Syscoin SYS to Bytecoin BCN Exchange

Crypto Pair Details: SYS to BCN

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

Bytecoin BCN

Bytecoin is the first cryptocurrency created with CryptoNote technology. Bytecoin allows users to make absolutely anonymous money transfers through the CryptoNote algorithm. CryptoNote uses CryptoNote ring signatures to provide anonymous transactions and allows you to sign a message on behalf of a group. The signature only proves the message was created by someone from the group, but all the possible signers are indistinguishable from each other. Even if outgoing transactions are untraceable, everyone may still be able to see the payments received and thus determine one's income. By using a variation of the Diffie-Hellman exchange protocol, a receiver has multiple unique one-time addresses derived from his single public key. After funds are sent to these addresses they can only be redeemed by the receiver; and it would be impossible to cross-link these payments. As a primarily peer-to-peer (p2p) payment system, Bytecoin has many of the same use-cases as Bitcoin. Created in 2012, Bytecoin is one of the earliest developed cryptocurrencies. Until recently, the team behind the coin has kept themselves anonymous. Now, though, they’ve opened up multiple communication channels, removed some layers of anonymity, and even built several local communities. Bitcoin’s PoW consensus algorithm heavily favors miners that use powerful GPU and ASIC machines over those trying to mine with CPUs. This causes the network to centralize around the more powerful miners. Bytecoin attempts to close the gap between these two classes of miners with a new algorithm, Egalitarian Proof-of-Work (PoW). Egalitarian PoW uses a version of skrypt, a proof of work function similar to the hashcash function used by Bitcoin. The difference between the two is that scrypt isn’t memory bound. Because of this, you can produce highly efficient CPU mining rigs. GPUs will always be about 10 times more effective, though. The Bytecoin project has been fairly fractured since its inception in July 2012. Previously, several isolated teams worked on the project without seemingly communicating with each other. This led to numerous forks and versions of the coin. In July 2017, the team decided to change their image and provide more transparency to the community. The team still remains pseudo-anonymous by only providing names and headshots on their webpage – no bios or social media links. But, it’s tough to expect more from a project that’s focused on privacy. The team has been busy at work refactoring their code and are planning to release a new public API on February 6, 2018. They’ll also be entering the Asian, Middle East, and African markets throughout 2018.

SOURCE: COINGECKO

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