Syscoin smart contract chain goes live, uniting top security and decentralization

By: Daniela Kirova
Daniela Kirova
Daniela was born in Bulgaria, grew up in Chicago, and then moved to Michigan to attend the University of… read more.
on Dec 6, 2021
  • Launched smart contract offers flexibility on a modular chain, infinite decentralization, affordability
  • Syscoin's POW security is essentially a green energy solution thanks to merge mining
  • All EVM-based projects will benefit from Syscoin NEVM’s scalability and low fees

Phase 1 of the NEVM launch of Syscoin is now complete. The platform’s Bitcoin-secured Layer 1 for EVM smart contracts reached mainnet on block 1,317,500 today, Invezz learned from a press release.

Community members can now enjoy Bitcoin’s (BTC/USD) POW security and smart contract flexibility on a modular chain, developed with the objectives of infinite decentralization, affordability, and scalability.

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Syscoin’s unique approach deals with the main criticism of Bitcoin and Ethereum (ETH/USD). Its POW security is essentially a green energy solution thanks to merge mining. It reuses resources, which are being spent on Bitcoin’s gold standard security.

Syscoin will make it possible for all EVM-based projects to benefit from Syscoin NEVM’s scalability and low fees through solidity and full EVM compatibility, making ETH 2.0 promises unnecessary.

ETH projects can migrate to Syscoin and save on fees

Projects running on Ethereum can migrate to the Syscoin Platform and save on almost the full amount of transaction fees, passing the savings on to their users.

Jagdeep Sidhu, Syscoin’s Lead Core Developer, commented:

Syscoin will utilize the best features of the top two cryptocurrencies, namely Bitcoin and Ethereum. Hence, Syscoin will provide the security offered by Bitcoin while maintaining the programmability of Ethereum. Scalable applications will be mounted on this system via ZKPs which will introduce our proposed decentralized cost model on Ethereum gas fees.

Phase 2 to bring lightning speeds through ZK rollups

Phase 2 of the NEVM launch of Syscoin will bring ZK rollups and an impressive boost to speeds of up to 210k TPS in the first quarter of next year. In Q3, the platform will introduce its proprietary Validium technology as part of phase 3. It will achieve a speed of 4 million TPS, ensuring the Syscoin Platform remains viable over the long term.

Partnerships with leading digital platforms

Among Syscoin’s partners in the NEVM initiative are Gold Standard DAO, a decentralized reserve currency backed by gold, Luxy, a powerful and intuitive NFT marketplace, Pegasys, the first DEX & AMM built on Syscoin’s NEVM, Orai, the world’s first AI Oracle blockchain, and more.

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