Since its foundation in 2014 Syscoin has been at the forefront of new developments in blockchain technology. Their latest core version, developed by Blockchain Foundry, looks set to propel the platform ahead of its competitors.
Syscoin LUX was launched on Friday 30th of April, introducing a range of leading edge innovations which should make Syscoin the platform of choice for fungible and non-fungible tokens (NFTs), payments, and non-custodial compliance. Easy to use and inexpensive to run, Syscoin LUX opens the world of cryptocurrency applications to a new set of users.
One of the major features of Syscoin LUX is its ground-breaking support for NFTs, which have applications in gaming, artworks, collectibles and real world assets such as house deeds or plots of land. Demand has been growing for divisible NFTs that allow unique assets to be shared by multiple owners. Syscoin is one of the first NFT platforms to meet this need at the core level. In the past, NFTs have had problems related to space requirements, cost, and the time taken to process transactions. These challenges are fully solved in Syscoin LUX. With blazing-fast speed for instant transactions, minimal space requirements on the blockchain, the security and sustainability of Bitcoin merge-mining, minimal transaction costs, and the option to apply the scalable Notary feature to a wide range of business applications, Syscoin leads the way in NFT support.
Syscoin Platform Tokens (SPTs) now use a UTXO-based consensus system, providing many benefits over the account-based model used by Ethereum: STPs are now directly aligned with Bitcoin core logic to take advantage of any future Bitcoin innovations. Bitcoin is the most widely used blockchain, with proven security and many promising innovations planned for the future which are based on the UTXO model, making them available to Syscoin. In addition, UTXO allows Syscoin to develop and implement token payment channels. This new payment channel tech will scale token payments to everyone, everywhere, and support off-chain services such as instant decentralized token swaps at very low cost with minimal price slippage – features not currently offered by Bitcoin and Ethereum.
Syscoin LUX’s unique Notary feature is another industry first, making it easier to integrate SPTs with existing financial markets. This tech speeds up transactions, provides additional layers of security, and future-proofs the platform and its token issuers against changes to regulations on digital assets.
The release of Syscoin LUX is accompanied by a new set of Web 3.0 tools that enable developers to easily integrate Syscoin into applications. New cryptocurrency wallets for mobile devices and a browser extension wallet similar to Metamask are being developed and are expected to debut on the platform in the near term. All of this looks set to promote Syscoin to the top level of cryptocurrency platforms.