Crypto

The perfect synthesis of Bitcoin and Ethereum? Syscoin presents its smart contracts

Hybrid of Bitcoin (BTC) and Ethereum (ETH): Syscoin (SYS) is moving forward with plans to provide a smart contract platform “that could be extended to smart cities and beyond”, while addressing the challenges of security, throughput in the processing of gas transactions, decentralization and costs.

Syscoin and smart contracts: phase 1 completed

On December 6, 2021, the Syscoin team announced in a press release the same day launch of its NEVM smart contract platform. These have been activated in block 1317500:

“The first phase of the NEVM launch is over! Our Bitcoin Secure Layer 1 for EVM smart contracts hit the mainnet at block 1,317,500 on December 6, 2021. “

Syscoin Post – Source: Twitter

Syscoin has the ambition to offer in one place, the level of security of Bitcoin and the capabilities of Ethereum. The NEVM is compatible with the Ethereum virtual machine. Thus, developers can easily integrate dapps based on it.

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ZK-Rollup and Validium: high debits for Syscoin

Syscoin will be equipped with ZK-Rollup in the second quarter of 2022, during phase 2 of the project. This step will increase Syscoin’s processing capacity to 210,000 transactions per second. ZK-Rollup is a Tier 2 scalability solution that increases the speed of transaction validation, while keeping gas costs relatively low. It does this by performing off-chain calculations and data warehousing, while the funds are held in a smart contract.

Syscoin reported that Syscoin NEVM and the future ZK-Rollup have attracted “many new partners” including the NFT Lucy market, Gold Standard DAO, Pegasys, which is the “first DEX & AMM built on top of Syscoin NEVM”.

Syscoin will activate its proprietary Validium technology in the third quarter of 2022, increasing its processing capacity to 4,000,000 transactions per second.

Syscoin claims to want to ensure “coexistence” with Bitcoin and Ethereum. The project still has arguments that, if successful in practice, would make it superior to Ethereum, as well as other possible alternatives to the latter such as Cardano (ADA).

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