Syscoin has seen a lot of improvement since its creation in 2014.
They currently stand as the first decentralised marketplace where products can be bought and sold using their own native SYS token, fiat and other cryptocurrencies.
The team also makes their decentralised marketplace unique from centralised online markets like eBay by providing a means whereby users can create their own business sites, incorporating personalised features or alternatively selling directly on the Syscoin blockchain.
Syscoin has earned a lot of accolades for its utility as an e-commerce platform and aid to businesses, however where there are many pros, there have to be a few cons to contend with.
This section of our Syscoin (SYS) guide explains the pros and cons of investing in Syscoin, and if the cons are relevant enough to cause any major damage to the project.
The Syscoin good.
Syscoin earns early adopter benefits by being one of the first fully decentralised marketplaces.
Although this places its competitors as some of the big-league players like Amazon and eBay, it stays at the top of its category as a decentralised platform with all related perks.
Syscoin gives a new face to e-commerce by providing features that centralised online markets can not provide.
For instance, the platform provides personalised wallet addresses linked to names, encrypted messages, resale options where retailers can resell their goods for a commission and payment options in both fiat and crypto.
With the many perks of Syscoin, they offer close to zero fees for transactions when you conduct business on the blockchain with their native token.
Payments can also be made in Bitcoin and Zcash.
At the moment Syscoin conducts 750 transactions per second and is aiming at 300,000 transactions per second in their next master node release.
For a vendor to set up on a decentralised marketplace, they are able to greatly reduce their costs.
Without having to pay a cut of your profits to a centralised service like eBay or Amazon, using Syscoin's marketplace means more money in the pocket of sellers.
Obviously, this ultimately leads to savings being passed onto the buyer in the form of lower priced goods or services.
The potential is there.
The Syscoin bad.
By launching as a decentralised marketplace, it attracts competition with a lot of major, more established players in the online e-commerce industry.
Syscoin also places itself in direct competition with Shopify and WordPress due to its ability to help businesses easily create their online presence.
Asides from these centralised platforms, Syscoin also faces competition with BitBay and Origin Protocol which have also created their own fully decentralised marketplaces similar to Blockmarket.
Due to their strong competition, a lot of people believe Syscoin should invest a bit more in their marketing.
However, this might not be the case as Syscoin is considered a long-term project and has received a ton of organic marketing across Google and the various socials.
Shock horror that illegal and immoral items are sold on the internet, I know...
But for transparent vendors who are trying to legally act within the laws and regulations of the countries they reside, having the ability to sell anything and everything can open pandora's box.
Centralised competitor's like eBay can strictly control what is acceptable and ultimately listed on their platform, but Syscoin Market can not.
While some, including myself in some situations, will actually see this point as a positive, it could do some real damage to the Syscoin brand in the meantime.
We just have to wait and see how this one plays out.
From all indications within this section of our guide to Syscoin (SYS), the pros do outweigh the cons.
Nevertheless, there can never always be only the positive side of a project and Syscoin, even with its amazing features, still obviously falls short in a number of areas.
However, the cons have no major role to play in the ingenuity of Syscoin.
It’s safe to say the potential is there.
Best of probabilities to you.
Direct from the desk of Dane Williams.
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