What is the issuance price and issuance volume of Syscoin (SYS) coins?

Syscoin's hybrid platform combines Bitcoin's security with Ethereum's smart contract capabilities, providing a framework for secure and decentralized applications to operate on its blockchain.

Dec 18, 2024 at 04:37 pm

Key Points:

• Syscoin (SYS) is a hybrid blockchain platform that merges Bitcoin's security with Ethereum's smart contract functionality.
• SYS coins are used to pay for transaction fees, staking rewards, and decentralized applications.
• The issuance price and issuance volume of SYS coins determine the initial value and distribution of the cryptocurrency.

Issuance Price

• The initial issuance price of SYS coins was $0.05 during its pre-sale event in 2014.
• The public sale held in 2017 sold SYS coins at an issuance price of $0.10.

Issuance Volume

• The total issuance volume of SYS coins is 888,000,000, as defined in the Syscoin protocol.
• Approximately 462,899,994 SYS were issued during the pre-sale and public sale events.
• The remaining 425,100,001 SYS coins are reserved for issuance through Proof-of-Work mining, with a block reward halving approximately every four years.

Issuance Process:

1. Pre-Sale (2014): Approximately 150,000,000 SYS coins were issued during the pre-sale event, with 80% sold to the public and 20% reserved for the development team and advisors.
2. Public Sale (2017): Approximately 312,899,994 SYS coins were issued during the public sale, raising over $31 million.
3. Proof-of-Work Mining: After the public sale, SYS coins continued to be issued through Proof-of-Work mining, with miners receiving rewards for validating transactions and adding new blocks to the blockchain. The block reward starts at 500 SYS per block and halves approximately every four years.

Issuance Schedule:

• The Syscoin protocol has a built-in issuance schedule that determines the rate at which SYS coins are issued through mining.
• The block reward halves approximately every four years, following the halving schedule of Bitcoin's Proof-of-Work mining.

• The estimated issuance timeline is as follows:

  • Year 1-4: 500 SYS per block
  • Year 5-8: 250 SYS per block
  • Year 9-12: 125 SYS per block
  • Year 13-16: 62.5 SYS per block

Current Status:

• As of February 2023, approximately 575,713,183 SYS coins have been issued and are in circulation.
• The total issuance of SYS coins is expected to reach 888,000,000 coins over the next several years through Proof-of-Work mining.

FAQs:

• Where can I buy SYS coins?

  • SYS coins can be purchased on various cryptocurrency exchanges, including Binance, Huobi Global, and KuCoin.

• What is the current market cap of Syscoin?

  • The current market cap of Syscoin is approximately $250 million, based on the circulating supply of SYS coins.

• What are the use cases for SYS coins?

  • SYS coins are used for transaction fees, staking rewards, and as a base currency within the Syscoin ecosystem, including decentralized applications, marketplaces, and payment services.