Syscoin is a smart contract platform that supports Web 3.0, Metaverse, IoT, Smart Cities, and future interplanetary economies. It has low fees, decentralized security, and scalability through Rollups. Its dual-chain architecture includes Syscoin's blockchain network and an Ethereum-based NEVM chain. With 2500 active masternodes, Syscoin combines Bitcoin's PoW, Ethereum's EVM, and Rollups for scalable computation. As of now, we considered SYS as shariah compliant since there are no projects or features that trigger shariah issues.
| Category | Details | Status |
|---|---|---|
| Legitimacy | Syscoin is not regulated by any countries or regulatory bodies, and the project has a clear roadmap with genuine blockchain-based products that allow its token to be categorized as "Mal" with underlying value. The roadmap includes implementing ZK-Rollups, Optimistic Rollups, Validium, and DAOSYS, which is a new type of DAO that provides governance-free treasury management and self-sovereignty for all participants. | Passed |
| Project | Syscoin is a smart contract platform that aims to support Web 3.0 ecosystem, Metaverse, IoT, Smart Cities, and future interplanetary economies. It has ultra-low fees, decentralized Layer-1 security, and Layer-2 scalability through Rollups. It has a dual-chain architecture with a rollup-centric design and consists of a Syscoin native blockchain network and an Ethereum-based NEVM chain. Syscoin has around 2500 active masternodes and brings together Bitcoin's secure PoW, Ethereum's flexible EVM, and scalable computation via Rollups. It provides an ultra-fast, scalable, and low gas smart contract platform with proven security. | Passed |
| Financials | The token is not backed by any equity, thus there is no financial screening on this token. | Passed |
| Token | SYS can be used to transfer between chains through the Syscoin Bridge, which uses a 2-way peg mechanism that is trustless and permissionless. The SYS token is used to access services and decentralized applications built on the Syscoin protocol. Furthermore, using SYS to purchase goods on Blockmarket lowers the fees to almost zero. These features demonstrate the value of the Syscoin ecosystem for both developers and users. | Passed |
| Staking Method | The Proof of Work consensus mechanism is based on computing power and the reward system is tied to validating transactions worldwide. This system does not contain Riba, Gharar, or Maisir, and requires high-cost resources to gain rewards and involves risks. Syscoin is a Proof of Work blockchain that is merged-mined with Bitcoin, meaning Bitcoin miners can mine Syscoin without expending extra energy. | Passed |
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