Syscoin (SYS) token issuance price

Syscoin's SYS tokens were initially issued at 0.002 BTC per token during a 2014 token distribution event, with funds raised used to develop the Syscoin platform.

Dec 21, 2024 at 08:42 pm

Key Points:

• Syscoin's token issuance price was determined through a token distribution event in 2014.
• The price was set at 0.002 BTC per SYS token.
• There was a total supply of 888,000 SYS tokens distributed.
• The funds raised from the token sale were used to develop the Syscoin platform.

Details of Token Issuance:

1. Token Distribution Event:

In October 2014, Syscoin held a token distribution event to issue its SYS tokens. The event lasted for 30 days and allowed participants to purchase SYS tokens using Bitcoin (BTC).

2. Token Issuance Price:

During the token distribution event, SYS tokens were issued at a price of 0.002 BTC per token. This price was determined based on market conditions at the time and the estimated cost of developing the Syscoin platform.

3. Token Supply:

A total of 888,000 SYS tokens were created and made available for purchase during the token distribution event. This supply represented the maximum number of SYS tokens that would ever be issued.

4. Fund Allocation:

The funds raised from the token sale were primarily used to cover the costs of developing the Syscoin platform. These costs included hiring software engineers, maintaining servers, and conducting marketing campaigns.

FAQs:

1. Why was the token issuance price set at 0.002 BTC?

The token issuance price was determined through careful consideration of market conditions and the estimated costs of developing the Syscoin platform. By setting the price at 0.002 BTC, Syscoin aimed to attract a significant number of investors while also ensuring that the project had sufficient funding to succeed.

2. What was the purpose of selling tokens in BTC?

At the time of the token issuance event, BTC was the most widely adopted cryptocurrency and had a stable market price. By selling tokens in BTC, Syscoin ensured that the funding raised would have a consistent value and would not be subject to major fluctuations in the price of SYS.

3. How was the initial token supply determined?

The initial token supply of 888,000 SYS was chosen based on the estimated cost of developing the Syscoin platform. This supply was considered sufficient to cover all expenses associated with the project and provide a reasonable return to investors.

4. What were the benefits of participating in the token distribution event?

Participants who purchased SYS tokens during the token distribution event had the opportunity to gain early access to the Syscoin platform and its associated benefits. These benefits included the ability to stake SYS tokens to earn rewards, participate in governance, and access exclusive features.

5. Is it still possible to purchase SYS tokens?

Yes, SYS tokens can still be purchased on various cryptocurrency exchanges. By purchasing SYS tokens, individuals can gain exposure to the Syscoin platform and its potential growth.