How can you explain Syscoin to someone who has, for example, only ever used eBay, and is not familiar with cryptocurrencies? CoinTelegraph spoke to Dan Wasyluk, Developer at Syscoin, about their innovation.
“Syscoin is like eBay stores or "Buy it Now" listings, except with a payment and escrow system built-in”, explains Dan Wasyluk .
Syscoin do not have an auction system in place yet. They connect buyers and sellers directly, and the fees are substantially lower than any competing platform because there is no-one in the middle party taking a percentage of the sale.
Syscoin is both a currency and a platform. The fees only exist to keep the network running autonomously. Syscoin can easily be exchanged for USD or other currencies, Bitcoin can also be directly used on the platform.
Syscoin has integrated messaging features that offer a higher level of privacy compared to eBay’s messaging system. Getting started
CoinTelegraph: What’s the first step in getting started with Syscoin as a buyer or a seller?
Dan Wasyluk: Downloading the wallet and getting an alias is the first step in getting started as a buyer or seller. An alias costs a small amount- 1 SYS is plenty (at the moment 1 SYS costs approx $0.007 USD). Aliases are like usernames on the Syscoin network and can be used in place of a long and complicated address. Once you have an alias you can use any of the Syscoin platform services- buying and selling on the decentralized marketplace, storing and selling information using digital certificates or secure communications using encrypted messaging. OpenBazaar competition
CT: Do you consider OpenBazaar a competitor, or do you think you have fundamentally different uses? DW: We only consider OpenBazaar a competitor insofar as they also provide a decentralized marketplace offering. Syscoin and OpenBazaar provide similar but different […]
