Syscoin Releases Final 2.0 Beta, Cuts Supply by More than Half
Syscoin, the first cryptocurrency built specifically for the needs of online merchants and marketplaces, has released its eagerly awaited Final 2.0 Beta version, the final step toward the release of its main net release in April, said Sebastien DiMichele, Syscoin spokesperson. Anticipation of this development, coupled with last month’s announcement that it had been chosen by Microsoft for its BaaS service, Azure, has increased both volume, making it a top ten coin on several exchanges, and increasing its market cap from under $200,000 in early February to more than $5,000,000 in mid-March.
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At the same time, the development team has announced plans to reduce the ultimate number of authorized coins from its currently planned 2 billion to 900 million, including the current 428 million and a new development fund of 15 million coins in order to limit lifetime inflation. The development team had considered a reverse split of coins, but did not want holders of the coin to be confused by holding fewer coins worth more apiece. This solution actually increases the long-term value of all coins by making sure that no more than 900 million coins will ever exist.
New Syscoin Features Include Fiat Price Pegging, Built-in Marketplace, Smart Contracts & Direct BTC
The 2.0 Final Beta release is available publicly via a testnet and provides a multitude of never-seen-before services. The 2.0 Final Beta features a suite of the decentralized functions and a built-in marketplace. This integrated system includes encrypted messaging, integration of smart contracts via the combination of certificates and its decentralized marketplace, an affiliate program, aliases, certificates, fiat to Syscoin price-pegging, and enabling Bitcoin Payments as an option.
“Testing Syscoin 2.0 functionality using a testnet is extremely important,” said DiMichele. “We want to make sure that if any errors arise, testers do not have to use their own money.”
This platform is a revolutionary cryptocurrency that allows low-cost financial transactions, like Bitcoin, and additionally provides an all-in-one decentralized infrastructure enabling trading goods, digital certificates, aliases, encrypted messaging, the first decentralized affiliates service and an arbitrator-based escrow service.
The project recently became a Microsoft Azure partner for its cloud-based Blockchain as a Service (BaaS) platform. The crypto-token trades under trade symbol SYS on virtual currency exchanges, including Bittrex and Poloniex. Syscoin is designed by an open-source development team of five. The development team has been creating innovative cryptocurrency projects since December, 2013. Experienced in various software languages, the team is equipped to ensure the project’s future development and ease-of-use of its services.
Erika Zapanta, [email protected], 702-503-1239
Sebastien DiMichele, [email protected]
Images courtesy of Syscoin.