Syscoin network launches smart contract after the 1,317,500 block
- The Syscoin network is bringing smart contract capability into its network.
- The first phase of the NEVM launch has been completed at the 1,317,500.
- The developers have also outlined the next phases.
Syscoin (SYS/USD) is launching smart contracts on its network. Syscoin is a blockchain provider and development platform, and the team behind the project has now announced that its layer one protocol for the Ethereum Virtual Machine (EVM) smart contracts is now on the mainnet on block 1,317,500.
The team has also revealed the other phases this project is expected to go through. With this latest development, the network has fulfilled the first phase of the NEVM launch.
Upgrade holds major user benefits
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The press release by the firm states that this upgrade will allow users in the platform to enjoy major benefits. Some of these benefits include improved security on the network, and it will bring scalability into the smart contract.
Moreover, the Syscoin development team stated that this upgrade will lay the foundation for supporting the next EVM layer 2 on the network.
The upgrade was scheduled to happen after the network hit the 1,317,500 block. Once this block was reached, the Syscoin team took to Twitter to inform the users on the blockchain that the entire process would be finalized in a few hours.
The Syscoin team also asked users not to send the SYS token when the update occurs.
“All miners will now shut down and upgrade to 4.3. This will take a couple of hours to complete. When the #smartcontract chain is deployed successfully, we will update everyone. Please refrain from sending $SYS during the update,” the tweet stated.
The team further stated that it planned that its proof-of-work consensus would merge the mining technologies of both Bitcoin and Ethereum. The network has integrated Solidity and EVM compatibility, allowing it to set the stage for projects based on the Ethereum Virtual Machine.
Because of this interoperability, projects running on the Ethereum blockchain can move to Syscoin to avoid the high gas fees on Ethereum. As users save on the transaction fees, they can be transferred to other users on the platform.
Jagdeep Sidhu, the lead core developer at Syscoin, stated,
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.
The team further gave insights into the upcoming phase two of the network upgrade. This phase will bring ZK-Rollups into the blockchain, which will increase the transaction processing speed to 210K transactions per second. These high speeds will be achieved by the first quarter of 2022.
Phase three of the upgrade will happen in the third quarter of 2022. This phase will involve implementing the vanadium technology, further boosting the speeds to 4 million transactions per second.
Syscoin partners with TrustToken stablecoin platform
Towards the end of 2020, the TrustToken project teamed up with Syscoin to speed payment processes and solve issues plaguing the Ethereum blockchain.
Five stablecoins from the TrustToken network started operating on the Syscoin network following this partnership. These stablecoins were TUSD, TGBP, THKD and TAUD.
In the recent announcement, Sidhu noted that with TrustToken’s stablecoins, the Syscoin network was becoming future-proof, and the partnership was bringing significant benefits into the network.