Advantages and disadvantages of Syscoin (SYS)

Syscoin Platform is a project born as a first and second layer solution for the Bitcoin and Ethereum network. It aims to combine the strengths of the two most popular networks of the moment.  In other words to bring the best of Bitcoin and Ethereum.

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Advantages and Disadvantages of Syscoin (SYS)

The platform is intended to provide a scalable service and additional security through ChainLocks. The implementation of Network Enchanced Smart Contracts (NEVM) enables interoperability of Ethereum Smart Contracts.

Syscoin is a fork of bitcoin, it is a copy of the code, so it is compatible with the original network. Thus the consensus protocol it works with is through proof-of-work (PoW).

Thanks to combined Bitcoin mining, Syscoin transforms the security and decentralization of PoW into a feasible, functional and scalable solution.

Advantages of Syscoin (SYS):

  • High mining capacity, as the network is compatible with Bitcoin miners. This means that miners can produce code for both the Bitcoin network and the Syscoin network without having their work capacity compromised.
  • Great mining capacity, as the network is compatible with Bitcoin miners.
  • High security, the proof-of-work (PoW) consensus protocol is one of the most secure systems against malicious actions on the network.
  • Implements Smart Contracts, because it is a 2nd layer solution it is compatible with the smart contracts of the Ethereum network.
  • High speed, currently the network is capable of 60,000 transactions per second.

Disadvantages of Syscoin (SYS):

  • Requires specialization of equipment for cryptocurrency minin
  • It is a polluting system, PoW has high levels of energy consumption