Last May, Syscoin (SYS), a cryptocurrency that features the world’s first wallet with an integrated decentralized marketplace, completed a hardfork of its blockchain to launch Syscoin 3.0, expanding its peer-to-peer electronic cash system to business applications.
As part of this fork, Syscoin launched Syscoin Assets to provide a layer of tokenization on top of the Syscoin network, making it possible to launch tokens on the Syscoin chain. Similar to other blockchain platforms like Ethereum (ETH) and NEO (NEO), Syscoin Assets can be used by third parties to build projects and decentralized applications (DApps) with a wide range of use cases such as crowdfunding, backing physical assets, loyalty points and more.
Helping the project stand apart as a platform for launching DApps, Syscoin has introduced Z-DAG, an instant settlement protocol enabled by masternodes, to act as the first consensus layer, enabling high-speed transactions for Syscoin services. This system ultimately enables the Syscoin platform to keep up with the impending network load due to the expansive applications.
While Syscoin Assets is still very much in its infancy, there are a few known projects already planning to launch on the platform.
Coin Payments (CPS)| Airdropped on July 1, 2018
Description: CPS Coin is a new utility token for the CoinPayments framework, and it is used to facilitate instant transactions within the CoinPayments system. CPS is also becoming a digital currency accepted for select ICOs and investors can use CPS Coins to participate in the ShelterDAO ICO and SecurCoin ICOs currently. It’s rumored that there are 11 more planned projects that will support CPS payment.
Distribution: On July 1, 2018, a snapshot of all Syscoin wallet addresses was taken and 6% of the total CPS Coin supply was distributed proportionately to the balance of Syscoin held at the time of the snapshot.
Bitcab (CAB)| Tentative ICO and Airdrop on Q3 2018
Description: Uber 2.0 for the blockchain age, with stronger network effects and loyalty features, all enabled by a superior platform ecosystem, gamification and tokenized technological model.
Distribution: Bitcab is planning an ICO, likely for close to the end of 2018. For its planned airdrop to the Syscoin community, 4.5% of the total CAB Coin supply will be distributed proportionately to the balance of Syscoin held at the time of the snapshot.
AiBB (AIBB)| Tentative ICO and Airdrop starting on July 25
Description: An analytics powerhouse with an AI assistant to help investors make sense of the crypto markets. This all-in-one application houses all the tools and features investors require to grow their portfolios and become successful traders.
Distribution: AiBB is planning an ICO starting on July 25. While the initial phases of the project will be on the Ethereum blockchain, AiBB plans to transition to the Syscoin blockchain to allow for “greater numbers of transactions and improved transaction speed in the next phase.” AiBB will airdrop 1 AiBB token to 1 million eth and Syscoin wallets, which gives users access to the AiBB wallet and the Trade Analysis module.
Note: It is currently rumored that Etely, an AI-driven fitness and health application, will be building on the Syscoin platform. However, this information has not yet been confirmed.
While it is still early, it looks like the new Syscoin Asset platform will look to address the scaling issues that plague many other blockchains early on. Time will tell how the ecosystem progresses, but leveraging airdrops to the Syscoin community is a smart approach to mobilize the project’s large community.
Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.