Syscoin, a cryptocurrency built specifically for online merchants, has added Bitcoin purchase support in its latest update – effectively turning its wallet into an OpenBazzar competitor.
This was done by implementing DirectBTC which now allows anyone with bitcoins to participate in the Syscoin decentralized marketplace, without syscoins. The developers hope that by experimenting with their wallet for shopping and selling bitcoins, users will eventually decide to adopt the cryptocurrency as well and buy the coins.
“DirectBTC now allows anyone with bitcoin to become a buyer or seller with no middleman risk,” said Dan Wasyluk, Syscoin team manager. “It is also a great introduction into the broader set of capabilities unique to Syscoin for merchants to have the greatest amount of autonomy over what and how they sell.”
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Syscoin also features a suite of other decentralized functions, including; encrypted messaging, integrating smart contracts, an affiliate program, aliases, certificates and fiat to Syscoin price-pegging. All of the services are provided in the wallet and web based decentralized marketplace, Blockmarket.
The cyprocurrency’s development team recently became a Microsoft Azure partner for its cloud-based Blockchain as a Service (BaaS) platform. It trades under trade symbol SYS on several cryptocurrencies exchanges, including Bittrex and Poloniex.
Syscoin claims several advantages over OpenBazaar including using the latest Bitcoin Core blockchain technology, support for TOR encryption, affiliate and resellers features.