Promising a way to have business on the blockchain, Syscoin is poised very well in the cryptocoin world. Syscoin is aiming to get a leg up on the competition by bringing to the blockchain three hot-topic ideas in the ever-innovating altcoin world: a decentralized marketplace, secure data storage and digital certificates and assets.
Decentralized Marketplace: To sell on the blockchain, a potential seller would “activate” an offer and send details for the item to be sold into the blockchain. Miners then verify the sell order and it becomes viewable on the blockchain. Potential buyers can then send a request for a certain amount of the item along with the required onto the blockchain; where miners will check its viability. If the amount requested is available (according to the info that the seller has put on the blockchain) the coins will be accepted and the order will go through.
Secure Data Storage: To store data on the blockchain, a user simply requests to store data, which then creates a placeholder for the amount of data requested, and finalizes the storage by paying a fee. The fee is distributed to miners for verifying the data storage. The user can then update the information or delete it without paying additional charges unless data is added. Since this data will be visible to all who wish to see it through the blockchain, any important data will need to be encrypted.
Digital Certificates and Assets: Syscoin also makes it possible to send stocks, bonds, or anything else that does not require an actual physical presence to have value. Before issuing, certificate issuer must first register as such. Then the user can simply send a registered certificate to another user. To prevent a double spend, miners must verify every certificate transfer. After the certificate has been received, the new user does not need to become registered to transfer the certificate, and they can either be transferred for free or can be sold.
Syscoin should prove to be a very promising coin if it can live up to the lofty goals it has set for itself. Anyone interested should check out syscoin.org for more info.