Latest news about Bitcoin and all cryptocurrencies. Your daily crypto news habit.
Phase 1 of the NEVM launch of Syscoin is now complete. The platformâs 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 Bitcoinâs (BTC/USD) POW security and smart contract flexibility on a modular chain, developed with the objectives of infinite decentralization, affordability, and scalability.
The most secure foundation for all EVM Layer 2 advancements
Syscoinâs 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 Bitcoinâs gold standard security.
Syscoin will make it possible for all EVM-based projects to benefit from Syscoin NEVMâs 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, Syscoinâs 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 Syscoinâs 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 Syscoinâs NEVM, Orai, the worldâs first AI Oracle blockchain, and more.
The post Syscoin smart contract chain goes live, uniting top security and decentralization appeared first on Invezz.
Disclaimer
The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.