Yes, Syscoin has the potential to make everyone’s life a bit better. But there are other contactless payment methods, that scale to lots of people and are available everywhere that is already connected to the internet — if not to everyone as you need a bank account to use them and in many regions around the world large parts of the population don’t have access to those.
Contactless payments alone will not defeat the virus though. It’s transmitted over tiny droplets people give off when they cough, sneeze, speak, breath. Hence why people are asked to keep distant from one another.
The advantages Syscoin and (some) other Cryptocurrencies lie elsewhere:
- Syscoin is permissionless — no bank account or other permission is needed to use it
- Syscoin is censorship resistent — your transactions aren’t subject to approval by anyone
- Syscoin is digital — so it doesn’t degrade over time due to wear
- Syscoin Platform Tokens are fast — Double-spend protected within 10 seconds, thanks to Z-DAG
That makes it a great medium of exchange. It could use better privacy characteristics and one could probably still increase its fungibility, but it’s an excellent start.
- Syscoin has a known, fixed inflation schedule — so we know when there will be how many new tokens created.
- Syscoins have no inherent value separate from their function — So they’re neutral, their value isn’t subject to the success of some resource extraction company or similar events.
- Syscoin is decentralized — So its resistant to changes that are in contrast to the wishes of its userbase
That makes it an excellent store of value. Lastly,
- Syscoin is still small — This allows it to take advantage of new developments, react to new insights and adapt.
Heh, sorry I might have gotten carried away there…This video popped up in my twitter feed yesterday. It’s definitely worth watching.