transactions, you can use its native cryptocurrency, Syscoin (SYS), to pay for goods on the marketplace. However, you can also pay using alternate cryptocurrencies such as Bitcoin or Zcash. Syscoin is led by a team of developers and was created by its current core developer, Sebastian Schepis. According to Proof of Developer, a website that verifies, evaluates, and ranks developer teams, Syscoin received 5 stars in 2014. Blockchain Foundry maintains Syscoin as its flagship product, with a mission to “disrupt markets by leveraging the potential of blockchain technology”. In March of 2017, Blockchain Foundry partnered with the Microsoft Azure ecosystem and is one of the founding members of the Digital Identity Foundation (DIF). Other founding members of the DIF include the likes of corporate giants such as Microsoft, Accenture, ConsenSys, and more. Syscoin’s blockchain delivers faster speeds along with lower transaction fees than its predecessor, Bitcoin. It can support 750 tps, and with the upcoming masternode release, it will support more than 300,000 tps. For now, it’s one of the cheapest cryptocurrencies regarding transaction fees (behind zero-fee transaction cryptocurrencies such as NEO and NANO), even cheaper than XRP.' Some of the features highlighted on the SysCoin website includes :- 1. Buy/Selling goods on the blockchain 2. Brokerage on the blockchain 3. Issue and trade certificates on the blockchain 4. Merged Mining

SOURCE: COINGECKO

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