Syscoin Smart Contract Chain Is Live!
The greatest of Bitcoin and Ethereum are now available in one location.
The first phase of the NEVM launch has been completed! On December 6th, 2021, our Bitcoin-secured Layer 1 for EVM smart contracts entered the mainnet with block 1,317,500. With this upgrade to the Syscoin network, you may have all of the benefits of Bitcoin’s POW security while also having the flexibility of smart contracts on a modular chain that is designed to stay decentralised, scalable, and economical eternally.
Phase One has effectively created the most secure foundation in the world for enabling all of the finest EVM Layer 2 advances.
Our innovative infrastructure strategy has solved the most common objections levelled at Bitcoin and Ethereum. Our POW security is basically a green energy solution, thanks to merge-mining, which recycles resources already spent on Bitcoin’s gold standard security.
We’ve set the scene for all EVM-based projects, including Ethereum itself, to benefit from Syscoin NEVM’s scalability and cheap fees, thanks to our Solidity and complete EVM compatibility. In this way, we have essentially leapfrogged Ethereum 2.0’s promises and overcome the trilemma that blockchains face.
What is the significance of this? It implies that Ethereum-based projects may transition to the Syscoin Platform and immediately save approximately 100% on transaction costs, which can then be passed on to their user bases.
“Syscoin will combine the greatest aspects of the two most popular cryptocurrencies, Bitcoin and Ethereum. As a result, Syscoin will combine the security of Bitcoin with the programmability of Ethereum. ZKPs, which will offer our suggested decentralised cost model based on Ethereum gas costs, will be used to deploy scalable applications on this system.” -Syscoin’s Lead Core Developer, Jagdeep Sidhu
As previously stated, the launch of the Syscoin NEVM is simply Phase One of our broad vision to provide the world’s first mature blockchain capable of operating the metaverse, smart cities, and hosting both public and private institution requirements.
In Q1 of 2022, Phase Two will introduce ZK-Rollups and its tremendous jump to speeds of up to 210k TPS, followed by Phase Three in Q3 and the introduction of our unique Validium technology, which is expected to hit 4 million TPS, ensuring the Syscoin Platform’s long-term survival.
Since its inception in 2014, Syscoin has been steadily expanding its scope in order to foresee and answer the most pressing issues that blockchain technology faces. Our NEVM is the conclusion of many years of work, and it’s a groundbreaking solution that we’re tremendously happy to have brought to life. Many new partners have begun onboarding, with the bulk of them planning to use ZK-Rollups on Syscoin NEVM.
Luxy, a strong and user-friendly NFT marketplace, Gold Standard DAO, a decentralised reserve currency backed by gold, are among the NEVM partners so far. Pegasys is the first DEX and AMM based on Syscoin’s NEVM technology. Mute is a DeFi suite specialised to scalability with ZK-Rollup.
The Syscoin ecosystem will welcome Equalizer, the world’s first dedicated DeFi flash loans platform, Orai, the world’s first AI Oracle blockchain, and many more. If you’re interested in doing the same, start by visiting Syscoin.org.
Syscoin is a decentralised and open-source project that was launched in 2014 and uses the NEVM update to bring the benefits of Bitcoin and Ethereum together on one platform. The next phase in the evolution of blockchain technology will see Bitcoin’s proven security and Ethereum’s Turing-complete programmability lifted to real L2 scalability via ZK-Rollups taking place on a single platform, Syscoin.