Syscoin, founded in 2014 by Sebastian Schepis, a co-founder of the Oracle Project Manager’s parent company, stands out for seamlessly blending key aspects of Bitcoin and Ethereum on its unified platform. The uniqueness lies in Syscoin’s layer 1 consensus, utilizing Bitcoin’s SHA-256 PoW model and enabling merged mining with Bitcoin.
Of course, this innovative approach allows miners to simultaneously mine both $BTC and $SYS without incurring additional costs. Significantly, over 50% of Bitcoin’s hash rate consistently contributes to Syscoin mining, enjoying support from various major Bitcoin pools.
$SYS Price Action In The Last Few Days
In the past 24 hours, $SYS, currently valued at $0.143, has experienced a remarkable surge of over 36%, reaching a peak not witnessed since April 2023, now standing at $0.176. Concurrently, Syscoin’s hash rate has displayed an upward trajectory, affirming the network’s strength and the confidence miners place in it.
Futhermore, syscoin reports an impressive statistic – approximately 55% of the total $BTC hash rate is engaged in merged mining with $SYS, illustrating the intertwined nature of the two networks. The current $SYS hash rate stands at 261.6101 EH/S.
Blockchain architect Jagdeep Sidhu’s findings reveal Binance’s recent integration of chainlocks checks for Syscoin. This integration enhances Syscoin’s security within exchanges, making it one of the most secure forms of exchange integration among cryptocurrencies.
The significance lies in the fact that, should any issues arise on the Syscoin network concerning miners attempting censorship or manipulation, exchanges won’t have the capability to reorganize Syscoin. This renders most, if not all, attacks related to an exchange futile.
The synergy of merged mining by miners and chainlocks securing masternodes forms a robust system. Miners cannot manipulate due to masternodes keeping them honest, and masternodes cannot collude for deceptive chainlocks, as miners maintain their integrity.
Syscoin’s recent surge and enhanced security measures underscore its resilience and attractiveness within the dynamic cryptocurrency landscape, marking a notable milestone for the project.
Disclosure: This is not trading or investment advice. Always do your research before buying any Metaverse crypto coins.