Syscoin is a cryptocurrency used for payments that also offers a blockchain platform for developing various dapps. The Syscoin platform uses a hybrid Proof of Stake (ordering transactions) and Proof of Work (committing transactions) to keep the network decentralized and safe. It offers the ability to create your own tokens and assets on it, trade them on the existing decentralized marketplace and connect them to your Syscoin ID created by the Decentralized Identity Foundation. Additional features are: encrypted messaging, masternodes, certificates and escrow capabilities. The company behind Syscoin is Blockchain Foundry and tries to bridge the adoption gap by actualizing blockchain into businesses. They are a fully legal company being traded on the Canadian stock exchange.
It gives me the feeling and idea that Syscoin is somewhat a cryptocurrency between what Bitcoin and Ethereum are trying to do. In my opinion ambitious, but not bad at it’s core. They have a proven track record of improving on the Syscoin protocol since 2014 which somewhat gives me reassurance in their future developments and improvements. Because Syscoin tackles on two use cases (currency and dapp platform) gives them more competitors than those focussing on a single use case. I my eyes Syscoin is a still a toddler compared to their teen competitors Bitcoin and Ethereum with ICO’s and many other projects still being babies or embryos. They are out there in the field of cryptocurrencies, not as big as the respective leaders in their use case, but still bigger and more developed than most cryptocurrencies projects. One thing that comes in my mind is that this whole cryptocurrencies and blockchain development is not a sprint, but rather a marathon. I’m eager to see how Syscoin will perform and am slightly optimistic.
Their recent partnership with Bitbuy, a Canadian cryptocurrency exchange, seems to me as a proof that they are slowly and steadily building the foundation. By introducing a cryptocurrency exchange to their platform they increase liquidity for their existing decentralized marketplace, enable users more possibilities and generally extend the features of the Syscoin platform.
The weekly price action of Syscoin seems to turn around. If in the coming weeks it fails to break the current downwards zone at around ~1200 sats, expect it to keep on ranging in the zone go lower. At around ~450 sats(green line) is good support but would hate to see it hit. Recent price action on lower time frame indicate a bull flag breaking out of the current zone with a mid-term target of ~1900 sats(blue line) and heavy resistance at ~2300 sats(red line). Looking at the picture of a bullish gartley pattern, starting from mid 2017, we maybe will see a return to previous highs between ~4000 and ~6000 sats. That scenario currently has a ~20% chance and will rise to ~40% to ~50% chance when Syscoin manages to break ~2300 sats and hold steadily above that level.