The new platform will be looking to build on top of the pre-existing Coin payments framework, which opened its doors back in 2013 and quickly grew into a leading digital asset processor for merchants looking to accept cryptocurrencies for goods and services.
To date, Coin payments currently boasts 1,219,500 vendors across 182 countries and supports over 480 different cryptocurrency payments.
CPS coin will be the first asset and airdrop to launch on the Syscoin blockchain and will benefit from the wide range of smart features unique to the Syscoin network including:
A zero-confirmation, instant settlement function developed by the Syscoin team. Not only does this pioneering technology combat the double-spend issue but it also allows transactions to be processed immediately without the need to wait for network confirmation blocks. This means that vendors will be able to receive cryptocurrency payments instantaneously from their customers, with confidence.
The new Coin payments Marketplace will integrate Syscoin Aliases to simplify sending and receiving payments. This puts an end to complicated alphanumeric wallet addresses and replaces them with a more personalized experience for all users. During a purchase, ownership of an account is verified by a private key that is attached to each Alias. This allows a single user to possess several Aliases under one account; making it much easier to manage funds separately without having to create individual accounts. This feature will also accommodate a fully-encrypted messaging service.
Following the latest Syscoin 3.0 protocol update, the network now includes masternodes as part of a redesigned two-tier consensus system; building on top of the network’s merged mining PoW consensus mechanism. Not only does this strengthen the network, but will also greatly increase network throughput capabilities.
The CPS coin will also benefit its users with 50% cheaper exchange fees when trading CPS with any other supported cryptocurrency on the platform, and vendors can also enjoy 50% cheaper transaction fees when their buyers pay with CPS coin.
Finally, to top it all off, CPS coin will also have a staking functionality which will reward all CPS coin holders with up to 25% more CPS coins per year, simply for storing the coins and not spending them.
At the present time, Coin payments is offering 100 free CPS coins to all new and existing account holders on the platform, with a referral bonus of 25 extra free CPS coins for each new signup brought on board. But it doesn’t stop there. For every referral that you signup you will also receive 25% of all the transaction fees they’re charged, for life!
There is also a separate CPS coin airdrop that goes live on June 1st for all Syscoin holders, in light of this collaboration.
A snapshot of all Syscoin addresses linked to aliases will be taken and 6% of the total CPS coin supply will be shared to each SYS holder, proportionate to how much SYS tokens each person has during the snapshot. So the more SYS tokens you have by June 1st, the more free CPS coins you’ll receive.