The blockchain provider and development platform – Syscoin announced that its Layer 1 for Ethereum Virtual Machine (EVM) smart contracts has reached mainnet on block 1,317,500. With that development, it has fulfilled Phase One of the NEVM launch.
Syscoin Combines Bitcoin And Ethereum
According to a press release seen by CryptoPotato, this upgrade will allow users of the platform to enjoy more benefits, such as enhanced security and flexibility of smart contracts on a modular chain. The Syscoin team added that this advancement laid the foundation for supporting the next EVM Layer 2.
The advancement happened when the platform reached its 1,317,500 block. The Syscoin team posted the news on Twitter, informing the public that the whole process will be completed in a couple of hours. It also warned users to refrain from sending SYS (the native token of the protocol) during the update.
.@syscoin block 1,317,500 has now been reached.
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
— Syscoin (@syscoin) December 6, 2021
The team outlined that its POW security has a green focus thanks to the merge-mining technology of both Bitcoin and Ethereum. With the help of its Solidity and EVM compatibility, Syscoin managed to set the stage for all EVM-based projects, including Ethereum itself.
As a result of the development, projects running on Ethereum can migrate to the Syscoin platform and save almost all transaction fees. In turn, those savings could be passed on to their user bases. Jagdeep Sidhu – Syscoin’s Lead Core Developer – gave further details:
”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.”
Subsequently, Syscoin explained that the upcoming Phase Two will bring ZK-Rollups, which could boost the speed to 210K TPS in Q1 of 2022. Phase Three should follow in Q3 with the implementation of Vanadium technology, which could enhance the number to 4 million TPS.
Syscoin Provided Stablecoin Bridge
At the end of last year, the project partnered with the stablecoin platform – TrustToken. The goal of the collaboration was to speed up payments and provide other solutions to Ethereum’s blockchain. Additionally, the five stablecoins of TrustToken (TUSD, TGBP, THKD, TCAD, and TAUD) started running on Syscoin’s network and became available for users. Speaking on the matter was once again Jagdeep Sidhu:
“Digital assets have growing needs for better usability, robust decentralized security, and a scalable way of ensuring every transaction complies with regulations. Syscoin uniquely aligns with all of these requirements. We look forward to TrustToken’s family of stablecoins becoming future-proof and gaining significant advantage with Syscoin.”
The partnership also enabled developers to mine two cryptocurrencies at the same time – SYS and BTC.