Bitcoin to Be Integrated into Syscoin Platform for Decentralized Markets

News and Analysis

Syscoin developers have announced integration of bitcoin payments in their decentralized market. From now on, users won’t have to buy SYS tokens to make purchases, and some amount of coins would suffice to use additional functionality.

Bitcoin payments will become available immediately upon release of Syscoin’s Shade wallet new version this March. Users will be able to access the market directly via the wallet’s client.

According to the developers, bitcoin integration will facilitate using the platform and expand its clientele. In addition, they say, it may decrease volatility risks of SYS tokens for sellers. The project’s team has made another step in that direction by implementing an option of fixing a price in USD, Euro, and other fiat currencies.

Syscoin platform has experienced substantial changes during last two months due to the forthcoming hard-fork and release of new wallet Syscoin 2.0 Shade.

“We have essentially altered the code, and effectively reviewed the project’s objectives. Following the release of the new wallet the project will cease being “yet another altcoin”, and will become a set of apps for bitcoin operations,” the developers told ForkLog.

Notwithstanding bitcoin integration, additional services like aliases, warranty, certificates, and encrypted messaging will still be available for SYS tokens only. The team also considers adding other cryptocurrencies to the market. In addition, they intend to develop specific plug-ins and add-ons for popular CMS’s (OpenCart, PrestaShop, etc.)

The developers acknowledge their project bears striking resemblance with OpenBazaar, however, some features on the platform work differently, they say. For instance, a seller doesn’t have to be onlineall the time so that buyers could purchase their goods.

Syscoin first appeared in August 2014. The cryptoplatform’s blockchain is an infrastructure allowing for building decentralized markets. Among other implementations of Syscoin-based decentralized markets is Blockmarket, with its open source code available at GitHub.

As ForkLog reported earlier, another decentralized market Bitalo is fully operational. The latter is not a completely decentralized system with its only access point at the project’s website; however, bitcoins are stored encrypted at the customer’s side.

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